Professional The SRES - Seniors Real Estate Specialist

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Professional The SRES - Seniors Real Estate Specialist
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
Professional The SRES - Seniors Real Estate Specialist
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
Professional The SRES - Seniors Real Estate Specialist
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
Professional The SRES - Seniors Real Estate Specialist
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
Professional The SRES - Seniors Real Estate Specialist
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
Professional The SRES - Seniors Real Estate Specialist
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
Professional The SRES - Seniors Real Estate Specialist
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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