Most of the 76 million baby boomers in America — perhaps including some of your clients — are thinking about downsizing and moving. The trend is already well underway, with more than 50% of homes sold now belonging to a senior adult.
To serve a healthy share of this huge and diverse market, real estate agents and financial advisors must learn the ins and outs of serving seniors. Furthermore, the industry as a whole must get better at managing the complexities that often come with late-life relocation.
That’s why more real estate agents are specializing in educating, equipping and empowering downsizing seniors. You could benefit your own clients by providing them or their families with this information.
Here are five tips for making a senior’s eventual move more successful and satisfying for everyone.
1. Understand the Unique Communication Needs of Seniors
More and more working-age adults have aging parents, and they worry about how much longer they’ll be able to manage a big house, a yard and maybe stairs. Middle-agers are forward-thinking, planning for what needs to happen. Their parents, though, may be at the stage of their life where they are more reflective. The two approaches clash. Parents are trying to retain control while they feel that control slipping away.
There are, however, approaches that defuse such situations, mainly by addressing issues around communication. I highly recommend anyone serving the senior market to read “How to Say It to Seniors: Closing the Communication Gap with Our Elders” by David Solie. It is a guide to empowering elder family members, versus disempowering them.
2. Start Early and Don’t Rush the Process
No matter how old someone is, life changes are unsettling. The more advance preparation and planning, the easier the transition will be. The biggest mistake families make when it comes to their parents is rushing the process and thinking they know what’s best as opposed to asking what their parents think.
A child who wants their parent to move usually has selfish motives. They say it’s about their parent, when in reality, it would make life easier for them. I’ve seen families torn apart by this approach.
This doesn’t apply, unfortunately, when there’s a crisis, such as the parent is getting out of the hospital and needing care. A family that starts asking questions and planting seeds early, however, can navigate difficult situations — even a crisis — more smoothly.
3. Be a Coach First
“Mom, I made an appointment for a real estate agent to come look at the house.”
Unless Mom is excited about moving, these words will strike fear and even defiance on her part. Instead, the discussion should be framed around what the senior wants: “If you could wave a magic wand, what would your living situation be like?” Avoid talking about what Mom can’t do or what she should do. Instead, talk about what she wants to do, where she wants to be and how she would like to be remembered.
Questions may include:
How do you feel about possibly moving?
Do you want to travel, and if so, do you want a house you can lock and leave?
Do you want to be closer to children and grandchildren?
Do you need to plan for when more care is needed? (A lot of seniors have themselves cared for aging parents and they may be wondering, “Do I want my kids to have to do what I did for my parents?”)
Answers to these questions will help you find the right living situation for your senior client when that time comes.
4. Help Process Downsizing Emotions
A lot of times, there are factors that make it difficult for a senior to try a new living situation. They may worry about having to make extensive repairs to their home to get it ready for sale. Reassure them that this is often unnecessary in a tight real estate market. To make the process even easier, offer move management services.
And don’t underestimate the emotions that come with all the memories and belongings someone may have to leave behind. This is where patience and understanding come in handy. You may have to help them let go, walking them through a house, saying good-bye to particular rooms and particular memories.
5. Become an Expert on Senior Living Options in Your Area
So many considerations go into finding the right situation for a senior. Can they live independently, or do they need support? What can they reasonably afford? Do they still drive or do they need transportation?
That’s why an agent serving the senior market must know the landscape — what housing options are out there (communities, multi-family, single-family) and the costs involved with each. Your expertise, and the other services you provide, will make you a go-to resource for families whose senior members must consider relocation.
If you approach this huge and diverse market as an agent who wants to have a positive impact on the lives of others, both you and your clients will be successful.
