Upwardly mobile baby boomers had a mantra of “More space!” as they looked for larger homes to accommodate growing families and increased possessions. Now, as empty nesters look to downsize, they’re headed in the opposite direction.
How can you best serve home buyers in their period of transition? Here are five helpful tips for real estate selling to downsizing baby boomers.
1. Evaluate Current Space and Possessions
Wanting a smaller home is a vague goal. Have your clients take a careful look at their current space and decide which features they could do without. Do they need more than one spare bedroom? Does the formal dining room get any use?
2. Start Downsizing Immediately
The sooner your clients can begin eliminating unwanted furniture and home accessories, the easier the task will be. If they wait too long, they may be forced to take them along and put them in storage, which is an additional expense they don’t need.
3. Obtain SRES Designation
A Senior Real Estate Specialist, or SRES, has completed specialized training focused on working with seniors and evaluating their unique need. SRES certification will give your clients additional confidence in your ability to help them.
4. Budget for Monthly Housing Costs
All homes come with property taxes, HOA fees and other costs that must be included in the overall budget. Baby boomers on fixed incomes need to be particularly accurate in accounting for all expenses.
5. Think Ahead
Do your clients have health or mobility issues? Do they want to be close to family members? Consider other changes that will impact their choice in homes.
Properties Online: Real Estate Selling for All Generations