When representing senior citizens in any real estate transaction, it is important to be very sensitive to their specific needs. It may have been several years since their last real estate transaction, and as we all know, things have changed.
First, seniors may not be as technically savvy as most people are today. That being said, there are always exceptions…I recently met an 80-plus year old who could “out tech” me any day of the week! The majority of seniors tend to be a bit more comfortable with paper and ink.
It is important to make sure that they feel as comfortable as possible when dealing with this very important transaction.
Patience…it is essential that we take our time to review and make sure that our elderly clients understand the process and the paperwork completely. The excessive amount of disclosures would intimidate anybody. We should take our time, and even take breaks. It may be a good idea to have a family member present to reassure the client.
Compassion…there are often situations when an elderly client has lived in this home for more than 20 years. Perhaps it is time for them to move to an assisted living facility, or move in with a relative. This is an emotional challenge to seniors in that they are being asked to give up much of their independence. If at all possible, engage the client’s family to provide additional support and reassurance.
Sensitivity… quite often, seniors have accumulated quite a bit of things over the years, and the property may not show as well as if it were less cluttered. Keep in mind that what appears to be “clutter” to most, are actually important memories to your client. A good practice is to appreciate their collection, and suggest a storage facility during the marketing of their home.
Supportive…Be proactive (this is a good practice for all clients, not just seniors!). Call your client at least once a week with updates. Most clients will be very nervous if they do not know what is going on… as professionals, we know the timelines (i.e. waiting for appraisal report, file is in underwriting, etc…). Clients, especially seniors, may not be familiar with the process and a simple phone call to let them know that we are working on their file will reassure them and alleviate much of their stress.
Show some respect! Senior Citizens should never be treated as children, or unintelligent! They are simply unfamiliar with a real estate transaction. It is a personal pet peeve when I see colleagues speaking down to clients of any age. Not understanding the escrow process is certainly not a measure of intelligence.
JLM Properties Inc. is located at 27201 Tourney Road, Suite 200E in Valencia. For more information, please call 661-510-2112 and visit www.JLMPropertiesInc.com.