Is there a recession? And if there is one in our business, where is it happening? Okay, so the stock market is in the pits. What goes down must eventually go up. So let’s not worry about the things we have no control over and seek what we do have control over.
It’s supposedly the “dog days of summer.” What’s been happening in your world of real estate? Some of my friends from far and wide in Canada have been emailing me with reports of multiple offers, listing shortages and buyers having a ball with the lowest mortgage rates in years. Several boards set all-time sales records in June.
Where are the buyers coming from? Dah! Renters.
Entrepreneurial agents take note: If you are not taking heed of the fact that there have been more buyers than sellers at most times in the last 40 years, you should get out of the business.
What about the seniors’ marketplace? With 45 per cent of the population in Canada hitting the 45+ age bracket, what are we waiting for? Opportunities abound and most of us are not taking advantage of this niche market. And it’s growing every year in both Canada and the U.S.
If you hold an ASA or SRES designation and are not utilizing the course material, you better dig it out of your desk now. Start doing some research in your various market areas. Use the material and dialogue with your fellow colleagues. Talk it up with your manager/trainer as well. Everyone in your office will benefit. (The ASA is a Canadian course by Barry Lebow, well-known trainer and educator. The SRES course does not address all the current Canadian issues. Both of these designations are available in most provinces and territories).
From Canada Mortgage and Housing Corp., June 22 – “Vacancy rates and rent levels in the seniors’ market reflect a different market makeup than the traditional rental market. Demand for seniors’ housing is expected to increase as the baby boom generation ages, spurring an increase in seniors’ construction units ahead of actual demand. The vacancy ratio in this type of housing is 9.2 per cent, which is higher than the usual traditional rental market.”
The average monthly rents for seniors’ homes are higher and reflect the services that these homes provide, such as meals and special caregivers.
So, where am I going in this article? Simply put, mount a campaign that brings seniors and young renters into your office meeting rooms or hire a hall. Bring in an estate lawyer, a real estate lawyer, an accountant and a home stager, to mention a few. They’ll be happy to help you hold regular information events. In this marketplace, you have to become pro-active and not reactive. Start to service this market as never before. The timing couldn’t be better.
Remember, seniors have bought and sold probably four or five times and are most likely “empty nesters.” They’re sophisticated potential buyers/sellers and/or possible renters.
Most young couples start out in rental units and they will become your biggest advocates when you find them a home that fulfills their needs and wants. Most agents will agree that buyers are the largest percentage of their referral base.
Carpe diem!
Stan Albert, broker/manager, ABR, ASA at Re/Max Premier in Vaughan, Ont. can be reached for consultation at stanalb@rogers.com. Stan is now celebrating 40 years as an active real estate professional.
Stan Albert, ABR, ASA is a consultant with Re/Max Premier in Vaughan, Ont. He can be reached for consultation by email. Stan is now celebrating his 45th year as an active real estate professional.
