Resort & Second Home Markets

Course Credit:

  • This course is required to attain the RSPS Certification.

  • This course is an ABR elective course.

Course Duration:

 2 Days

 

 

 Resort and Second Home Markets Course Objective  

The course is designed to teach the essentials of buying, selling, or managing resort properties and second homes for recreation, investment, and development by U.S. and international clients and customers in the United States.

1. Skills and Knowledge Foundation

  • Focus on developing the skills required to be successful in the second-home vacation and investment market.

  • Use market statistics and knowledge of the motivations for a second-home purchase to develop a business strategy and make business decisions about capturing and serving the market.

  • Identify the impact of trends and issues on business strategy and client and customer service.

 

2. Customers, Clients, and Properties

  • Determine your market and customer/client profile.

  • Compare and contrast characteristics of types of second-home vacation and investment properties.

  • Explain second-home financing and ownership options.

  • Help clients and customers evaluate and choose the type of property, form of ownership, and financing options that meet their second-home objectives.
     

3. Working with Affluent or International Buyers and Sellers

  • Adapt customer and client services to work with affluent or international buyers and sellers.

  • Make and receive compensated international referrals using the ICREA Transnational Referral System.

 

4. Building Your Business

  • Use information about trends affecting second-home vacation and investment properties to develop and improve marketing strategies and tactics.

  • Develop communication and marketing tactics for building customer and client relationships with long-distance and long time-frame buyers and sellers.
     

5.  Overcoming Bad Publicity and Disasters

  • Implement strategies to overcome bad publicity about second-home vacation and investment property locations.

  • Formulate a disaster-recovery plan.

   

6. Tax and Investment

  • Explain investment terminology in relation to second-home vacation and investment properties.

  • Explain the IRS guidelines for tax treatment of second-home vacation and investment properties including the fourteen-day rental rule and its implications.

  • Analyze and explain the tax implications of converting investment property to personal use property.

  • Recognize the applicability of the Foreign Investment Real Property Tax Act (FIRPTA), comply with its regulations, and explain its requirements to clients and customers involved in a transaction with a foreign buyer or seller.

  • Recognize situations in which a tax-deferred 1031 exchange would be possible and advantageous.

  • Help the client or customer analyze the investment value of a property.

 

7. Regulatory Matters

  • Comply with SEC guidelines regarding investment advice.

  • Recognize the impact of regulatory, insurance, growth, and environmental issues on the purchase, sale, and ownership of second-home vacation and investment properties.

  • Tap into sources of information on complying with local, state, and national regulations of second-home vacation and investment properties.

  • Participate in influencing regulatory and tourism entities to shape a favorable environment for the purchase, sale, and ownership of second-home vacation and investment properties.

 

 Resort and Second Home Markets Course Outline 

  

 I: Forward

  1. About the NATIONAL ASSOCIATION OF REALTORS®

  2. REALTOR® Trademark

  3. Resort and Second-Home Property Specialist Certification Program

  4. Benefits of the RSPS Certification

  5. Earning the RSPS Certification

  6. www.CourseCalendar.com

 

 II: Introduction

  1. Course Goals

  2. Course Structure and Learning Objectives

  3. Definition of a Resort and Second-Home Property Specialist

  4. Facets of the Specialty

 

 III: Foundation Skills and Knowledge

  1. Applying Core Real Estate Skills

  2. Exercise: Building Your Skills

  3. National Market and Buyer Statistics

  4. The ěTypicalî Second-Home Buyer

  5. Marketing to Baby Boomers and Gen X-ers

  6. Trends and Issues

  7. Community Planning

 

 IV: Customers, Clients, and Properties

  1. Understanding Your Market, Clients, and Customers

  2. Factors for Choosing a Second-Home Location

  3. Considerations for Choosing Properties

  4. Considerations for Choosing Property Types

  5. Exercise: Business Strategy

  6. Buying a Second Home for Student Children

  7. Financing and Ownership Options

  8. The Facts about Second-Home Financing

  9. Exercise: Dan and Betty Finance a Condo

  10. Ownership of Vacation and Second Homes

  11. Putting It All together: Helping Buyers Make the Right Choices

  12. Property Management

 

 V: Affluent or International Buyers and Sellers

  1. Affluent Buyers, Luxury Properties

  2. Working with International Buyers

  3. Currency Issues

  4. U.S. Visas

  5. Seeking Authoritative Assistance

  6. Transnational Referral system

  7. The Transnational Referral Certification

  8. WorldProperties.com

 

 VI: Building Your Business

  1. Developing Marketing and Communication Strategies

  2. The Marketing Mix: Choosing the Right Media

  3. Internet Marketing

  4. Exercise: Letís Do the Media Mix!

  5. Exercise: Test Your e-Mail IQ

  6. Networking for the Second-home Specialist

 

 VII: Overcoming Bad Publicity and Disasters

  1. Activate Your Network

  2. Managing Bad Publicity

  3. Exercise: The Front Page

  4. Formulating a Disaster-Recovery Plan

  5. Business Continuity

  6. Preparation and Prevention

  7. What to Expect from FEMA

  8. What to Expect from the Red Cross

  9. Insurance Readiness

  10. What Happens to the Real Estate Market when Disaster Strikes?

 

 VIII: Tax and Investment

  1. Investment Terminology

  2. Second Homes as Investments

  3. Analyzing Investment Value

  4. Tax Treatment of Vacation and Second Homes

  5. Federal Tax Reporting Requirements for Foreign Investors

  6. 1031 Tax-Deferred Real Property Exchanges

  7. Exercise: Asking the Right Questions

  8. Converting Investment Property to Personal Property

  9. Exercise: Match These Tax and Investment Terms

 

 IX. Regulatory Matters

  1. Guidelines Regarding Investment Advise

  2. Impact of Regulatory Issues and Policies

  3. How is the Regulatory Environment Created?

  4. Federal Departments and Agencies

  5. State and Municipal Regulations

  6. Influencing Regulatory Bodies and Working with Tourist Bureaus

  7. Watch List

  8. Exercise: Developing a Watch List

 

 X. Quiz

 

End of outline

 

 

 

 

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