Maintaining a thriving business in the competitive real estate industry can be challenging, especially with high-interest rates and housing prices. According to Bankrate, industry experts expect a 5% increase in sales from the first quarter as we move into the summer months, but still anticipate a slower season than last year. To keep your business thriving, sharpening your advantage is critical. Skip Franzel, senior market expert, SRES® instructor, and recipient of the 2013 Society of Certified Senior Advisor® Service to Seniors award, weighs in on how to stay current and competitive in the senior real estate market.
Keep Skills Current
Real estate professionals must keep their skills and knowledge up-to-date to stay competitive with mature clients. One effective way for Senior Real Estate Specialists® to do this is by retaking the 2-day SRES® Designation Course at a reduced fee, which allows members to hone their skills and learn from seasoned instructors. According to Mr. Franzel, the best part of teaching the course is helping members find solutions to professional problems and aiding their success in working with the senior market. SRES® Member Benefits also offer valuable tools to stay apprised of senior real estate industry issues.
In addition to using SRES® resources, Mr. Franzel emphasized the importance of connecting with other designees and building your network. Networking groups provide a platform to discuss legal and tax code alterations, and housing trends, allowing members to stay ahead of the curve. By joining or starting a network of Senior Real Estate Specialists®, you can keep your skills and information up-to-date and build a strong community of like-minded professionals. If you haven’t already, join the SRES® Members Facebook group to connect with other SRES® professionals with active designations.
Expand Client Relationships
Gaining new clients costs significantly more than retaining your current clientele. Redevelop relationships with your former clients by finding ways to maintain contact and provide them value continuously. Remember that not all interactions should focus solely on real estate transactions. Offer benefits unrelated to property sales, emphasizing non-threatening ideas and allowing for casual conversation.
In your efforts to build relationships, remember to provide services that will reach final decision-makers, so keep marketing to adult children in mind. Brainstorming services, events, or other marketing strategies will alert them to the service and care that you have provided to their loved ones, so they will trust you with their real estate transactions.
Connect with Senior Service Communities
Making connections with local facilities and organizations is also a smart way to boost your market presence. Mr. Franzel gave the example of hosting a seminar on a topic that supports seniors, setting you apart as an advocate for the community while also expanding your market reach. Partnering with a senior center, community outreach program, or senior market specialist in your planning expands your network with clients and the senior service community. Hosting an event with a senior living facility where a professional counselor speaks on the dangers of elder abuse provides a service to the community, but also gives you face-time with potential clients and their adult children.
Become an Authority in the Senior Market
Expanding your network and establishing connections with senior service commissions such as the Society of Certified Senior Advisors or the Area Agencies on Aging is a valuable strategy to broaden your reach and engage with local leaders in the senior market. Becoming well-educated and well-connected within the senior service industry significantly enhances your effectiveness as an SRES®. The depth of your knowledge and access to a wealth of information will distinguish you as an outstanding service provider in mature markets, positioning you as an invaluable asset to your clients and your community.
Build Your Team of Senior Market Experts
Buying and selling a home can profoundly impact your client’s financial and social lives. To provide seniors with the best support possible, it’s essential to consider these factors and know how to help your clients navigate issues in areas outside of your expertise. As a Senior Real Estate Specialist®, you increase your value to clients by honing your skills in the field and connecting with other types of experts who specialize in senior markets.
One of the most effective ways to build a robust support network is to connect with other professionals who specialize in serving seniors. Depending on your location and the unique needs of your clients, this could include estate planning attorneys, financial planners, reverse mortgage specialists, geriatric care managers, funeral home directors, physical therapists, grief counselors, professional organizers, and contractors with expertise in accessibility. By fostering relationships with these and other experts, you can offer invaluable assistance to your clients and be the go-to resource for any challenges that may arise before, during, or after a move.
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