Senior Market Strategies
Once you've decided to market to seniors as part of your business plan, and once you've started to acquire the knowledge you need to look and sound different from your competition, there are many strategies you can consider to take your business to another level. Link to this list, which is periodically updated, to see some great strategies to sell more homes to the senior market. Select those that interest you and develop action plans to execute these strategies. Reinforce your action plans with additional knowledge from SISREP.org, other resources and most importantly from your first hand personal experience.
Why focus on the Senior Market?
Two key industry and demographic changes are simultaneously occurring that makes focusing and marketing to the senior market essential to the near and long term future of every real estate agent. The actual form and ultimate impact of "Uber Realty" is subject to debate. What can't be denied is there are significant changes to the industry coming in the next three to ten years brought on by the continual wave of technological advancement.
Senior Propositions and their tax consequences Real Estate Professionals must know
Propositions 60 and 90
If you are working with a client who is, or whose spouse is age 55 or over, then you must be aware of proposition 60 if they are considering moving within their County of residence and proposition 90 if they are moving outside their County. The tax consequences to your clients of not considering these propositions - especially if your clients have lived in their current home for a long time and have been protected over the years against large property tax increases under Proposition 13 - could be devastating.
Propositions 58 and 193
If you are working with clients involving a transfer from a parent to a child or from a child to a parent you must know about Proposition 58. Insuring the Proposition 13 assessment is transferred along with title to the property is a must.
If you're working with a senior who is planning to transfer a home to a grandchild the components of Proposition 193 must be investigated to determine if the conditions of the transaction can preserve the Proposition 13 assessment for the children.
Aging in Place Information for Real Estate Professionals
As you farm your territory and engage in conversations you will discover that many seniors are actively considering a stay in home versus move (list their home) decision for a number of reasons. Downsizing to reduce cost or/adapt to aging, moving to be closer to kids and selling the home to move into assisted care/aging support facilities due to declining health are common issues seniors deal with in deciding to stay versus selling their home. Understanding both sides of this decision enables you to add value for your clients. This sections describes things possible home upgrades & changes to accommodate seniors if the decision is to stay:
What Real Estate Professionals need to know about in-home care
When marketing to seniors in your farm, you will likely encounter people who because of health issues are considering or utilizing in-home care for themselves or their loved ones. Knowing some key aspects of in-home care will make you look and sound different from your competition giving you a leg up when in-home care scenarios become moving to an assisted living facility and creating the need to sell the home to finance the expense.
Basic information about trusts, wills and probate
The greater the value of your assets (particularly if you own real estate), the greater the benefits of a living trust. While you don't want to be viewed as giving legal advice, information about trusts, wills and probate included herein will help you be a value-add when speaking with clients, other agents and attorneys.
Downsizing - Sample Brochure
As you work your farm you will become familiar with the homes where seniors live. Some agents use brochures marketing to seniors as part of their farming activities. Click below for an example - the agent's information would be added where indicated.
Critical life situations brochure
Need a new topic to talk about when working your farm? Take some ideas from the attached brochure and work them into your marketing efforts - maybe as a handout only after you've started a conversation with a senior to show you/re serious about understanding their issues.