By Clare Pierson, Chicago Agent Magazine
While some agents are concentrating on finding buyers in general, others are focusing on a special niche that could bring in more business, and at a higher price point: second homes. Focusing on selling second homes might take a little more effort, education and hustle, but in the end it can pay off – and be fun in the process. We spoke with a number of Realtors who work with second-home buyers in Chicagoland to find out how to be successful in this specialized field.
When the term “second home” or “vacation home” is mentioned, what comes to mind? Perhaps images of a lake house complete with its own boat dock or a chalet perched on the side of a ski hill. While both of these ring true, another concept that might not immediately come to mind is a high-rise condo on Michigan Avenue — yet Jean Hagerty, a Resort and Second-Home Property Specialist (RSPS)-licensed agent and luxury home specialist with Keller Williams, sells homes in the Loop and Gold Coast areas to second-home buyers on a regular basis. Seeing Chicago or another urban metropolis as a viable second-home market is a fairly newer concept, but it is indeed a growing niche and it makes sense.
Certainly Chicago’s Broadway-caliber theaters, expansive lakefront and nationally recognized dining scene help this concept along. “I love our city and what it has to offer, so for me to tout how great it is to live downtown is easy and exciting,” says Hagerty. “There is always something new going on here.”
According to Hagerty, a broad range of buyers look to buy second homes in downtown Chicago – a family with a large home in the suburbs might want a downtown getaway, or a parent will buy a child going to college a city condo with the expectation they will use it after their budding student graduates. Additionally, entrepreneurs and retired people with flexible schedules like to split their time between Chicago and someplace warm.
“Buying in Chicago is a little more deliberate,” she says. “We attract people with season tickets to ball games, the opera, the symphony. They are foodies, sports fans and cultural devotees. In other words, people who spend their time here are doing a variety of things. Some have business here frequently, some have family. The Chicago second-home buyers intend to split their time between here and somewhere else. So, it is easier to justify than a home you would use only during one time of the year.”
Read the full article here.
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