As Baby Boomers reach retirement age, they are causing a significant shift in the real estate market. Seniors often downsize their homes, freeing up capital for travel, long-term care, or to pay expenses now that income is more limited. This demographic is an often untapped source of income for Realtors. Today, we’re looking at effective real estate marketing to seniors.
Most seniors are simultaneously selling a large home and purchasing something smaller. Representing your clients as both the selling and buying agent means more profit for you and more exposure for your business.
The National Association of Realtors offers a Seniors Real Estate Specialist (SRES) certification that focuses on senior-specific concerns. Training courses can help you identify your clients’ greatest needs, understand probate and tax laws, and help your clients plan for a stable financial future.
The more classes you get under your belt, the more you can market yourself as the retirement real estate expert in your area. Clients look for reputable, knowledgeable Realtors, and your long list of completed courses will give you the credibility you need to succeed.
Know the Demographics
No matter which niche you serve, you should know the statistics and data forward and back. Senior real estate is no different. To best serve your clients, you should fully understand the buying and selling trends of your targeted age group.
Your first stop should be the NAR’s Home Buyer and Seller Generational Trends report. The infographic will help you distinguish differences between young Boomers, older Boomers, and the Silent Generation.
Understand Client Needs and Accommodations
In line with the last point, studying demographics will help you better grasp the wants and needs of your clients. For instance, while younger Boomers are still very active and may want a property that fits an active lifestyle, members of the Silent Generation are typically looking for a “forever home.” Depending on the client, you will need to find properties that meet specific lifestyle requirements, neighborhood requests, and accessibility features.
When you fully understand what’s important to your clients, you can help them find a home that will keep them living independently longer, leading to happier lives.
Know the Housing Options for Seniors
Before you can market yourself as a senior real estate expert, you should have extensive knowledge about all the retirement living options in your area. Some clients might want or need live-in facilities rather than single-family homes. Some might be interested in senior living communities. Others may want a home large enough to accommodate multiple generations under the same roof. You’ll be able to give your clients the best service when you understand their needs and can match them with the best option for their lifestyle.
Senior Real Estate Marketing Ideas
All the research and preparation will be for naught if you don’t reach clients where they are. Determine where your ideal clients go for information, then aim your marketing strategies to those areas.
Need ideas to create an effective real estate marketing campaign for seniors? Here are our recommendations:
- Host senior-targeted real estate courses or events in your local area. Perhaps it’s a seminar on active senior living communities, financing options for seniors, or probate law information. Announce these events at senior centers, medical facilities, and in local magazines.
- Volunteer at a local nonprofit that serves seniors in the community. As you interact with potential clients, let them know you’re a real estate agent and give them your contact information.
- Take out print advertising in local publications. Yes, aging populations are increasingly moving online, but many still receive local newspapers, magazines, and mail ads.
- Contact current and previous clients. You may be new to the senior real estate market, but chances are you’ve already encountered clients whose parents will be downsizing soon. Send a friendly email announcing your Seniors Real Estate Specialist certification and ask them to give your name to family and friends who are looking to move.
Helping seniors find the perfect home for their next stage of life is both rewarding and lucrative. By following these simple steps, you can become a successful real estate agent for seniors.