Everywhere you turn, there are fresh demographics about seniors. They are the fastest growing segment of the American population. Every seven seconds, someone turns 50 in the U.S. There will be 5 million more people 55 years or above in the year 2000 than there were in 1994. Most important, the youngest portion of this group, those between 55 and 60 years of age, will grow by 18 percent - three times the national average. And they are affluent.

But numbers only mean something if you can do something concrete with the information. That is the purpose of the newest edition of the popular book, Targeting the Over-55 Client by John Tuccillo, Buddy West, and Betsy West, published by the Real Estate Education Company. Tuccillo, consulting economist for the National Association of REALTORS (NAR,) and the Wests, a successful RE/MAX husband and wife team, have teamed to create a comprehensive look at the over-55 market, complete with how-to information so that real estate professionals can understand and meet the special needs of empty nesters, young retirees, and seniors.

When the NAR released its 1997 bi-annual homebuyer/seller survey this summer, the information gathered about buyers and sellers supported what these and many industry analysts already knew. The senior buyer is increasingly interested in luxury homes, vacation getaways, and investment properties, but they are also captured by lifestyle changes, scaling back to homes that feature less maintenance and more security, or purchasing vacation homes or second homes with the intention of retiring there or making an investment.

One thing is certain - the senior home buyer and seller are on the move, and as the authors point out, they may not fit conventional notions of who they are and what their capabilities and desires are.

"This is a huge market and it is underserved," states Buddy West, Buddy West, CRS, GRI, SRES. "It is also often misunderstood."

The authors state that most REALTORS® believe that older clients are set in their ways, resistant to change and hard to approach. But the contrary is actually true - seniors can have a "rich and diverse" makeup. "Be slow to stereotype," advises West.

Although mature homeowners traditionally either move down or buy a second home, how they are approached and taken through the home selling and buying experience may require some special sensitivity.

Many own their homes outright (62%) and have lived in the same home for over 20 years, unlike the first-time homebuyer who may move every five to seven years, or the move-up buyer who may remain in the home nine to thirteen years. They are more attached to their communities and are more concerned with living near family. One third live alone and want to be near peers. Since many have not purchased homes in decades, they may be out of touch with the rapid changes that have taken place in the real estate industry.

The book features tips on senior-geared listing and selling techniques to alternative financing options which will show real estate professionals how to target this market to become or remain top producers.

Packed with hands-on tools such as sample marketing forms, listings of state agencies that specialize in senior housing issues, and a reverse mortgage lender list, Targeting the Over-55 Client will help the real estate professional:

*Earn credibility through compassion for a successful working relationship

*Understand the simplistic transaction of yesterday to effectively explain the complications of real estate today

*Stress and explain the new rules of real estate to eliminate possible deal breakers

*Leverage financing options available to the over-55 market

*Assemble and work with a team to ensure the best interests of the client

The over-55 market is a vast and increasingly growing customer base that will enrich the career of any real estate professional who is willing to take the time to learn their needs.

Published: November 13, 1998

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