A few simple real estate tips for seniors

By
Real Estate Sales Representative with Long Realty Company

A few simple real estate tips for seniors

 

 

Finding a real estate agent who understands the unique needs of older Americans is a crucial component in having a successful real estate transaction. Life changing events such as the passing of a loved one, illness, downsizing, and/or retirement are a unique set of issues that often accompany the buying and selling of property for older Americans.

Because this is an important and life changing decision, do not just pick a real estate agent out of the phone book, and/or stick with the first agent you meet - interview at least two agents. Make sure that you feel comfortable with the agent you will be working with. In the interview question the agents about their experience in handling clients dealing with the issues that you are dealing with. Try to get a sense of whether or not the agent would be sensitive to your needs; and make sure the agent is willing to deal with other family members if necessary.

When selecting an agent, discuss the percentages that the agent will charge you for selling your property. If an agent tells you he/she is charging you a "standard" percentage rate for services, be weary, this is false. A percentage rate is negotiable by federal law. The length of the contract in which you list with the agent is negotiable as well.

Pick a real estate agent who is willing to show you a marketing plan. A solid marketing plan demonstrates a commitment and willingness that will be instrumental in selling your property in a timely manner, eliminating unnecessary expenses related to utilities, real estate taxes, interest expense and lost interest income. A marketing plan should include advertising in a variety of venues, (for example flyers, the newspaper, open houses, the Internet). The property should always be listed in the local MLS, which is the industry standard publication that is utilized by all agents.

Although a real estate agent is not a financial advisor, attorney or tax consultant, a good agent should possess basic knowledge in these matters. The agent should possess enough knowledge to let you know which expert you need to consult with should any issues or questions arise related to those topics.

Following these guidelines will go a long way towards creating a positive experience when buying or selling property. As an older American you deserve peace of mind during this time of transition.
Email: rlecinski@longrealty.com

See many active adult communities on my web sit:

http://rlecinski.longrealty.com

www.arizonagreatliving.com

Rich Lecinski

Long Realty Company

Oro Valley - Tucson Arizona

Direct Line                520-834-4663           

 

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Rainmaker
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Glenn Roberts
Retired - Seattle, WA

And as I approach 65 myself, I recommend picking an older agent, for the experience he/she may have with the issues an older buyer may face.

Mar 12, 2010 12:32 AM #1
Rainmaker
221,358
Richard Strahm
American Foursquare Realty - Lansdale, PA
Lansdale and North Penn Real Estate

When I helped my parents move from their "forever" retirement home to a more structured environment at a CCR facility, I began to see the importance of being able to cater to senior's specific needs.  I went and got my SRES (Senior Real Estate Specialist ) designation and have found it most helpful in working with seniors and their families.

Mar 12, 2010 12:34 AM #2
Rainmaker
5,574,936
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for sharing your tips. Many seniors can benefit from the use of a reverse mortgage when purchasing a more suitable primary residence. This product may provide a higher quality of life when it fits the needs.

Mar 12, 2010 12:36 AM #3
Rainmaker
1,834,318
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Good points. Patience and willingness to slow down a bit are also important qualities to look for in an agent working with Seniors.

Mar 12, 2010 12:39 AM #4
Rainer
202,907
Richard Lecinski
Long Realty Company - Oro Valley, AZ

Lottie,

Patience is a key to working with seniors many times for sure.  Thank you for your comment

Mar 12, 2010 12:41 AM #5
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Rainer
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Richard Lecinski

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