Hilary’s article on 50+ Real Estate, Published in the Oakville Beaver
September 17th, 2007 Categories: Fifty-five plus, Real Estate News
I wrote an article which appeared in The Oakville Beaver a couple of weeks ago. Here it is:
50+ Clients Have Unique Real Estate Needs – Realtors Specialize in Counseling Mature Property Owners
Today about 32% of Canada’s population are over 50 years. And this 50 plus group as a whole is the fastest growing demographic segment in society, with 44% owning at least one home.
Seniors today can expect to live 15-20 years longer than earlier generations. As life spans increase so also the options for how to spend the later years, and the challenge of planning retirement carefully so funds can last as long as they do.
What are some of the things Realtors with the SRES designation are learning about working with this segment?
1. Mature clients want to be counseled not sold. They value a “high-touch” approach.
2. Seniors need time to make decisions. Decisions to sell the family home and downsize or move to other forms of housing will be made more slowly.
3. Many family members may often be involved in the decision and all family members need to be comfortable that the Realtor is acting in the very best interest of their loved one. Family members may also be concerned about the inheritance.
4. One of the keys to assisting seniors is helping them to feel empowered in the decisions they are making. As people get older there is a sense of loss of control which can make it harder to make any decision. Realtors can help to “empower” their clients by carefully explaining and presenting all the options that are available or providing suggestions as to what to do with the items in the home that may not fit or be suitable for the new situation they are contemplating.
5. Of great benefit and reassurance to seniors is recommending other trustworthy professionals like a financial advisor, lawyer, accountant, and providing a “one-stop team service approach” for the family.
6. Boomers and their parents need to be encouraged to make investigations and decisions about their “next steps” prior to an urgent need arising to precipitate a change.
7. Many seniors are extremely tech-savvy and comfortable with using the Internet. Others are not.
8. There are many sub-markets in this segment of the population, each with differing needs and wants. Like all people, seniors should not be stereo-typed or pre-judged. The Brondesbury group, A Canadian research firm, has identified several lifestyle categories that retirees fall into: Happy homebodies, social butterflies, super shoppers, go-getters, community minded, travelers, worker bees (those returning to work after retirement).
9. Once mature clients find professionals they can trust, they are generally more loyal than Generation X and younger cohorts.
10. Mature clients enjoy long-term relationships, and are not fast-close one time customers, which is often the case with clients under forty.
This article was written by Hilary Shantz, MBA, SRES, Sales Representative, Royal LePage Real Estate Services Ltd., Oak Park office. For more information about real estate issues impacting seniors , see Hilary’s new blogsite www.the oakvillebuzz.com or contact her at 905-599-3311, hshantz@cogeco.ca
My broker also posted this announcement in the Oakville Beaver about my new SRES designation.
Click here for other articles on 50+ real estate.
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Happy to have found your site. Always looking for some good insights on Real Estate!
Kristy Petrillo
www.GeorgiaMountains.com
Live the North Georgia mountain dream. Mountain views, river front and Lake Blue Ridge homes and land. Rent it out when youre not there.