Older clients make up over half of all home transactions, and agents must be prepared for different wants and needs
By Andrew Conner
Whether they are downsizing to a senior living community or moving south for warmer weather, seniors make up a significant portion of real estate transactions.
According to a March 2021 National Association of REALTORS® report, baby boomers make up the largest share of sellers at 43%, and 8% of sellers are from the silent generation. Add these together, and over half of all sellers are seniors. Working with seniors can be a profitable and rewarding niche, however, it often requires a different perspective than working with clients at other stages of life. Here are some things to consider when starting a new client relationship with a senior.
Slow down
As with any client, building a successful agent-client relationship with seniors comes down to establishing trust. For seniors, this will often mean having more patience in your communications, even when the market is sizzling, and quick decisions are more important than ever.
“The senior population does not want to participate in this frenzy,” says Todd Smith, CRS, broker associate at eXp Realty in Austin, Texas. “Agents who are thinking about working with seniors need to ask themselves, ‘Can I dial it down to a level where things are slower, more clearly articulated and emotions are really prized?’ When you’re dealing with a senior, they’re moving out of a home where a lot of memories have been formed.”
Cheryl Mortvedt, CRS, REALTOR® at First Weber REALTORS® in Dodgeville, Wisconsin, agrees. She recommends having a conversation with your senior clients at the outset to establish their reasons for moving.
“The first thing I do is gauge their feeling about moving,” says Mortvedt. “If they’re building a house in Florida and need to sell this house because they are gung-ho about their new life—that’s an easy conversation. However, a lot of times it’s not always for exciting reasons. It’s because they feel like they have to do the right thing and downsize, but if they were five or 10 years younger, they wouldn’t be selling. That’s the hard part.”
Mortvedt recommends a couple ways to manage these feelings. Listen to their memories about the house. Understand their emotions, and try to frame their perspective to focus on the positives of moving forward. Maybe it is very difficult for the seniors to use stairs, so they need a single-level home. Emphasize the improvements to their life a new house could bring. If they mention a specific feature they love about their house—maybe they have a prized antique hutch—help them visualize how that could remain in their new space. “When we’re looking at houses, I would make a point to say, ‘This would be a great place for that hutch,’” says Mortvedt.
Rick Borelli, CRS, REALTOR® at Howard Hanna in Lakewood, Ohio, also finds framing senior clients’ perspective on their homes useful. “You need to communicate that you’re a professional and this is what you do every day,” he says. “For example, when talking about staging, the home might not be in tune with today’s contemporary style, but it works great for the client. You have to educate them on the market and how ultimately this is a good thing that will help them get more down the road.”
From a process perspective, Betsy French, CRS, REALTOR® at Ray & Poynor in Birmingham, Alabama, explains that you can expect to do more business in person, and you should document things in writing as much as possible.
“Trust comes from talking with your senior clients and explaining the process carefully,” she says. “Homebuying and selling has evolved since the last time they purchased or sold a home, and you need to take your time communicating that information. I talk a lot more in person with my senior clients, and I also think it’s important to convey the information in writing, so they can reread it, go over it and ask questions.”
Make connections
Taking your time and doing things in person are common suggestions from agents who work with seniors, and this certainly applies to marketing, as well.
“I volunteer at a local café in our community, and it’s a place where a lot of seniors come in to have their ‘coffee klatch,’” says Mortvedt. “There, church, the American Legion and places like that are great ways to connect with seniors. It’s really the best way to submerge yourself in a different community. Seniors connect best face to face.”
Ray & Poynor took their senior client expertise and created a “Transitional Move Experts” division within their brokerage. While a downsize move is not exclusive to seniors, the division was a natural addition for those already helping seniors choosing to simplify, which can be quite complicated.
“The agents in our office who have an SRES [(Seniors Real Estate Specialist® designation)] noticed that we were getting calls from adult children of seniors who were aware of our work with seniors,” says French. “We recognized a need to formalize the process and make it more accessible for our clients, so we called in the help of our management team to create a plan, establishing partner providers and putting together a package of services summarized in a brochure, which provides a roadmap for what may seem overwhelming. This enables us as REALTORS® to offer a concierge-level service throughout the downsizing process and provides our clients with peace of mind while dealing with what could otherwise be a stressful and lonely time.”
This has been a successful venture for French and Ray & Poynor: “Not only are clients happy, but we get great feedback from community partners,” she says. “I got a call from one of our clients who thought it was so amazing that she could just make one call, and we could help her through the whole process. It’s a great new angle on what we do.”
Smith has had similar success with marketing his expertise as akin to a concierge service where he can help senior clients navigate every aspect of the transaction.
“I choose to market my suite of services across the board to prospective clients,” says Smith. This suite includes his agent capabilities as well as a number of other offerings that can be helpful in senior transactions, including the use of organizational specialists, estate sale administrators, contractors and more. “Seniors—and people in general—want competency,” he says. “I know I’m not a jack-of-all-trades, but I can bring this one-stop shop to the table when the situation warrants it. If you’re looking for trusted advisors, why not go somewhere where you can get all that expertise in one place?”
It’s clear working with senior clients can be a fruitful niche if you’re willing to go at their pace and know where to look. It can be satisfying to see them transition to a new phase of life successfully with your help.
“My philosophy is, we’ll all get to that point,” says Borelli. “I think the key is to treat them like you would a family member—it goes beyond the client-agent relationship. It’s about mutual respect.”
Features for Seniors
What are seniors looking for in homes? In some ways it can be similar to what any client would want: modern appliances, abundant natural light, etc. However, there are some features that are particularly requested by seniors. Here are a few features to keep on your radar when you work with senior clients:
Single-floor/ranch-style homes: This is probably the most common request for obvious reasons: No stairs is a big plus for seniors.
Zero-step entry: Similar to ranch-style homes, this feature may be necessary for seniors who are less mobile.
Accessible flooring: Assess all the flooring in the home, whether it’s hardwood, tile or carpet. For seniors with mobility issues, some floor styles are significantly more accessible than others.
Home security: In particular, dongles, bracelets or keychains that guard against slips and falls aren’t usually off-the-shelf options, so knowing what is available is important.
Doorways: Does your client use a wheelchair or walker? If so, ensure all of the doorways in the home can accommodate their specific device.
Rails: These can be added to homes when needed, but it is nice if they are already installed—particularly in the bathroom or shower.
Faucets: Knob-style faucets are often difficult to turn for seniors. Lever-style faucets are usually preferred.
Don’t forget to plan for your own retirement. Check out “Transitioning to Retirement” at CRS.com/webinars.
Photo: iStock.com/kali9
