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September/October 2020 The SRES® Professional Volume 9 Number 5 Marketing to Boomers Baby Boomers are a wild and varied bunch of individuals. They all want to enjoy a financially secure retirement, but the similarities often end there. There is no one-size-fits-all approach to attracting them as clients. Who Are the Boomers? Baby Boomers consist of post-WWII births when the population soared by 76 million souls during the 20 years between 1944 and 1964. Boomers now range in age from 56 to 76. They follow the Silent Generation and precede Generation X. Boomers are the “flower children” of the ‘60s and the lovers of rock-and- roll music. They were the first generation to grow up watching television. They fought the status quo, experimented with drugs, and pushed the sexual revolution. IN THIS ISSUE: While growing up, they also weathered the uncertainty of the Cuban Missile Marketing to Boomers Crisis, witnessed multiple assassinations, and saw (or participated in) great page 1 civil unrest associated with the fight for civil rights and anti-Vietnam War protests. Boomers were also on the front lines, serving in that conflict. 6 Types of Boomers (and how to reach them) With such vivid and varied formative experiences, is it any wonder it’s page 4 impossible to pigeon-hole Boomers—or to know how to serve their needs as they now experience retirement? New Consumer One- Sheet: What is a Pocket Boomers may also face dramatically different financial circumstances. As a generation, they currently hold the lion’s share of wealth. However, compared Neighborhood? to their parents, they are not as prepared for their retirement years. This is page 7 especially true for younger Boomers. Continued on page 3 COMING UP NEXT: NOTE: Social distancing necessitates altering your real estate business activities, especially when Positive Aging working with clients who are particularly vulnerable to COVID-19. The information provided in this newsletter is for informational purposes only and shall not constitute a promotion, endorsement or approval of any of the products mentioned herein. Further, nothing contained in this newsletter is intended to or shall constitute medical advice. You should consult a healthcare professional before using any medical device or health product. sres.realtor
MEMBER BENEFITS AND UPDATES Expand Your Credentials Virtually! Take advantage of a safe, convenient, and affordable opportunity to participate in three upcoming designation and certification courses being held virtually. As an added benefit, the fees for all three courses are discounted 50 percent as part of the Right Tools, Right Now initiative. Accredited Buyer’s Short Sales & Foreclosure Resort & Second-Home Representative (ABR®) Resource (SFR®) Property Specialist (RSPS) Designation Course Certification Course Certification Course Explore every aspect of Learn how to work with Hone your skills for assisting residential real estate distressed sellers and the buyers and sellers of investment, transactions from a buyer’s finance, tax, and legal development, retirement, or perspective. Learn how to professionals who can assist second home properties in a attract more buyer-clients them. This course also helps resort, recreational, or vacation and elevate your services to agents develop a short sale destination, including property ensure you are meeting all your package, negotiate with lenders, management considerations. fiduciary responsibilities when limit risk, protect buyers, and Date: October 28, 2020 representing buyers. safeguard their commission. Instructor: Brett Brown Dates: October 8-9, 2020 Date: October 20, 2020 Discounted Fee: $39 Instructor: Brent Lancaster Instructor: Cynthia Deluca To learn more and register, visit Discounted Fee: $99 Discounted Fee: $39 nar.realtor/right-tools-right-now. NOTE: Separate application fees are necessary to earn the specified credential. SRES® Consumer Ad Campaign We’re spreading the word about the importance of working with an SRES® designee! This year, our consumer advertising campaign includes featured digital ads on AARP’s website. Potential buyers and sellers who click on the ads go to the SRES® consumer website (seniorsresource.realtor), where they learn more about the SRES® designation and can find a designee in their area. It’s just one way we support your efforts to gain new business with buyers and sellers ages 50+. To get the most value from this member benefit, make sure your directory profile is up-to-date! Connect online with fellow SRES® designees for news, tips, and referrals! @SRESCouncil 2 SRES® • September/October 2020
Continued from page 1 Marketing to Boomers As an agent with the SRES® designation, you already recognize the importance of tailoring your services to the situations that seniors face. Plus, there’s a good chance you’re a Boomer too. Boomers represent the largest group of SRES® designees. Reaching Different Types of Boomers When selecting representative images for different personas, keep in mind that Boomers fall within a Every generation is vulnerable to stereotypes, particular age range, but aren’t identical in terms but relying on them can dilute your marketing of ethnicity or sexual orientation. Aim for inclusivity effectiveness and potentially insult your audience. whenever possible. Also, be sure you have permission One way to improve your results is to segment your to use any photography shot by others. audience into various “personas.” For example, starting on page four, this issue outlines six distinct “” types of Boomers. Marketing firms routinely use personas to identify what appeals to people they want to reach and select One way to improve your results words and images that will attract their attention. The objective isn’t to slot people into rigid categories, but is to segment your audience into to make it easier to imagine the world from various various "personas." perspectives. You can use the same approach to build connections Offering Resources with different types of Boomers. Think about each group when selecting articles to share on social media When marketing to Boomers, attempt to build a (or to write yourself). Consider relevant keywords and collection of resources that are ideal for different companion images to use in mailings to your farm or types of clients. For example, Entrepreneurial on your website. Boomers may want to tap into your local network to help identify various small business resources or to It’s okay if your marketing messages occasionally find office or warehouse space. embrace more than one group. For example, an article on DIY renovations that make it easy to cook with kids can be shared with Boomers whose lives are Evolving Priorities closely connected with grandchildren. That includes It’s impossible to predict how long the current Grand Boomers, but also Sandwich Boomers, who COVID-19 pandemic will last or its long-term impacts currently (or plan to) live with grandkids in a multi- on people’s real estate preferences. When marketing generational home. to different types of Boomers, try to be mindful of potential shifts. For example, Uptown Boomers may still desire an urban lifestyle, but prefer a home with a private entrance instead of living in a tall multi-unit building with crowded elevators. SRES® • September/October 2020 3
6 Types of Boomers (and how to reach them) 1. THE GRAND BOOMER 2. THE ADVENTURE BOOMER These folks prioritize family. Maybe they’ve always put Other Boomers want “me time.” Maybe they were family first. Or, perhaps they had a demanding career that incredibly involved as parents and are ready for new took too much time away from their family. Now they want experiences. Or, perhaps they had a demanding career to lean in the other direction. that didn’t allow enough free time to follow their interests. Some of these Boomers only want to be physically close These Boomers may desire a home that offers a to their children and grandchildren so they can enjoy more recreational lifestyle. They may want to divide their time family get-togethers. Others go a step further, dedicating between two residences, to enjoy the best weather. much of their free time to babysitting their grandchildren Either way, they want to spend as little time as possible and helping shuttle them to various activities. on home maintenance activities. Their housing preferences may reflect these differences. Some Adventure Boomers don’t want to be tied down at For example, some Grand Boomers may only need all. If they own a home, it should “take care of itself” space to host family gatherings. Others may prefer extra while they travel. They may prefer renting a place to bedrooms to accommodate grandchildren sleeping over. reduce their responsibilities and stay flexible—or to hit the road full-time in an RV. To capture their attention: Images should reflect grandparenting virtues, To capture their attention: such as teaching grandchildren how to cook Images can feature active seniors enjoying or helping them with their homework. Also, beautiful vistas, including lovely views from consider displaying family gatherings around their home (while sipping coffee on the porch) a meal or in the yard. or travel scenes (enjoying a roadside scenic outlook). Recreational activities like biking, Keywords hiking, and fishing may also be appropriate. • Family first • The next generation • Watching them grow • Be their hero Keywords • Teaching little ones • Family traditions • Adventure • Not tied down • Grandma and Grandpa • Hand-in-hand • Travel • New vistas • Hit the road • Healthy • Carefree • Active 4 SRES® • September/October 2020
Continued on page 6 3. THE ENTREPRENEURIAL BOOMER 4. THE TRADITIONAL BOOMER Some Boomers aren’t ready to relax into retirement. Traditionalists love their home and consider it part of their Instead, they want to refocus all their energy into identity, including memories of parenting children. The nurturing and growing a new career, a start-up business, house may be larger than they need, but the extra space a hobby, or a philanthropic initiative. could be handy if the kids come back to visit. Their first career may have been corporate, it may have These Boomers may value your help in determining ways been drawing an hourly wage, or it may have been a to maintain the house as their physical abilities decline. full-time stay-at-home parent. In any case, it’s a safe bet If they decide to move to a smaller home, they’ll probably that their new gig will be entirely different. prefer a single-family residence, like they’ve always had. Their home may need to include dedicated home office If downsizing, they might be interested in a senior- space, a workshop, or a large garage to accomodate a oriented “pocket neighborhood,” where they can live in a small business or a studio. They may also be interested single-family home among people with similar mindsets. in renting commercial property for offices, meeting (See the latest Consumer One-Sheet on page 7 for more rooms, storage, or production and creative spaces. on pocket neighborhoods.) To capture their attention: To capture their attention: Images should speak to their goal-driven Images that will appeal to traditionalists nature, creativity, and innovative spirit. Think include Boomers enjoying the comforts of “smiling senior entrepreneurs” engaged home life or making renovations they’ve always in leading a team or immersed in original, wanted (or might need). Also, consider showing groundbreaking activities that lead to financial them engaged in home maintenance activities rewards or societal benefits. that require little or no effort, such as operating an automatic sprinkler system or a robotic Keywords lawnmower. • Inspiration • Working hard • Success • On your own terms Keywords • Passion • Inventive • Family home • Homeowner • Sharing talents • Paying it forward • Remaining independent • Universal design • Aging in place • Right sizing • Self sufficient • Low upkeep SRES® • September/October 2020 5
Continued from page 5 5. THE UPTOWN BOOMER 6. THE SANDWICH BOOMER These folks want their next chapter to focus on city Some Boomers are actively involved in supporting their life and all the amenities that come with it. They aging parents or their adult children—or both—under want a maintenance-free lifestyle filled with options, the same roof. It may be a temporary arrangement (like a entertainment, access to the arts, and the ability to do young, single adult moving home during the coronavirus) what they want, when they want, including eating out at or a longer-term plan (such as moving Mom into their different restaurants several times a week and meeting home after Dad passes). up with friends. Unlike others of their age, Sandwich Boomers may not They prefer the convenience of shopping close to home, have chosen their role but feel obligated to accept it. where an all-inclusive fee takes care of everything. They are highly motivated by traditional family values Ideally, they’ll be situated in the heart of a major city, but and duties. they might settle for a smaller downtown area where most of their needs are within walking distance. This is the group most likely to be interested in multi- generational housing, potentially including “in-law" They may see their home as an investment, or merely suites or accessory dwelling units (ADUs). All the adult a tool of convenience. Either way, they are buying a members of the family should feel connected but also lifestyle more than the property. have private space. To capture their attention: To capture their attention: Images should reflect the joy of living life Images can focus on warm, personal more than staying at home. Street scenes, interactions between family members (such city lights, skyline panoramas, and notable as a Boomer mom setting the table with her landmarks are appropriate. Suitable interior mother) and property features that allow family shots include sophisticated and uncluttered members to remain independent (a small spaces and images of entertaining a small kitchenette, for example). group of similarly aged friends. Keywords Keywords • Living together • Stress free • Maintenance free • Gourmet dining • Family ties • Quality time • Downtown • Convenience • Privacy • Help each other • Deserve the best • Cultural experiences • Extended stays • Peace of mind • Entertainment • Carefree 6 SRES® • September/October 2020
What is a Pocket Neighborhood? Pocket neighborhoods are planned communities that are intentionally small in scale. Typically, 15 to 50 units of single-family homes or duplexes are clustered together in areas designed to encourage community while also respecting privacy and independence. Targeted for the Middle Market More Locations These developments aim to provide housing for The term pocket neighborhood is primarily the much needed “middle-income market.” In associated with Ross Chapin of Ross Chapin a senior-oriented pocket neighborhood, homes Architects in Langley, Washington. The concept, typically range in size from 800 to 1,500 however, has taken off in numerous other markets. square feet. Today, you can find pocket neighborhoods on both U.S. coasts and dotted throughout the country’s Smaller homes built on small lots help keep interior. costs down, plus they’re less expensive to maintain, heat, or cool. Land that is not well suited for large, sprawling senior campuses may work well for a pocket Residents may share common green spaces, neighborhood. Therefore, additional locations in gardens, a pavilion, or a community center. diverse areas could be available for this type of However, such amenities are nominal development. compared to those found in large master plan communities. Currently, not-for-profit entities are the primary developers of pocket neighborhoods. However, Prioritizing Social Interaction if the trend continues to gain traction among and Wellness seniors expect more for-profit entities to join the movement. Typically, residents must walk through common areas to reach their front door. This encourages Striking an Ideal Balance neighbor interactions and helps build a stronger sense of community. For many seniors, pocket neighborhoods check all the boxes, providing affordable housing and a In a senior-oriented pocket neighborhood, the priceless sense of community while also respecting close arrangement of homes makes it easier privacy and social distancing, when necessary. and more economical for service providers to park and visit multiple clients. In this way, Ask your Seniors Real Estate Specialist® about residents might be able to negotiate lower rates pocket neighborhoods in your area and other on everything from household cleaning to home housing options. health and physical therapy services. Count on an SRES® to guide you through the process of buying or selling your home, making the transaction less stressful and more successful. The Seniors Real Estate Specialist® (SRES®) designation is awarded by the SRES® Council, a subsidiary of the National Association of REALTORS® (NAR). To learn more about SRES® and access various consumer resources, please visit seniorsresource.realtor.
Seniors Real Estate Specialist® Council 430 N. Michigan Avenue Chicago, IL 60611 1-800-500-4564 sres.realtor sres@nar.realtor September/October 2020 The SRES ® Professional GROW YOUR NETWORK In light of ongoing health and safety concerns stemming from the COVID-19 pandemic, NAR is transitioning the 2020 REALTORS® VIRTUALLY AT THE Conference & Expo to a fully virtual format. 2020 REALTORS® The event will still include relevant speakers, energizing live- streamed content, networking opportunities, and an industry expo. CONFERENCE & EXPO While many aspects of the meeting will change, there will also be opportunities for expanded attendance among NAR’s 1.4 million NOV 13–16, 2020 REALTOR® members and guests from around the world. Registration opens mid-September, 2020! Visit conference.realtor for the latest updates.
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