Baby Boomers Are a Huge Sales Market
The aging of America and Canada continues and a good part of the resale market will be composed of boomers selling their homes and moving onto new lives. Too many real estate agents are focused on selling to young couples where they should be focusing on older people ready to sell. I just looked at my photo clip art cds and saw that there are no pictures of an older couple or with an older person used in real estate photos. You almost never see older people shown on websites either. If they’re important people in your real estate career you might want to change that website culture.
Baby Boomer Sales Strategy for Agents
The baby boomer demographic is one you can develop market leadership on, if you act before other agents do.
How do you get Boomers to sell? Let’s look at some of the psychological, financial, and age related factors and draw up a battle plan to capture this great market.
Baby Boomers are the post world war II generation born from 1946 to 1964. They are the largest demographic in history and they changed the world politically, economically and socially. Although many marketers are giving up on selling to baby boomers, it is way too early to ignore this crowd. You need to understand them.
There were plenty of births in 1965 too so the Boomer tag could actually be tied to even more homeowners. The oldest boomers are now retiring and the youngest boomers are nearing 50 and they are the most mobile generation ever. In Canada, the province of Alberta has seen a good volume of migration from other provinces of those over 50 years of age.
A lot of boomers want to sell but are delaying doing so because of the economy.
According to the stats, older people are against moving and disrupting their lives. Statisticians forget the reality of boomers’ lives. They may miss their kids and grandkids and want to move to where they’re located. It’s not hard to understand that people who have dedicated their lives to raising their kids and living the “family is everything” philosophy would just forget that in their retirement.
A New Start – Living Longer and Enjoying Life More
The opportunity to move and be happy in another city is greater now than ever and boomers want to travel. Snowbirds enjoy going to Florida for 6 months a year but many are finding they can’t maintain their home in the north and still afford to go to the Sunshine state, Arizona or California. Many boomers would love to travel or move to a new city yet may lack confidence to do so.
The baby boom market has always been a huge market and for realtors in Vancouver, Montreal, Ottawa, New York, Chicago, Boston and Seattle, and this is a group that will be under pressure to sell their homes in the coming years. How many realtors can say they know this group?
So we have different motives for selling – drive to experience life to the fullest in their remaining years and the need to move to an extended seniors care facility.
Anyone getting older knows their days on this planet are numbered. One powerful website widget is a clock that tells you how many years you have to live based on your current, gender, and other factors. That’s the type of persuasion tool you need to use to open up baby boomers minds about selling their old home.
If you’ve visited many older people’s homes, you’ll notice the house may be in disrepair which could lead to more damage and lower property value. The backyards are usually unused although there may be flower gardens present. Stats show depression is very prevalent among older people and it actually is a major factor in other diseases they might develop. I’m talking about the over 50 crowd, not 80 year olds.
However, you should be targeting both old and young boomers.
And they’re online more than anyone realizes. What you have on your website is important. In fact, part of your strategy should be to develop a website just for them – their tastes and information and to be more persuasive. On that website you can build rapport with images of older couples doing interesting exciting things away from home. Show videos about travel, and write blog posts about lifestyles in other cities. Create the vision they need. Your stories about a distant city need to be genuine and compelling, so you may want to visit those great places yourself – places like Vancouver, San Diego, Phoenix, Sarasota, and Fort Myers.
Remmber that boomers dreams need to be dancing in your head. Listen to what they talk about and find a place that meets their needs. Florida properties are very cheap and Phoenix foreclosures will make that market just right for someone selling a pricey home in Vancouver, Montreal, Toronto, New York or Boston. If they’re worried about income and their budget, then selling make a lot of sense. They might appreciate someone helping them end their anguish over tight finances. Tight finances is a common complaint of seniors and they’ll vote for any politician that will increase government pension plan payouts.
Loneliness is a big factor not just for single elderly people but for couples too. The kids were their lives and now they’re gone. That void is something you can help them fill by letting them let go of that old house. And they’re not getting younger and stagnating in their old house isn’t something anyone should encourage. Selling their home is a scary thing for them however a greater loss is staying in the house and suffering a shorter lifespan. Time marches on, neighborhoods change, and opportunities appear in one’s life and older people need a little help to take advantage of these opportunities.
Aging baby boomers need goals, options, plans, and not coincidentally, they’re hiring financial planners. You may want to contact a number of these planners/consultants and promote them on your website. They’ll like refer you if selling is the right financial move them. The fact that they came to the planner from you, is a push in the right direction too.
To really reach baby boomers and provide support for the decision to sell their property, you need a more thorough plan, as part of your real estate sales strategy. Develop connections with seniors groups, joining golf clubs, lawn bowling clubs, do seminars with financial planners, and advertise on seniors travel websites. Build your blog and Facebook pages to include images, video, and information seniors need and enjoy reading. If sales to seniors and baby boomers is a key niche for you, get help in making your site a portal they’ll bookmark and enjoy visiting. There’s no doubt they’ll share it with others.