Whether you area licensed real estate agent or a broker, trying to target seniors may require adding a few new details to your ads, changing how you send ads out and maybe a helpful update to your resume, but given that boomers are now making the move to downsizing and retirement, savvy real estate agents may want to capitalize on this.
Agents should ask if they are effectively reaching the age 50 and over demographic. Learn about this age group, how they look for real estate and effective ways you can streamline your ads to reach them. Agents may want to take coursework that can help them reach this target demographic.
FACTS ABOUT MARKETING TO AGE GROUPS 50 AND ABOVE
According to a US News Money article, baby boomers are now in the 50 and above group. Because they are at the age where they’re thinking about selling their larger homes and downsizing or moving to either something smaller, or to a retirement community, this presents a great opportunity for real estate agents and brokers to help them with their planning. The Atlantic reported just last month that there are already 44 million people who are 65 and older and by 2050 this figure is set to double.
3 EFFECTIVE MARKETING POINTERS
For agents interested in reaching this key demographic, consider these tips:
Use print media and direct mail to reach this group: According to API research data, about half of seniors still prefer to get their news and information from television and print materials. Because seniors may have a reluctance with new technology, there may be a disconnect with using digital media with this age demographic. To ensure agents can reach seniors, they should consider direct mail listings that give detailed information on communities that are near retirement centers or are retirement friendly.
Consider limited budgets and life transitions: While seniors may have retirement income and savings to invest in a condo or home, a real estate agent or broker should inquire about their health status as well as that of their loved one to ensure that they are moving to an area that will offer them transitional care if needed and added support. They should also ensure the community is something they can afford on one income in the event of a loved one’s death.
Focus on neighborhood activities for seniors and retirement services: When seeking out homes for seniors, real estate agents can focus on local stores in the area, hospitals and doctors’ offices and activities that are on-site for seniors. If they have disabilities or need wheel chair accessible ramps, these should also be factored in. Also look for developments that offer physical therapy centers, community centers with activities for seniors or senior centers that have a lot of activities they might enjoy like trips to casinos, swimming, stretching, yoga for seniors and other fun activities.
For more information on coursework to help ensure real estate agents and brokers understand how to act as a buying and/or selling agent for seniors, visit the National Association of Realtors and check out their Senior Real Estate Specialist (SRES) program. These courses are designed to help realtors meet the needs of populations 55 years of age and older. Areas that agents will be trained in include understanding retirement income, social security, Medicare and Medicaid, as well as estate planning and transitioning to retirement housing.