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HOME SWEET SECOND HOME
By Doug McPherson 

Editor's note: This is a second of a part-two series. 

Some say having a niche can pay big dividends. One niche that fits Colorado like a glove - uh, ski boot - is the second home resort market. Are you missing out? 

Watch for gushing snowmelt flowing from Colorado's mountains this summer. Why? 

Because the secod home resort market is sizzling. "It's hot right now, very hot." says Bonnie Smith Allen, with Exclusivemountainresorts.com in Summit County. "In 2004, we sold 986 million worth of real estate here, in 2005 we hit 1.465 billion, and this year we're on pace to top that easily." 

Kim Havell, broker associate, GRI, MRE with Telluride Real Estate Corp. in Telluride, shares a similar scenario and says Telluride is setting records in second home sales every month. "I think it's that way in all the resort areas." Havell says.  

That's all well and good for resort REALTORS, but how can REALTORS in non-resort areas capitalize on the heat of the second home market? 

"Refer clients to agents who are experts in specific resort markets," Havell says.  

That's all well and good for REALTORS, but how can REALTORS in non-resort areas capitalize on the heat of the second home market? 

"Refer clients to agents who are experts in specific resort markets. Havell says. "It's a very specialized market and not reffering to a specialist would be doing clients a disservice."
Havell adds that paying referral fees are the absolute norm." "Usually an outside broker referral will be in the range of 10 to 25 percent of the selling side of the sale." Havell says, "Referrals are a large percent of our business." 

Smith Allen agrees and says referring "is the biggest favor we can do for each other." 

And of course, not all second homes are purchased in resort areas. Interest in second homes extends to all four Colorado borders and several cities and towns. A search at EscapeHomes.com a site that links second home buyers with sales people, listed Longmont, Boulder, Erie, and Firestone to name a few. Experts say it's first important to realize that there are two kind of buyers: vacation home and investment home buyers, and they are different. NAR stats show that 86 percent of vacation-home buyers don't rent their property compared with only 21 percent of onvestment buyers. And vacation-home buyers are 55 years old and make $74,000 plus, while investors are 47 and earn nearly $90,000. 

Plus, investment property buyers live only a median distance of 18 miles from their purchases and vacation home buyers live a median of 49 miles from their vacation homes.  

One way that's proving effective to reach potential buyers and investors - who are mostly baby boomers - is the internet. 

Dennis O'Connor, Esq., broker and owner of Lincoln Avenue Realty in Steamboat Springs, says the Internet is first, next is print ads, and then real estate TV (for visitors staying in rental properties). 

O'Connor also suggests teaming with you local Chamber of Commerce. "that remains a very popular way to target secons home buyers," he says. 

But before you enter the niche, Smith Allen and others say education is key. You really need to understan 1031 exchanges." Smith Allen says "It's often a big part of the market." 

Havell recommends the GRI, MRE and CRS designations. "All these help establish referrals and a strong educational foundation for an agnet at any point in a creer."  

And fianlly there's NAR's (National Association of Realtors) new Resort and Second-Home Property Specialist (RSPS) certification. To learn more about it call (312) 329-8393 or visit www.realtor.org/resort. 

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