Clients 50+: What they are looking for, and how you can help them

“The 50 and older generation is the largest and fasted-growing age group in America,” said Roseann Farrow. “It’s key for real estate agents to recognize that there are well over 78 million in this age group, it’s huge.”

Farrow will be presenting four sessions at Triple Play, including one on catering to those clients 50 and older.

Farrow said that this group of adults controls the nation’s wealth, and has a higher disposable income than any other group, which is one reason why agents should be prepared to work with them.

“When you look at the 50 and older crowd who own their own home, they are selling to move up, downsize or move to different location. There are a lot of listing opportunities,” she said. “They aren’t necessarily empty nesters; many are buying bigger homes. Many may still have adult children living with them, or have adult children moving back home or have aging parents.”

Farrow pointed out that many in this 50 and older age group have so much wealth, thanks to inheriting it from their parents, who were generally a generation that saved and didn’t spend, leading to those 50 and older as having more disposable income.

“As an agent, when you’re with this group, you need to redirect questions, they are asking if they should sell, stay, buy, rent and where? These are the questions you want to put right on the table to the crowds 50 and older to show them you understand them and their concerns,” she said.

She also said there are some in the 50 and older crowd that may be having difficulties affording their house, thanks to taxes or a home equity loan. “As they recognize they can’t afford it, they will call an agent. When we learn they don’t really want to sell, that’s when we try to help them to stay. I am here to give you service. Suggest a reverse mortgage. That’s an option. In those cases, the homeowner will be able to stay in his own home. The agent may not get the listing, but that person will consider the person a hero. Someday, they will list with you or refer you.”

“There are no new lands to discover, but we can look at them with new eyes,” she said.