Key Highlights
- Senior market saw 28.6M Boomers going into retirement in Q3 2020 alone
- Carve out your senior niche by utilizing these tips from senior real estate specialists
Huge Number of Baby Boomers Moving into Retirement
In Q3 2020 alone, 28.6M Baby Boomers began heading into retirement. Since these numbers will only increase over the next five years, it might make sense for you to consider developing your own senior niche as part of your real estate business.
Know going it to this niche that the senior market may include working with the senior themselves, their now adult children, their grandchildren and their family caregivers. It may also include working with their financial and tax specialists upon whom they rely when they consider making “big-ticket item” decisions.
Build a Reputation for Success with the Senior Market
As with any niche market within your overall business, agents need a track record of optimal outcomes. Such optimal outcomes are built on a combination of soft and hard skills.
Stacy Cohen, president and CEO of Co-Communications that specializes in effectively communicating business/personal branding, suggests using a multichannel approach via positive client testimonials, achievements, success stories, content and public speaking opportunities via blogs, websites, social media, ads, email blasts, you name it.
Think Serving Your Senior Clients with Patience
Allison Jaffe, owner of Key Real Estate Services in New Rochelle New York, said senior specialists “…will wait out and help facilitate the legal, logistical and emotional hurdles that must be overcome before getting to the sale of a long-time home…”
Chris J. Henry with Real Estate Investment Realty Group of Marin & San Francisco breaks down the big picture “…into small easy pieces…” with visuals and handouts. Henry emphasizes educating his clients and their families to help ensure everyone understands the basic steps of real estate transactions
Beth Little with My Total Move in Northville MI believes in relationship building via patience and empathy. Little said, “This kind of client does not like to be pushed or sold to…using tactical empathy and always being upfront and honest is the best method for working with this demographic.”
“It Takes a Village” When Working with Senior Demographic
Jaffe emphasizes leveraging and collaborating with your network of financial planners, attorneys, accountants, etc. to help meet specific needs that older clients may have. If your older clients already have their own network of professionals, you may, hopefully, become part of that team.
Little takes the time to know local vendors and senior-living resources. She stresses the importance of creating and maintaining quality referrals in order that her clients’ best interests are served.
Having Win-Win Perspective Translates into Win-Win Results for All Involved
Jaffe recognizes the need to have “…respect for conflicting emotions between parents and adult children, spouses, siblings and even extended families.”
Little believes, “If a client feels listened to and understood, they are more open-minded to what I am advising them on.
Strategize Staging and Sales
Even in sellers’ markets like this current one, agents need to help seniors and their families understand the necessity of staging, professional photos and extensive marketing “…to get the best price for the home.”
Some stagers accept payment from the sale proceeds. Likewise, virtual staging can be used as a more affordable alternative.
Adapt & Adopt New Tech
Agents’ tech savvy is a given…a senior’s tech savvy is not. Virtual home tours that best showcase the home and clear, accessible, accurate information about the house are essentials for you and your team. Make sure your clients and their families understand how essential these tools are in capturing the right buyers and the right price for the house.
Make sure you as the agent (as well as your team) are clear about the client’s preferred method of communication (phone calls, emails, texts, electronic signings, etc.) You want your clients to be shown respect throughout the transaction process.
Thanks to Inman.
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