Change is coming to communities across Washington State. Do you need guidance about what middle housing means for your buyers and sellers? Middle Housing - duplexes, triplexes, cottages, ADUs, and increased density - is already impacting what can be built on a property. Knowing where, what, and when these changes are coming to your community will be critically important. The Middle Housing Resource Center, will be chock-full of videos, resources, and more, all designed to help you become an essential expert to your clients.
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The 55+ power buyer demographic is reshaping parts of the market. This is a demographic that is wealthy; they have just experienced the largest passing of wealth in the history of our country. They are a demographic that knows what they want and they are extremely discerning.
They aren't just downsizing - they are right-sizing. They are trading in larger yards and larger homes for better location, more manageable yards, and better design. They have had years of experience with home ownership and home maintenance. Their decisions are also shaped by the things that they love to do: recreation, location, and amenities. However, they also really value functionality and esthetics. All this boils down to a demographic that can be very home design sensitive.
Plus, they have the pocket book to pay for it. They have built up so much equity in their homes and they are trading that in. They are using that to find homes that are low-maintenance with smartly designed yards, homes with strong design benefits and amenities.
This demographic wants and expects good service. They want be treated with great customer care. That means your process can't just be easy and simple, you need to make it enjoyable too. You have to let them know that you want their business and that you want to help them. When this demographic calls, you need to answer your phone - they still love the telephone.
If you want to win with the 55+ demographic, you have to pay attention to their number one need: "getting it right." This means they don't want mistakes in the build process, the sales process, or the closing process - and they want these experiences to be enjoyable whenever possible.
They aren't necessarily looking for custom-built homes, but there needs to be an opportunity for some personalization of a property. When I was providing sales expertise for new construction communities, one of the main things we had to focus most on was how could we provide a customized, personalized experience. For resale, that means really listening to their needs and showing properties that fill those needs and offer the potential to take it one step further.
This demographic is a force driving real estate and it's a growing demographic because of where these buyers are on the age spectrum. So, we need to listen to them, evolve with them, and we need to ask them, "What do you want and what can make this experience better for you?" That seems like a lot of attention to detail, but the good news is that this is a demographic that is easy to work with because they already know what they want. All you need to do is figure out where they can find it and practice good communication skills along the way.
By Denise Lones CSP, CMP, M.I.R.M.The founding partner of The Lones Group, Denise Lones has over three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development and more, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.