Working in the Senior Market
By guest blogger Frank Dickens, ABR, CRMS, SRES
Retirement has evolved over the years. Today, mature adults often continuing some form of employment well into their 70’s. This new concept is changing the image of active home buyers and sellers.
The so-called retirement generations…Matures, Baby Boomers…seek out the advice of trusted experts in estate planning, taxes, trusts and second homes, so it’s vital that REALTORS® learn where to refer clients for competent advice in planning and investing.
Most estate planners require property valuations and many will pay for a broker’s price opinion (BPO).
First, understand you may be dealing with multiple generations in a transaction. While Boomers are getting advice from their children and grandchildren, they are also typically the point of contact for dealing with a mature parent in need of relocation to a safer home, so they can age in place.
Second, the words “senior citizen” should never be used. Call a Boomer a senior citizen and you may lose a client. (Ironically, many Boomers will be quick to claim they are senior citizens, if it gets them a discount.)
Third, be aware that people aged 70 and over respect credentials and authority; their word is their bond and they expect the same from their REALTOR®. It’s also a safe bet that your business must adjust to face-to-face and longer than anticipated meetings.
A few other tips on working with Matures:
- Always be on time, and always call them Mr. or Mrs. unless they tell you otherwise
- They love getting and giving referrals — including, but not limited to children and grandchildren
- REALTORS® are not attorneys or accountants, so build a team of experts you can refer to your clients.
Earning the Seniors Real Estate Specialist® or SRES® Designation sets you apart from the competition. You’ll learn how to communicate with multiple generations, provide guidance for reverse mortgages, assist in downsizing and even recommend a “senior” care facility — which can pay referral fees to your broker.
Earning the trust of just 10 Matures can pay off with sales and set in motion a rewarding referral network.
Related articles:
In search of a word that won’t offend ‘old’ people – Washington Post (December 2018)
Selling to Second-Wave Baby Boomers – REALTOR®Mag (December 2016)
Millennials and Baby Boomers the two most Robust Residential Markets – Realty Biz News (January 2016)
5 Home Design Needs for Your Boomer Clients – REALTOR®Mag (January 2016)
Home Buyer and Seller Generational Trends – NAR.REALTOR