So much of being a successful real estate professional has to do with developing and maintaining a niche in the industry. By doing this you become specialized in your field of expertise which expands your knowledge base and reputation over the course of your career. Developing a niche also greatly aids referrals and word of mouth. With that in mind, it’s estimated that between 2024 and 2027 more than 4.1 million Americans will be designated as “seniors.” As such, becoming an expert in this market could be a productive and much needed calling. Following are tips on how to tap into the senior housing market:
CLASSIFICATION AND BENEFITS
A “senior citizen” is typically classified as someone who is 65 years and older. However, in terms of housing, the benchmark of 55 years will qualify a person to live in 55+ communities. These communities are attractive due to a number of advantages:
- Low maintenance living
- A sense of community
- Access to amenities like swimming pools, golf courses and community centers
- Enhanced safety and security
- Quiet environment
- Convenient locations, usually near hospitals, shopping and restaurants
- Variety of floorplans
- The opportunity to downsize while still enjoying a high quality of life.
POSSIBLE NEGATIVES
Understanding the negatives will help you address questions from potential buyers. Here are some of the negatives of 55+ communities:
- Lack of social diversity
- Limited relationships with younger people
- Age restrictions
- Strict HOA rules
- Limited resale options due to limited buyer pool
- High HOA fees
- Less privacy due to the communal nature of these communities
- Potential for boredom
GETTING STARTED
Whenever developing your niche, it’s essential to feel you have a calling to serve that particular demographic. Whether it’s seniors or first time buyers, true enthusiasm, interest and motivation are keys to your success. Don’t pursue this market unless you truly want to work with seniors and understand their needs.
Second, you need to live in an area that has these communities nearby. Once you locate them, get to know them. Take a drive, ask to see the model homes and to review the HOA rules. Get acquainted with the listings, attend some open houses, get to know the price points and average list and sale prices.
It’s assumed here that you are already licensed. Go a step beyond that and set yourself apart by obtaining the two day SRES designation course through NAR.
Other things to do:
- Network with your existing sphere and build new relationships
- Get to know your local market
- Become a local tour guide
- Get involved with your senior community
- Market your expertise by sharing newsletters, social media and video content