This is part 2 in the series on working with senior clients (if you missed Part 1, visit Working with Senior Clients – Sellers). The population of individuals over 50 (the Baby Boomers and beyond) is increasing every year, and there are a number of reasons why a focus on this niche may be to your advantage.
If you are already working with senior buyers, or anticipate doing so, there are some important issues to consider, just as there are when working with senior sellers.
Some Challenges and Issues to Consider:
- Financial – what can they afford to spend on a home, assuming they are planning to buy (if you are working with a senior who is selling , an important decision they should make is whether investing in another home, especially with a mortgage, is a prudent decision; using the proceeds for a rental and general living expenses may be a better choice)
- Making a Shift to a New Home – if your buyer has been in the same home for many years, making a shift to a new home, in a new location, can be traumatic and emotionally troubling. Leaving behind a home filled with memories and moving to a very different style of home (e.g., single story, a condo, a place with no outdoor space) can be tough even if your client has made the decision to do so. The process, in my experience can take some time and may be fraught with challenges. The issue of possibly moving to one’s final home is a tremendous hurdle, and if they are leaving good friends and neighbors it becomes even more difficult
- Physical Challenges: The Property – what health or physical issues need to be considered, now or in the near future (e.g., having no stairs, easy accessed to medical care and public transportation). Do they need a home that is universally accessible or can be easily made so? And keep in mind the basic challenge of the home search process itself – looking at many homes is tiring for anyone and may be especially so for a senior. What kind of accommodations can you make as their agent in this process to better enable them to see the properties they want to see?
Physical Challenges: Interactions with the Client - Also consider physical issues that impact your interactions with the client, such as hearing and vision. Can they actually read the documents (I don’t know about yours, but ours are in the smallest font possible)? Do they hear you when you are explaining aspects of the contract or other matters? Do you need to take more time to explain matters that they have no knowledge or experience with? The process of buying a new home has gotten much more complicated and may be intimidating to someone who has not bought a home in 30 years. There may be a hesitancy to ask questions, or perhaps the opposite response, so make allowances and adjust YOUR style- Use of Technology – do NOT make the mistake of assuming a senior buyer does not use the computer or is not Internet savvy. To assume they are is insulting and thoughtless on your part. But you need to find out the best way to get them information on available listings – simply asking they would like to receive information will work. You might also ask if they have access to information or do they need you to provide it?
- Communication – like the above points on technology, do not assume a senior client does not use a cell phone or email. But as with any client, I think it is smart to ascertain their preferred method of communication (face to face, phone, cell, voice mail, email, instant messaging, text messaging) so that you can match your communication style to theirs. You may find that face to face communication is desired, valued, and probably more effective
- Interpersonal Dynamics – are there family members involved who have a say, or want to have a say in the process? Having others involved may be helpful or it may create more confusion and conflict. A family member may feel the senior is spending money they shouldn’t (“my inheritance”) or is not making a wise decision about the location of the new home, the style or other matters. Sensitivity to the family issues and dynamics is important, but can also make your job of assisting your client more difficult.
Just as with other buyers, there are a myriad of issues to consider so that you can best serve the senior client’s needs. This is an opportunity to really show your value by understanding these issues, being sensitive to the particular dynamics of working with this type of client, and keeping the senior buyers' needs foremost in your mind at all time.
If you are not yet a Seniors Real Estate Specialist (SRES) you might consider this designation as an important part of your real estate education.
You might also want to check out Eons - a newish website focused on the 50+ generations - to gain some insight into the issues that this generation faces and the things that are of interest to them.
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