The Key Role of Real Estate Agents in Senior Downsizing

Part of being a real estate agent is knowing how to assist clients as they make big life transitions. You're there for all the big moments. That includes the first house, the "my family is growing" house, the "promotion house, the "dream" house, and everything in between. There's also a privilege that comes with being there to help clients who are ready to downsize in their retirement years after filling their homes with decades of laughter and memories. It's a bittersweet experience for everyone involved.

Being an expert in helping seniors to downsize is an asset. What does the role really look like? Here are tips and insights when it comes to the role of real estate agents in assisting seniors with downsizing.

Real estate agents shouldn't assume that every client over a certain age is in the mindset of downsizing. However, agents should know how to ask the right questions to help their clients decide the next move. A big part of that is simply helping them to identify pain points. For example, a senior may feel overwhelmed by the maintenance needed to keep a home running. They may also dislike paying energy bills for a large home when they live alone. Downsizing should always be a pressure-free, organic decision that is made by the seller.

Many seniors who are considering downsizing their homes have a million voices in their ears. Their children may have ideas about what should happen next. In some cases, a senior client's children have differing opinions on how things should go. As an agent, you're not there to take sides. You're simply providing information and executing the wishes of your seller!

Seniors often feel vulnerable when selling their homes. This is especially true when downsizing from a family home that they've owned for decades. The current real estate market looks nothing like the way things looked the last time they bought or sold a home! As a voice of calm and reason, you can explain rules, laws, and best practices. You can also help them to understand what the projected sale price of their homes means for their buying power when it comes to purchasing a small home or pivoting to an assisted living situation. Sharing success stories of previous clients in those same shoes also never hurts!

A senior client is really no different from any client. Like everyone else looking to change homes, they're soliciting your expertise. During the pre-listing phase, you are there to offer the following:

• Well-informed pricing recommendations based on local comps.
• Options for marketing a home that increase the odds of a quick sale at asking price.
• Provide recommendations about preparing or staging a home.
• Offering suggestions about repairs and updates offering the highest return on investment.
• Advising a client on getting a pre-sale home inspection or appraisal.

At this point, you're essentially acting like a coach who is there to help your client separate emotion from the next step that needs to be taken. Your awareness of the local market helps your client to make decisions from a logical standpoint. Your honesty provides a client with the ability to decide if downsizing will provide the financial security they are seeking from a sale.

Real estate agents are true advocates for seniors who are interested in downsizing. You have to be ready to put your whole heart into the process. The truth is that seniors who are downsizing due to health or cognitive challenges may require more patience and diligence compared to a first-time buyer who has spent hours on Zillow. Real estate agents must carefully and conscientiously perform duties that include:

• Communicating all of your legal and ethical obligations and responsibilities as their seller's agent.
• Providing accurate and detailed cost estimates for everything involved with selling or buying a home. It's important for senior clients to understand the scope of closing costs in today's market.
• Handling mandatory reports and disclosures. While the norm is to simply email a client disclosures, real estate agents specializing in senior downsizing will often book an in-office visit or travel to the client's home to go over each line of a document. It's important to make sure that your client completely understands and agrees with the wording in all disclosure documents.
• Making sure that all contracts and paperwork are properly legally executed.

If you're an agent who has put time into building relationships with local professionals, you're in position to offer senior clients some real benefits. Selling a cherished family home can be overwhelming. Your ability to provide referrals for trusted local movers, cleaning companies, storage companies, real estate attorneys, title companies, and home inspectors cannot be overstated! As an advocate, you can also check in with professionals who are working with your client to ensure that everything is on track.

Downsizing from a beloved home is a two-part process. If you've been hired as a seller's agent, your main focus is helping your client get the best possible price. However, it's also important to actively help your client plan a smooth transition. While a client may be 100% sure that it's time for a setting that offers a better fit, they may not know where to go. You can help them envision what an ideal future looks like based on their needs.

For some, the future looks like a smaller home or property located in a 55-and-over community. For others, the future looks like a thriving assisted living community that offers extra support. Real estate agents who specialize in helping seniors with downsizing their homes can benefit from taking time to become experts about local 55+ communities and assisted living facilities in order to have highly rated assisted living options in their referral toolkits.