Agents to be schooled to meet expectations of aging buyers
Mary Lamey
Sun
MONTREAL — Royal LePage is sending its agents back to school in a bid to grab a bigger share of the lucrative and growing 50-plus real-estate market.
“The days of the one-size-fits-all seniors market are over,” said Phil Soper, LePage’s president and chief executive. “Today’s baby boomers look at the world quite differently than their forebears did. Our job is to meet those new expectations.”
Beginning early next year, LePage agents will be able to earn Seniors Real Estate Specialist certification, a designation that means they can offer informed advice on matters above and beyond simply selling a house. They will be versed in matters like annuities and reverse mortgages and other financial planning and estate planning strategies.
To qualify, real estate agents will have to follow a two-day course, score 75 per cent or higher on a written exam, and close three transactions with seniors in 12 months. If they meet those requirements, their business cards can sport a new SRES logo, designating their expertise.
The LePage program is modelled after California’s Seniors Advantage Real Estate Council, in operation since 1998.
Zeroing in on aging buyers and sellers is a no-brainer, said Soper. The 50-plus demographic controls as much as 70 per cent of the money in Canada’s savings accounts. The boomer cohort is growing — 10 million strong today and expected to hit 12 million within four years.
While earlier generations might have expected to work with a single company for their entire career and then collect a company pension after retirement, today’s retirees and empty nesters may rely on other strategies to fund their sunset years. “We offer a broader perspective on how real estate fits into later life planning,” said Soper.
LePage’s research indicates that 28 per cent of homeowners over 50 intend to sell their homes as part of their preparation for later life. Two-thirds say they fear the burden of maintenance will be too heavy as they age. Others say they want to free up equity for other projects, while some say they want to be unencumbered so they can travel.
LePage is joining with other partners as it targets the seniors market, including Home Depot, TD Canada Trust and CARP, Canada’s Association for the 50 Plus. Home Depot has begun a pilot program in two stores, offering advice and resources to help independent seniors stay in their homes as long as possible.
© The Vancouver Sun 2006