Today’s Baby Boomers—some 76 million of them—are in better health and, by and large, have more resources than their parents did at their age. In just four years, though, the inhabitants of this demographic bubble will start turning 80, and their real estate needs will change with them.
When a person hits 80, the idea of downsizing and moving, either across town or across the country to be near children, can become less of a choice and more of a necessity. You can think of it as a “tipping point,” when they, and/or their children, come to the realization that staying in their current location may simply not be tenable.
To corner a healthy share of this growing and diverse market, real estate agents and brokers must learn the ins and outs of serving seniors who are downsizing, but who aren’t always enthusiastic about it. Here are four things to consider:
- Understand family dynamics.
The children of seniors are planning for what may need to happen in order to avert future care challenges or crises. Meanwhile, their reluctant parents are often trying to retain control of their decisions. To ensure control is in the hands of its rightful owner, agents should frame relocation discussions around the goals, fears, and concerns of their client—the homeowner. For instance, begin with a question like, “If you could wave a magic wand, what would be the best possible living arrangement for this next chapter of your life?”
- Acknowledge physical limitations.
It’s important to realize that the older we get, the more likely we are to experience reduced stamina, chronic illnesses, and mobility limitations. These realities can affect the home-selling process in ways that agents may overlook. Consider the older adult homeowner with severe arthritis and no family support who resigned herself to staying in an unmanageable home because two agents told her she needed to “tidy up” and make “cosmetic updates” before listing.
- Help process downsizing emotions.
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 are required. An agent may have to help a client let go, walking them through a house, saying good-bye to particular rooms and particular memories. What feels unimportant or irrelevant may be the key to convincing a reluctant seller to move forward.
- Become an expert on senior living options
So many considerations go into finding the right living arrangement for someone considering their “forever home.” This is particularly true when health care is part of the equation. Agents with the knowledge and willingness to assist older adults with researching and making informed decisions about retirement community options, beyond those in their local MLS, will have an edge when it comes to earning the business of older adult clients.
To serve longtime homeowners, it takes more than just holding a real estate license—it requires skill, empathy, and understanding. Start now to prepare for the next generation of 80-somethings.
Nikki Buckelew, Ph.D., is the author of “Senior-Centered Real Estate: My Path to Purpose” and founder and CEO of Seniors Real Estate Institute. Contact her at SeniorsRealEstateInstitute.com or 512-842-6011.
