Are you a snowbird or a sunbird? National Association of Realtors introduces RSPS

Snowbird: A person who vacations in or moves to a warmer climate during cold weather. Being a birdwatcher, I miss the birds during the winters here in the northeast and am taking my queue from them - Go South to the Sunbelt when Old Man Winter settles in. More people today are in a position to own a second property in a warmer climate and not necessarily in a resort area, although some prefer the resort atmosphere. With the recent decline in real estate prices and the low interest rates, now is the perfect time to take advantage of a lifelong dream and become ... a snowbird. The National Association of Realtors recently introduced a new certification that focuses specifically on the increasing number of second-home buyers. It's called the "Resort & Second-home Property Specialist" or "RSPS" for short. It's geared towards brokers and agents who would like to target this market and help their clients find a resort property or a second home. People who would like to spend time in another location for a portion of the year, now have a specialist to turn to who will help them locate a property just right for them. The type of property purchased varies with the individual. They can choose anything from a single family home to a condo in a high rise building. Some things to consider when purchasing are: maintenance, is it a rental or strictly a second-home, who will oversee any unexpected damage that may happen as a result of a storm or flooding and how will the bills for the property be taken care of. A popular property is a condotel because the property is managed as a hotel and the rooms are rented by an onsite management company. The income it generates depends on the location and, typically, there is a management fee associated with this type of property. It can also be considered an investment property if you follow the 1031 exchange guidelines and limit your personal use to no more than 14 days out of the year. In that case, if you decide you don't like the particular area you are in, it can be exchanged for a like-kind property in a different location, even a different state. A primary residence is not a qualified property to use in a 1031 exchange. I became certified as a Resort & Second-home Property Specialist in 2007, the first in the Binghamton area, and the reaction I get when I tell people has been the same, including those from other agents. "Here?" is their response. It is possible to have a second home in Binghamton but I've never heard it referred to as resort area before. An hour west of Binghamton is Cayuga Lake, the beginning of a chain of lakes known as the Finger Lakes region and four hours northeast of Binghamton is the Adirondack State Park, dotted with many fresh water lakes. These lakefront properties are very popular and attract people from throughout and outside NYS who enjoy spending the summer months there. I refer to these people as Sunbirds, who migrate north for the summer. One of the advantages of working with RSPS clients is the referral network I've developed with brokers and agents in other areas of the country. The majority of my work is referral work which frees me up for enjoying other things. The RSPS is a certification whose time has come. It's unique, it's fun and if you haven't found your niche in the real estate business, this may be the right one for you! Snowbird or sunbird, which one are you? Maryann Rein is a broker/owner at Country Club Real Estate, Endwell, N.Y.