Are you a baby boomer or senior ready to make a housing change? You might be interested to know that you are part of a growing trend in Canada. According to the National Association of Realtors (NAR), nearly half of all Canadians are retirees or baby boomers approaching retirement.
Among real estate agents in Canada and the US, Senior Real Estate Specialists (SRES) are a growing category of professionals that I am proud to count myself among.
Whether you realize it or not, handling real estate transactions requires unique expertise, as not all listings and purchases are one-size-fits-all. People move in and out of different types of housing based on their need for size, space, amenities, convenience, and a host of other factors.
Just as a young couple or a young, growing family just starting out have certain housing needs, older homeowners do as well. An agent with the SRES designation is equipped to serve this niche market.
Understanding The Senior Housing Market
What’s different about the senior market? While some seniors continually seek single-family housing, a growing number of sellers in this demographic want to downsize to a condo that they buy or even an apartment, senior housing community or assisted living facility that they rent.
An agent who works with seniors is happy to serve as a counselor who offers guidance about preparing the house for sale and then listing it, even if the client may not want assistance with an additional purchase.
Many senior clients seek assistance because they have no family or friends available to help them evaluate the best housing choice for them or to assist in developing a plan for decluttering, repairing, and selling their home.
Taking this step is hard for most people, as moving on can be hard to cope with. An SRES understands the psychological toll that seniors pay when they divest themselves of the family home or surrender their independence to move into assisted living. While a real estate agent can’t give legal or detailed financial advice, he or she can offer a few basics, along with referrals to the experts they need.
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“Preparing to Downsize” Report
Why Work With An SRES?
Senior real estate specialists offer several benefits to their clients. These include:
Clear communication
An SRES will demystify industry terms and current practices so that a senior client who may not have bought or sold real estate for decades can understand how it’s done these days.
Great listening skills
Going back to the psychology mentioned above, an SRES is attuned to our clients’ needs, desires, and future plans so that he or she can make appropriate recommendations.
Professional connections
Seniors often need estate planners, attorneys, insurance agents, accountants, and social workers to offer the special expertise that a real estate professional cannot offer. Your SRES knows who to call.
Understand Seniors Needs
Real estate transactions can be tedious and stressful to clients, but an SRES is prepared to listen with understanding and patience from the initial consultation to the completion of the sale.
Market knowledge
Whether the next step for a baby boomer or retired client is a downsized single-family home, a condo, or various rental options, the SRES knows the local market. Based on the knowledge of a client’s situation, he will present a range of alternatives.
The goal of any real estate transaction is to help a client move onto the next stage of housing in their life. An SRES will help this come to pass in a manner that is kind, efficient, and timely.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
