Realtors often encounter senior-aged clients looking to downsize or transition to a new living arrangement.
So, whether you’re an agent, mortgage broker, sales rep, administrator, or any other professional in the industry, you know that every age demographic has different behaviours and preferences when it comes to home-buying. Understanding these differences is the key to working effectively with every age category.
Considerations when working with seniors
The senior age group, typically defined as those over the age of 65, is an increasingly important market for the real estate industry.
Additionally, Canada’s working population is nearing retirement at an all-time high, with 1 in 5 people in the Canadian workforce being between the ages of 55 and 64.
Specifically, in terms of the housing market, this represents a massive opportunity for real estate professionals. You dramatically open your potential customer base by specializing in and increasing your skills working with baby boomers.
Safety concerns
As real estate professionals, we know that senior homeowners may have specific needs and concerns, such as accessibility and safety, when buying, selling, or maintaining a home.
Your safety concerns at 20 are very different from those later in life. Senior homeowners and buyers are likely more focused on safety and accessibility than the other populations you may work with.
As they age, they may require certain features in their home to ensure that they can move around easily and safely.
Financial considerations
Many seniors on a fixed income may experience more difficulties when making mortgage payments, paying property taxes, or covering other home-related expenses.
Knowing the options available to seniors can help you as you frame your work with this population. For example, things like reverse mortgages and other home-equity-based loans can assist homeowners with accessing the equity they’ve built in their homes.
There are also options like OAS, CPP, and RRSPs available. Though these may not intersect directly with your work, senior clients may ask for your recommendations and lean on your knowledge.
How you communicate with each population group is different and should have different considerations, especially when working with seniors.
Communicate clearly and patiently
It is essential for real estate professionals to communicate clearly and patiently with senior homeowners and buyers because this group may have sensitive needs and may process information differently than younger individuals.
They may also have hearing or vision impairments that can make it difficult for them to understand if you do not customize your communication modes.
Additionally, many senior homeowners and buyers may be dealing with health issues, emotional stress, or other challenges affecting their ability to communicate with you.
It’s important to ensure they fully understand the information you provide and can make informed decisions. Another way to keep communication transparent is by looping in additional family members from the beginning of the process so that everyone is on the same page.
In addition, ask the senior you are working with if they have any family members they would like to be included in the communication, which can assist even more with clarity in your communication.
Finally, communicating clearly and patiently with senior homeowners and buyers can help build trust and establish a positive working relationship with them, which will benefit both parties and lead to a much more successful transaction.
Show respect and empathy
No matter where you are in the real estate process, every individual you work with needs to be treated with respect and empathy.
Empathy is essential for senior homeowners because many have lived in their homes for years and may have sentimental attachments to them. Therefore, it can be challenging for them to approach the selling process.
The same goes for senior homebuyers who are purchasing their forever homes, which can impact their emotions throughout the process. Remember that this can be excessively stressful, so take time to listen effectively and tailor your communication to suit your clients best.
Working with senior homeowners and buyers can present specific challenges. However, by understanding this clientele’s unique needs and concerns and adjusting processes to suit them, real estate professionals can effectively help them make informed decisions about buying or selling a home.
Rebecca Awram, the Founder of Seniors Lending Centre, doesn’t take a banker’s approach to mortgages – there is no typical ‘suit and tie’ staring across a big desk, making you uncomfortable. She is a negotiator who puts her many years of experience and passion into working with each client to negotiate the best possible rates with lenders. She has many years of experience working directly with senior homeowners, helping them find the best financial solutions for their unique situations.
Exceptional, Professional ,immensely knowledgeable in her profession, with POSITIVE results, the client definintely benefits when having her work with them as she is a true expert in her industry. Rebecca’s track record of NUMEROUS successful mortgages has earned her reputation as one of the most successful mortgage brokers.
Why thank you (blush) !
Rebecca is an exceptional mortgage broker! She is thorough, timely, personable and most importantly knowledgeable. As a real estate agent, I have referred her to my valued clients for many years (from first time home buyers to buyers purchasing their retirement homes) with always great results. My clients have referred their friends and family, and returned to her for all their ongoing needs – new home purchases, pre-sales, refinancing, second homes, and investment properties. I cannot recommend Rebecca highly enough!
Wow, THANK YOU Ann 🙂
Great advice for anyone working with senior clients. Patience, listening skills and tailored communication are so important when serving this demographic!
Why thank you very much!!!!
I’ve had the pleasure of working with Rebecca as one of her lender partners for many years now. While we work together specifically on reverse mortgages, Rebecca is an all around expert with regards to finding the right product and best overall mortgage solution for older Canadians. As a lender that deals solely with homeowners age 55+, we have a lot of experience working with this demographic. This article hits many very important points, and it offers up some great advice with regards to knowing your client and dealing with them in the way that THEY want to be dealt with. Great article, Rebecca!
Chris, thanks for the kind words! Always appreciate your support, and glad you liked the article 🙂
Rebecca’s knowledge, compassion and professionalism have been invaluable over the years. Not only is she incredibly knowledgeable in her field, but her tips and advice have helped me and my clients through sensitive times. Her experience and expertise shine through every interaction. She is a true professional that I always feel confident referring to others.
THANK YOU Paula, appreciate you taking time to read the article 🙂
Rebecca is a true professional in the business and love reading all her content! You can always trust and assure that you are getting honest and best educational trusted advice! You can just see how compassionate and caring she is to the industry at all levels. I enjoyed reading this well thought out article! She is such a true compassionate and excellent well rounded financial expert and person! Thank you for being such an inspiration for myself and the industry!
I always have the upmost confidence in Rebecca and her ability to “get the job done” smoothly and professionally. Having brokered many mortgages for my clients, and myself personally, I know Rebecca always knows the best product and rates at that time and she always puts the client’s needs first. Rebecca is always excellent in thinking outside the box with more challenging files and she is always respectful and empathetic to all age demographics. Having been in the industry for some years, Rebecca is able to have a holistic approach for her senior clients, looking at their situation as a whole rather than just the mortgage at hand. I highly recommend Rebecca.