How will your Business serve the over 55+ clients? A hot topic if you are looking at the data.
Written by: Teresa Barthol | teresa.barthol@exprealty.com | MT Barthol Visions inc.
How will your Business serve this Aging demographic? The statics are staggering. Between 2015-2050 the World’s population over 60 years of age will nearly double. Are you & your Business prepared to serve this changing dynamic?
Recently I have spent many hours with Seniors who are planning to Age in Place. As a Real Estate Broker, I’m meeting with homeowners to explain Market Conditions, what they should do to prepare and what they can expect over time.
Planning is what I promote. Find the time that works best to sell the home you love. Take time to get things in place before you pull the trigger to list the house. Currently, in today’s market, there are very few listings and an oversupply of buyers. For a motivated seller, this would be the perfect time to sell. Period!! Without question. However, for folks that have medical issues of some kind, they are not so motivated. Maybe it truly is better for them to livein the home they love for longer. That is what I can help them & their family decide. Housing for Seniors is limited.
Few small homes are equipped & ready for this aging demographic. 55+ plus homes that are available do not fit the needs of these clients. Many in this age group have lived in a high tech home or a home with sub-zero refrigerators, six-burner gas stoves, high ceilings, and many windows. These clients may have paid for designer home interiors etc. They are not ready to leave all those beautiful comforts of their current homes in exchange for a tiny house in their kid’s back yard, an 800 square foot Senior Apartment, a 55+ plus mobile home park, or a Senior community owned by a National Corporation.
The needs are many for this aging demographic. Take a look at some of the articles published in www.nia.nih.gov.
Take a look at the data from iris.wpro.who.int.
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The 60 years plus age group will outnumber children five years & younger by 2020. In 2050 it is expected that 80% of this older generation will be living in low & middle-income countries.
I encourage us all to look at what we are doing as a community to meet this population’s needs. Ask the following questions:
Do you have easy to read materials? How are you communicating effectively with a variety of tech-savvy folks? Some are on Facebook, Instagram, etc. But, my experience is that just as many do not have a computer or cell phone.
Will you have easy to access customer service options with people trained to listen and to be patient? Going faster frustrates. Not listening brings distance and a lack of trust.
If your place of Business does, you have sturdy chairs, comfortable to read & understand directions, good lighting, to name a few. Are discounts offered to help them meet the financial needs?
These are just a few questions that cause me concern. I feel a need to slow down, listen longer & harder, talk clearly; presentations need to clear & straightforward. Trust is built by caring over time. Pay attention to the little things. Be Calm.
Real Estate Brokers like me are working to improve our knowledge & experiences with this Aging demographic. The National Association of Realtor Senior Real Estate Specialist delivers education to Realtors, preparing us for the age group over 50 Plus to make significant financial and lifestyle transitions easier. We have the resources and the knowledge to serve Seniors.
I hope that your Business will also. If you have topics that would help us serve Seniors at a high level or some information you would like to deliver to the Seniors. Please reach out and start a conversation to educate & grow the services offered to this critical number of Seniors.