Market of the Moment: Baby Boomers!

Did you know that Baby Boomers - those born between 1946 and 1964 - were the largest group of sellers in the last twelve months? It’s true! In fact, a whopping 52% of homes sold were owned by those between the ages of 59 and 77!

Targeting this group is smart for a variety of reasons. They are less likely to be affected by market conditions, and their “why” is significant to them - and often non-negotiable. They are motivated by achieving a sense of security, better mobility, and being closer to friends and family members. While some may stay local, others will move to states that offer a more comfortable cost of living and moderate climate and will seek communities that provide resort style amenities and better healthcare. 
These sellers are typically buying as well, which provides the opportunity for additional transactions and/or referrals. 

Before you say yes to this pillar, ask yourself if you are wired and willing to be patient, compassionate, and highly hands on. You will need to commit to the Platinum Rule - treating them the way THEY want to be treated, without resentment or hostility - especially when it comes to communication (stop texting!), contracts, and property preparation. You will be required to do more and be more - but you are also likely to EARN more. If you don’t have a heart for working with Seniors (and potentially their family members and attorneys) this may not be the route for you. 
​
If you don’t want to see this ENORMOUS opportunity pass you by, here are the top 10 considerations and things to do so you may master this niche!

---

1. Earn a designation. The SRES designation is one that actually means something to consumers and makes you more valid. You’ll learn about the generational characteristics of demographic groupings in the 50+ market, retirement in the 21st century, housing options (including active-adult communities, aging in place, and assisted living), finance, tax, and legal considerations, marketing strategies and counseling methods, and how to develop a team of experts and service providers for 50+ clients. This 12 hour course is available online and your $295 investment is a bargain! 
2. Know where they are likely going. Perhaps you’re seeing new 55+ communities going up in your market; maybe you’re hearing about people moving to the Carolinas, Florida, Texas or Tennessee. In addition to what you may be noticing or hearing, you’d be smart to pay attention to census data and bookmarking How Money Walks. Green states are gaining residents and tax payers; red states are seeing a decline in their population. TIP: seek to gain referral partners where people are leaving or going!
3. Understand their buying and selling habits. Each year NAR publishes the Generational Trends Report and if you are smart you will read it and consistently refer back to it. Boomers choose agents, search for homes, and finance them differently than their younger counterparts. Understanding how they think and act will get you more quickly into rapport and better manage expectations - yours and theirs!
4. Partner with a Reverse Mortgage Professional. Did you know that a Baby Boomer can purchase a home using a reverse mortgage and have NO payment? That a divorcing “silver” couple can split proceeds from the sale of their marital home and purchase two more - or have one spouse stay in the home - without having to give up what they want to live comfortably? It’s true, and it’s a powerful option. Your knowledge will make you stand out and be a hero to many. Not every company offers this product, so it’s important to find a specialist. Together you can co-market, meet with influencers, and provider solutions to sellers and buyers. 
5. Build a Transition Team. You’ll enhance your unique value proposition and be more appealing to prospects and influencers if you can provide the services and professionals needed to make a move easier. These sellers may have spent dozens of years in their home, and many things may need to be done in order to make it show ready. Your team should include an interior/exterior cleaning crew, an estate sale company, haulers, a handyman, a painting contractor, and a landscaper. Add to your team with a stager, an organizer, a storage provider and local charities who will pick up no longer needed items. For bigger jobs, be ready to contact a reliable plumber, electrician, and HVAC contractor. A kitchen and bath contractor should be a part of your list as well!
6. Target influencers. Baby Boomers are the most likely group to be in relationship with attorneys, financial planners, retirement specialists, and insurance providers. They will call upon them for advice and ask them for recommendations - especially if a real estate agent is required! Are you the one who will be recommended? Build a list of those you need to know. TIP: ask your current SOI for their recommendations and mention their names when contacting these professionals. 
7. Create a Baby Boomer mailing list. By building a targeted list based upon age, length of ownership, and mortgage/equity status, you can introduce yourself to prospects and deliver relevant messages that promote your UVP and make you stand out among a sea of agents who likely aren’t committed to this niche. One great resource is PropStream. 
8. Build your investor list. Illness, property condition, financial distress or privacy concerns may lead some sellers (or their heirs/representatives) to express interest in a quick off-market sale. Identify 3-5 investors looking for opportunity and confirm that they have the ability to close quickly on the right property. Your value will rise with sellers and influencers and you’ll create more loyalty with the investors - hopefully leading to earning their listings. Don’t skip this step!
9. Create and deliver the right content - to the right people. You’ve created a mailing list - now send mail. Letters, postcards, newsletters, and handwritten notes are more likely to be read, saved, and appreciated by this demographic and those who serve them. Social posts remain important, but be smart about it. Facebook is the preferred platform for Baby Boomers; for their children, it may be Instagram or TikTok, and for their influencers (attorneys, financial professionals, etc.) it’s LinkedIn. Where you post should dictate the tone and style of your message; always consider the language and phrasing that will resonate. You’ll also need collateral specifically designed for influencers - a 4 page, full size brochure sent with a cover letter is a great way to get your foot in the door. Use this to specifically promote your work and results within this niche and be sure to include recommendations and endorsements from others!
10. Network like it’s your full-time job. There are plenty of business owners and service professionals looking to get in front of the same people you are. Seek them out, engage, and ask how you can help them. Chamber committees and professional networking groups will increase your validity and the likelihood you’ll earn referrals. Can’t find a group? Start your own. Join an organization like the Rotary or Lions club - their membership trends older - and dedicate your time to their efforts. Get to know the admissions staff at every assisted living community in your market and offer value. Visit every new home community designed for the 55+ crowd and introduce yourself to every salesperson and employee. Host events like a quarterly mixer for small business owners and invite them to bring someone along. Sponsor senior bowling and pickleball tournaments and engage with participants. Teach a non-credit class - along with a estate attorney, retirement specialist/financial planner - at your local community college or senior center. ​Get the idea? Don’t assume your targeted audience is sitting at home; they are out and active - and you should be, too!