Suddenly the age of majority is 65

The first of the 400,000 babies born each year since 1946 turned 65 in 2011. Bottom line, seniors have become a niche market in the real estate industry.

Many real estate sales reps and brokerages are structuring their businesses to specialize in the needs of seniors, offering integrated real estate, transition and estate services for these demographics. Most seniors are in control of making decisions of when and where to move, but there are others who need a more comprehensive approach due to declining health, mobility issues or because they live too far away to get help from other family members.

Those choosing to specialize in working with seniors need to keep in mind the challenges, fears and emotions seniors might experience at this stage. Special training is helpful to understand how their real estate needs are different. Realtors need to connect with like-minded professionals such as discharge hospital personnel, retirement home directors and financial planners (and even funeral home directors) to meet aging clients’ needs.

An important characteristic of a Realtor who enjoys working with seniors is patience and the ability to handle conflict that can arise within the family. Most importantly, make sure to ask the pertinent question, who actually is the client and who has signing authority?

Building trust with the client is a must. At the discretion of your client, inclusion of family is also important. Respect your elders – when in sound mind and body, they are quite capable of making a smart lifestyle choice.

They’ll need you to offer referrals, resources, advice, patience and guidance throughout the buying and selling process. Specially trained Realtors have learned how to analyze and assist in the many scenarios that can arise in living these later years.