By Julie Escobar, Director of Corporate Marketing, ProspectsPLUS!
The American Geriatric Society calls it the "Silver Tsunami." It's the wave of citizens living into their eighth and ninth decade with few signs of slowing down. Today, real estate professionals in record numbers are calling it their specialty. This month we'll unlock the reasons why and how choosing to work with today's over-50 crowd could be just the niche market you've been looking for! It's estimated that there are more than 78 million seniors across North America, so certainly choosing this niche is a great way to tap into the market's supply and demand. It really goes much further than that for most agents though. For many who choose to become specialists in the senior market it is much more about building valuable long term, incredible relationships with a generation of people who both need us to teach them in terms of what they need to know to protect their interests and also who have so much to teach us in return. "It really is a niche where you become passionate and protective of your clients. There's a lot more emotion and personal interaction than there is with other market segments," said Debbie Rodgers, real estate coach and SRES instructor. "My kids and I would laugh at times when I took on a new senior client. I would call them my ‘five-pounders' because ultimately, that's how much weight I would gain with each one after meeting with them every week for cookies and coffee." Debbie chose this niche back in the 90s when the market was actually very similar to what we are seeing today. As a single mom with two young children she very much wanted to stay in real estate and work during the day while her children were in school. She's teaching agents all about how back then, and today, seniors are a great target market for doing just that and developing a powerful referral network who, when you do your best for them, are loyal in return. More than 16,000 REALTORS® have earned the Senior Real Estate Specialist (SRES) designation from the National Association of REALTORS® and cooperating Canadian Association of Realtors®. They offer a powerful course designed to educate agents on everything from understanding and working with seniors, to government laws, programs and special services available to them. The course also teaches the subtle nuances and empathy needed to work best with this generation and their extended families as well. You are made critically aware of how to best protect their rights, preserve their trust and truly become an advocate they need. To learn more about earning this special designation visit them online at www.seniorsrealestate.com. Like many agents getting their start in this business, Debbie began by working with first time home buyers. Unafraid of standing in front of a crowd, she enjoyed the opportunity (and the time management) of hosting first time home buying workshops. "It's a great way to get your message to 15-20 people at a time, as opposed to going door-to-door or calling people individually," shared Ms. Rodgers. As she expanded her business to work with seniors she leveraged that talent and time to host workshops specifically targeted towards the needs of seniors. In fact, she became so passionate about senior advocacy, she actually ran for City Council and served from 1996-2000, and ensuring all the while that her area implemented senior benefits in their communities. Don't miss that valuable lesson. Becoming part of something bigger, getting active in their communities and sharing what they knew with as many people as they could were all foundation builders for the best of the best. They are:
Take these traits to heart and start putting them into practice today! If this is the niche for you, get passionate about working with seniors! There is so much to learn from them, and you'll find so many of them vibrant, strong and eager to share. While it may take a little extra time to earn their trust, once you do, you'll be rewarded with a lifetime of referrals. From their children, grandchildren, friends and extended networks, consider one "Silver Client" is truly worth their weight in gold in far more ways than just income. "My clients really built my business for me," shared Debbie. "Their biggest compliment they would give was when they'd call to ask me to please do for their friend what I was able to do for them." Become their advocate! There are a lot of less than reputable people in this world ready to prey on the ill-informed and less-advantaged. Help consumers stand up! Champion their cause. Talk to many experienced top agents and they'll tell you that providing the best service for their client base really is their driving force. They understand, better than most, that if your focus is on the money, the dollars are often few and far between. Focus on the people and you'll always have more than you need. Stay in touch! Not just when working with seniors, but in terms of your entire customer base. When I think of how many agents have left this business in the past few years with not much to show for it, it really is disheartening. By building and maintaining a real "book of business," and reaching out to clients month after month in little ways and big ways over the years, you'll end up with a salable client base that any number of brokers, team leaders and top agents would gladly pay top dollar for. If you're looking for a simple, free tool to help you do just that, download our BusinessBASETM today! Know your stuff! Believe it or not, this niche is actually less likely in many ways to be affected by some of our world changes. They are much more likely to buy and sell for personal reasons such as the need to downsize, upsize, live closer to family or sell to move into an assisted living facility. So dig in! Gather all the tools, information and resources you can muster to share with these fine people. Both Debbie and I recommend hosting Senior Workshops at your local libraries. They are inexpensive if they cost you anything at all, almost all are handicap-accessible and it is the perfect setting for a learning experience! So, if you're ready to take on the "tsunami" and own the senior market in your area, then I truly hope you picked up a tip or tool to help you in your journey. It's a wonderful niche for agents who are passionate about people, love to learn new things, and are willing to commit to maintaining long-term customer relationships. I love watching the amazing results that agents achieve when they really develop a market segment that means a lot to them both personally and professionally. It's a wonderful way to really make work seem a whole lot less like work and establish relationships and friendships that can and will last a lifetime. Need to find a list of seniors in your market? We've got you covered! Visit www.prospectsplus.com/data today and click on the red "Search Prospect Data" button. In the "Build List" section, you can pull a list as a radial search (surrounding a specific street address) by choosing "Residential Radial" and entering the address, or search by city, state or zip by choosing "Residential Neighborhood." Next, you can select "Resident's Age" from the criteria search and put in the age range you are looking for (55-75 for example). Click on "Count Records," then adjust your search by how many records you wish to obtain! Special note: For all our ProspectsPLUS! customers who've joined the ranks of Senior Real Estate Specialists and have been asking me for more senior-specific marketing materials, look to this month's SupportPLUS! update for four new pieces with more to come in the next few months. I'd love to hear your input or suggestions for future pieces so call or email me today! My sincerest thanks to Debbie Rodgers from www.coachingtoexcellence.com for her contribution to our article and valuable insights! If you would like to learn more about the courses she offers, visit her online today! To learn about more ways to capture this or other markets, call me directly at 1.866.405.3641 or simply email me at julie.escobar@prospectsplus.com. If you'd like to download a free copy of our BusinessBASETM, tap into the many additional resources our ProspectsPLUS! team has assembled, or sign up for our free e-newsletter, visit us at www.prospectsplus.com! We're always here to help!
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Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC
Hi Julie
Your post is very informative and right on target.
Good luck and success.
Lou Ludwig
Jun 02, 2009 03:40 AM
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!
This target makes sense. They are usually available during the day to show homes to...
Jun 03, 2009 11:52 PM
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