Seniors Specialty: Designation Needed.... Yes, No, or Maybe?

Lately a couple of people have asked me what I think about the SRES designation. Since I do have some experience with building a successful senior specialty without having the designation, I thought I would share my thoughts with the Active Rain readership.

Once upon a time... back in 2002 (or could have been 2003), I set out on a journey to marry my education and background in gerontology and geriatric counseling with my real estate business of 10+ years by creating a Senior's Division of my real estate practice.

 Let me take you back a couple of years and give you the "short" version of the journey leading to my specialty in senior real estate. If you would rather forego the history and find out what I believe about the Seniors Real Estate Specialists® (SRES) designation...jump ahead and skip the next four paragraphs.

 I started selling real estate right after my first husband and I bought our first home in 1990. Now...fast forward 4 years. My real estate business was average and I went back to college. Much to my own dismay, I found myself in a degree program for Family Studies and Gerontology at Southern Nazarene University in Bethany, Oklahoma. After 18 months, I completed the Bachelor's degree and moved on to complete my Master's degree in Counseling Psychology with an emphasis on geriatric counseling. No doubt is was a "God thing" because I would have never in a million years chosen those two degree programs! Who knew what God had in store for me!

 In order to completely fulfill my graduate studies and to get a license to counsel (LPC) in Oklahoma, I needed to complete 3000 hours of supervised counseling.... so I did. It took a while since I was doing it in the evenings and weekends because by now we were selling about 80 homes a year (Chris and I). Most of my counseling experience was in nursing homes around Oklahoma City and with patients and caregivers who were dealing with depression, anxiety, dementia, or all of the above.

 It didn't take long after my nursing home experiences to realize that I could be far more help to these transitioning seniors and their families if I was on the front end of their move rather than on the tail end of their move. Once they were in the nursing facility, there was little I could do to help them with their emotional turmoil and exhaustion...what was done was done...time would heal the rest. During this same time, by the way, I also helped my grandfather (PaPa) move into an assisted living and then a nursing home (in 1 year's time) after he had a stroke. I think this was God's way of saying, "Now you are ready to go out and do My work."

 Having decided that it was my calling (I know that now although at the time, I just did what I thought was my natural gift and a good business decision), I set out to learn everything I could learn about senior housing and what was necessary to help seniors make a move that was less painful and less stressful for all parties involved.

 I came across the Seniors Real Estate Specialists® (SRES) designation and it looked exactly like what I needed to enhance my credentials and fill in the blanks about working with seniors. So... I signed up, paid my money and went to Dallas for the 2 day course. I even became an instructor and taught the course in St. Louis, Missouri that year.

 Honestly, I have nothing negative to say about the designation itself and those who have chosen to get the designation are probably not much different than me...they may have gotten it to learn more, fill in some gaps, or to differentiate themselves from other agents in the field...I don't know.

 Here is what I believe... just my opinion...no judgment or criticism... after having completed over 120 transactions that involved senior adults (average age of 83) and their caregivers.

 The SRES teaches agents some of the information they may or may not get from traditional real estate classes like the 1031 tax exchange and reverse mortgage info. They also do some history lessons that reflect the various preferences and mindset of various age groups of seniors. These are good things. The focus seemed to be more financial in nature as though the emotional and psychological issues were not important. I my mind and in my experience, however, they were the MOST important issues.

 What they do not teach (or didn't when I took the course) are all the various issues that seniors and their families deal with or the things that go into transacting real estate (pitfalls) as people aged in place, such as hospitalization, dementia, and other health issues that require the family or caregivers to step in and act on their behalf along with all the necessary precautions to take in case this happens. They also don't touch on the various types of housing that seniors may choose such as life care communities and planned communities. There was no discussion of the various resources available to seniors as they make their moves such as move managers, estate liquidation professionals, or other critical players in the moving process, nor did we touch on how to best stage a home creating the least amount of stress possible on an older adult.

 Mainly, I felt that the SRES dealt mainly with the empty nester age group and not much thought was put into what the 75 and older seniors deal with in the course of a move. They say the SRES focuses on the 50+ age group and I have to tell ya...I don't know ANY50 year olds and only a few 60 year olds that consider themselves "seniors" anyway!! More time was spent on the definition of a senior, tax consequences and reverse mortgages than any other topics.

As far as the support for Realtors who want to specialize in working with senior adults, they do provide an industry recognized designation which they promote nationally. This is great if people actually paid attention to designations. If you ask the consumer what SRES stands for they will likely give you a blank stare. There were some marketing materials, but no training or guidance on how to promote a senior business other than just, "advertise yourself as an SRES." There is a referral network that SRES designees access as a part of their annual fee, although with the Internet nowadays, I can just Google for what I need and don't need to pay an annual fee to find you.

What I know about building a real estate business and branding is that proactive lead generation and prospecting are key. By implementing a targeted 8x8, 12 direct, and 33 touch program around our Seniors Division, we were able to gain market share in our area and serve a lot of seniors without ever even mentioning the SRES. Much of my business has been built on relationships with senior care providers in a variety of areas such as case management, retirement communities, estate liquidation, insurance, and churches. In addition, I gave seminars and programs on downsizing for every not-for-profit and civic organization I could find and I organized events focused on seniors in our area. I became a regular attendee and participant in a variety of senior organizations. None of these things were even mentioned in the SRES class or materials.

Honestly, the SRES organizers did a great job of marketing their designation to Realtors who paid the money to take the class and continue to pay their money annually to keep the alphabet soup after their name on their business card. They created a profitable business and I have nothing bad to say about their business model...it works.

There is undoubtedly far more to working with senior adults however than the SRES teaches in their 2 day course. Absent any other training, it may be a good first step (expensive first step) for Realtors looking to specialize. In order to really be the best advocate possible, however, don't stop there. Go out and learn everything you can to be the best you can be in your field! Seniors need great Realtors who care about them and have the skills and knowledge to make their transition as smooth and effortless as possible.

One thing that I want to add... when the original SRES founders sold the designation to the California Association of Realtors (yes, it was a profitable venture for them), the curricula went under review. Since I had become an instructor, I was asked to contribute to the revisions they were considering making. I, as well as others, gave feedback...some of which you read here (very paraphrased). The materials were modified very little and the focus was the same. Now the designation is included in the National Association of REALTORS family of designations and as far as I can tell, the curriculum remains virtually unchanged.

Now, as a MAPS Coach for Keller Williams Realty and Realtor in the Austin area, when I am seeking to refer a senior client or family member to an agent in another city or state, I seek out those agents who have gone above and beyond to really serve the senior client at a high level...sometimes they have an SRES and sometimes not. My main criteria is their level of expertise in real estate first and foremost and then their willingness and ability to handle the unique needs that seniors may experience in their sale or buying process. As my friend Allison says, "I cherry-pick the best agents to meet my client's needs."