When a senior citizen hires a REALTOR® to sell his or her home, the issues are more complex than moving from one domicile to another. Seniors are dealing with complex matters including diminishing capacities, failing health, the passing of a spouse, the tax consequences associated with having greater equity in their homes, and the fact that they may not be reinvesting, but moving to a continuing care facility or moving in with relatives.

Complicating the transaction are the concerns of grown children who are worried that their parent(s) will be represented correctly and that their own inheritance will be protected. So how does the real estate agent keep everyone happy while caught in the middle?

The question is important enough to fuel a burgeoning sub-specialty in real estate, the senior market. According to Tim Corliss, co-founder of the Senior Advantage Real Estate Council, there are 22.4 million homeowners over the age of 65. He believes that this demographic requires sensitive treatment and specialized service.

"Their number one fear is doing something with their property, because they know they don't have a second chance to build equity," says Corliss. "Most are concerned with running out of money before they run out of breath - people are living 20-25 years longer than they budgeted for."

That's why the smart agent will bring the kids in right up front, advises Buddy West, co-author of Targeting the Over-55 Client, Dearborn. "Typically a Realtor has to find out who is involved," suggests West. "Ask if the client has children, and how they feel about the move."

"If you are smart, you will be bring in an attorney or a family confidant that will look out for the client alongside you," he adds.

West has created a senior division and associate team which include a range of elder specialists: a CPA, elder law specialist, estate planner, and a financial planner, among other services. "If you are planning to make this (serving seniors) a niche market, you have to add special services because their needs are different," says West.

Seniors are highly individual, beginning with their generations, the GIs (WWII veterans,) the Eisenhower generation (Korean War vets) and the boomers who are just entering the realm of the senior, explains West. A senior who is downsizing might need a different group of specialists than the senior who is moving to a retirement facility.

The more infirm or incapacitated the senior, the more concern the agent can expect from the senior's family. These feelings on the part of the family can escalate all the way to outright distrust. The agent can feel caught in the middle, particularly when the family's ideas may not be in the senior's best interest based on what the agent would like to recommend. "You don't want to go against the family, because then you'll have everyone against you," warns West. "Blood is thicker than water. I'll ask the senior what s/he would like to do, and offer my advice as a professional. Then I encourage them to talk to a mutual third party."

The best defense a Realtor has from getting caught in the middle is knowing all the financial products and housing choices that are open to seniors.

"Make sure to have options available," instructs West. "As a Realtor, you have to understand reverse annuity mortgages and the different alternative housing availabilities from active senior communities to continuing care communities. Know what is in your area, the costs, the advantages, disadvantages, and the health implications. This allows for the conception of the move all the way through the move and beyond."

Your goal as the Realtor is to make the move as seamless as possible by overseeing the most minute details. "I don't allow the buyer to set the settlement date," says West. "We make it flexible like new construction, so that way if a senior is moving to an assisted facility, they aren't without a place to live for a week if there is a delay. You can't remove people from their comfort zones."

By demonstrating this level of expertise and concern for the senior client's well being, agents should be able to put the family's fears to rest. "Most people are worried more about their senior parent having a health setback than anything else," reasons West. "The percentage of people who are more interested in their inheritance than their parent's health and comfort are a very small percentage. I try to deal with the other 97percent."

West is also speaking from personal experience. He and his family are in the process of moving his 85-year-old mother-in-law to the West home.

"We can't add days to her life but we can add life to her days," he says.

Also See:

Published: January 25, 2000

Use of this article without permission is a violation of federal copyright laws.