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"LETTING GO:" The KEY to SENIORS REAL ESTATE

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Services for Real Estate Pros with Pro Mobile Photo

For Many Seniors Selling Their Home, "Letting Go" Is Often the Crux Point 

 

"Crux Point"

The Merriam-Webster dictionary gives three definitions for "crux."  All three are relevant here.

  1. an unsolved question
  2. an essential point requiring resolution
  3. a main or central feature.

 

"Letting Go"

I work with a lot of older persons who want to sell their home as both a personal passion and a professional specialty.  I also have my share of young, first-time home sellers.  After a few years of this, a pattern has emerged.  

Younger people tend to readily "let go."  They tend to let go of the house, the relationships with neighbors, the family memories made in the house, with relatively little stress.

But for elderly home sellers, there just seems to be a pattern that more of them have some unique thing, something peculiar and specific to them, that stresses them to let go of.  I've had one client simply back out of a sale at the last minute, not wanting to abandon memories.  Another became hospitalized with stress over selling and moving (her husband had always managed such things).  Another elderly client was quite miffed at me because I got her home sold too quickly...she had not yet fully adjusted mentally to moving.  An elderly widower was doing great until he had to confront the reality that a basement-full of half-completed repair projects would remain forever incomplete.  These clients have taught me a lot about how it's different when selling a senior's home.

If I could cite one particular most common challenge about "selling an older person's home" it would be this issue of "letting go."


"Grabbing On"

Knowing that letting go is likely going to raise it's fiesty head at some point during the process of selling their home, we can more readily work with the client, with their family, or their fellow church members, neighbors, etc., and be ready for it.  In fact, we can work toward even minimizing or preventing the problem.  

But how do we help the elderly home seller with "letting go?"  Here are some methods I use in working with older home owners.

  • Find "The Anchor"
    Get to know the client well enough on a personal level discover what they cherish and what they will miss after moving.  Or what aspect of the home-selling/moving process is most stressful?  If they won't let go, then we need to find out just what it is that they most likely won't want to let go of.  (Memories, projects, the home, neighbors, ...)

  • "Grabbing On"
    One thing that exacerbates the letting go problem, is that the client is often unclear what it is they are supposed to be "grabbing on" to.  "Fear of the unknown", if you will.  If they're moving to an assisted living facility, have them tour a number of candidate facilities before putting the house up for sale.  Let them go visit a number of times at the one they select, getting to know staff and new neighbors.  Or help identify what new projects can be started with the money from auctioning the hoard of old incomplete projects.  Maybe the client's family have a group lunch at the new nursing home, to show the reality of how it will still be family-friendly.  "Letting go of the past" is a lot easier if one's hands are fully occupied "grabbing on to the future."

  • "It Takes a Team"
    It can be overwhelming, the number of unfamiliar people that enter the life of a senior when they sell their home, dispose of their possessions, move to a new community, and many more.  Show the client how many people will be cooperating as a team, and who they are, to make all the pieces fall in to place at the right time in the right sequence.  Maybe a bio page or paragraph for each person and service role.  Print the Google+ Profile for the auctioneer or his company.  Print the bio page for the buyer's loan officer.  Show a portrait of the appraiser and of the home inspector as soon as you learn who they are, or show examples.  Show portraits and bio's for staff at the new nursing home.  
     
  • Provide an "Itenerary Book"
    You've seen those promotional pamphlets that advertise group-travel for retirees.  It will lay out the tour with a play by play narrative, emphasizing how the seasoned, caring Tour Guide will meet you at the cruise ship upon arrival at ______, "then accompany you on a bus tour of carefully selected galleries and the countryside."  That format obviously works.  So, for your elderly client, provide an "itenerary book" for the home sale process, pointing out how you as their realtor will help them through each step of the process, and how you will help assure all members of "The Team" (see above) will work together in helping the client succeed.  How you will take special steps to minimize stress, screen and qualify buyers, help them prepare for home security, meet new neighbors...

There are many more special services and sensitivities a Seniors Real Estate Specialist can provide for our elderly clients.  Hopefully this blog will jump start your imagination and enthusiasm for the deeply rewarding opportunities to serve seniors, elderly clients, and their parents and families. 

 

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Winston Heverly
Coldwell Banker Access Realty - South Macon, GA
GRI, ABR, SFR, CDPE, CIAS, PA

I think a lot of us are getting to this point, sometimes there is more comfort in a memory than the present.

Nov 10, 2012 12:22 AM
Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

Often the real issue with the elderly is that the selling of the house represents more to them then just change. The ultimate resting place is nearer. Thus emotionally selling evokes many fears and other emotions. 

Nov 10, 2012 12:36 AM
Kathy Stoltman
Ventura, CA
RETIRED

This is such a tough decision for many in their golden years.  My father who is 86, wants to move out of state to a very small town in AR, I don't actually think he will, however I do think it would kill him, at least emotionally, to move from the home he shared so many memories of with my mom, who we lost a year ago at this time.

Nov 10, 2012 01:36 AM
Bob Willis
Berkshire Hathaway HomeServices California Properties - Orange, CA
Orange County & L.A. County Real Estate Agent

Great blog post.  I recently obtained my SRES, and I am going to focus specifically on helping seniors and boomers with their real estate needs. 

I have seen how people who have lived in the same home for many years really become reluctant to make the move.  Often, they know they can't live alone anymore, but refuse to move.  One elderly gentleman I knew recently passed away - a year after his wife died.  He kept talking about how people told him he should move into assisted care, and he said he knew he probably should, but he just didn't want to leave his home.  He loved his freedom, his home, his dog, and most especially, his memories of living there with his beloved wife.  Moving to assisted care would have taken it all away.  I visited him every couple of months, and I always expected him to eventually make the decision to sell and move into assisted care, and he would hire me to sell his home.

He died in his home in January.

The home is for sale now. I did not get the listing because I did not know his lawyer, and he had not made arrangements for me to meet the lawyer.

Feb 14, 2013 02:04 AM