With an aging population continuing to grow, there has become a growing need for REALTORS® to specialize in selling and buying senior homes. Although once called a niche, Ontario’s senior population is projected to double from 16.7% of the population to about 24.8% of the population by 2041, because of the growing number of seniors; senior home buying and selling are becoming standard practice.
Some of the service and systems that come with being a REALTOR® specialized in senior real estate are:
Extra Help and Guidance
Many seniors are living alone in their home and are unaware of the next steps. A REALTOR® trained to work with seniors will set up a free initial consultation to offer guidance about the home buying/selling process and will present all the option for the transition. Depending on the client, this may be one or more home visits to make sure that the client feels informed and comfortable.
The home selling/buying process is complex, and many terms, ideas, and contracts are presented during the process. Senior home buyers/sellers benefit from a slower pace so they can feel relaxed and not rushed into a significant decision.
Contracts in Plain English
REALTOR® will make sure that they can sit down with the client with a form of the contract that has large print and written in layman’s terms. This further consultation will allow for any questions and concerns to be raised initially before the final signing.
Every client is different. Some may not wish for family members to be privy to the details of their real estate transactions, while others may want their family members to be highly involved. A good REALTOR® should also welcome and encourage what makes their client feel most comfortable.
The decision to transition to another home is a significant decision, and there are many housing choices and options. A good REALTOR® should present all the possibilities, even those that will not generate them compensation such as retirement communities, assisted living, or long term care.
Special Rates for Professional Fees
There are many REALTOR® who have automatically discounted rates on commission for seniors, so there is no need to worry about the stress of negotiating a deal.
The home selling/buying process involves many professionals, and it is essential that a REALTOR® can recommend a few that they know have a good reputation from working with them in the past. These professionals may include lawyers, inspectors, lenders, stagers, estate planners, insurance and financial advisors.
Senior real estate is becoming more than just a niche, but a standard practice. With this standard practice of senior real estate comes the growing importance of being certified in senior real estate:
SRES®- Senior Real Estate Specialist® Course
October 21 to 22, 2019: SRES® designation indicated you are qualified to address the needs of home buyers and sellers age 50+ and to approach them with the best options and information during the home buying/selling process.
RAHB will be offering this course to members and non-members through the Real Estate Institute of Canada. For more information, click the button below: