Buying and selling real estate is naturally a complex process. However, when you’re over 50 years of age, the complexities may seem overwhelming. A Senior Real Estate Specialist (SRES) can help you manage your unique real estate goals and give you the peace of mind you deserve.
Maybe you’re looking to move closer to your grandchildren. Perhaps you want to start that bed and breakfast on the lake you’ve always dreamed of. Or, you may have health concerns that are influencing your decision to move from your three-story home to a more accommo-dating residence. Whatever your needs, working with a specialist can take the guesswork out of the equation.
“A SRES is more qualified to ensure seniors have maximum information and supporting services needed to make wise real estate choices,” says Alene Lindstrand, Senior Real Estate Specialist at Century 21, Beutler & Associates.
However, although there are 18 to 20 SRES in the Spokane area and 10-12 in North Idaho, Lindstrand says awareness of this senior-customized service is limited.
“I’m always surprised to hear, ‘I didn’t know there was such a thing.’ ”
As the fastest growing population today, seniors are understandably the fastest growing real estate market as well. Seeing this rapid growth on the horizon, the Senior Advantage Real Estate Council started offering the SRES designation in 1998 to REALTORS®. The National Association of REALTORS® recognized the program in 2007; now there are Senior Real Estate Specialists in all 50 states and Canada.
To obtain SRES certification, REALTORS® are required to successfully complete a comprehensive education and rigorous training program. Some components to the program include learning how to:
• Counsel and develop sensitivities unique to buyers and sellers 50+ years
• Assemble a team of experts such as CPAs, lawyers and insurance agents to most efficiently serve their clients
• Apply the uses, benefits, procedures, and issues involved in reverse mortgages
• Utilize pensions, 401k accounts, and IRAs in real estate transactions
• Understand Medicare, Medicaid, and Social Security’s impact on senior real estate decisions
• Help clients integrate real property into their estate plans
• Recognize mortgage finance and loan schemes that victimize 50+ borrowers
• Reduce their clients’ out-of-pocket expenses and create or defer income streams to either stay independent or gain financial assistance
• Identify key life stages, viewpoints, and transitions in relation to their senior clients’ housing choices
• Recognize how a home can be adapted for safety, comfort, and aging issues
Linstrand says key to establishing the best fit for her clients’ overall plan is to ask a multitude of questions.
“It’s so important to stimulate the thinking of a senior considering retirement or other housing needs. Is downsizing itself the focus, or is it wanting maintenance-free living? Is it important to be able to move from independent living to continuous care if ever needed vs. in-home care? How important is it to be close to family or shopping?”
Equipped with this knowledge, a SRES can make the process of selling, relocating, downsizing, re-investing or transferring assets to heirs easier and more enjoyable as well as provide comforting assurance to their clients during what can often be a very emotional time.
The anxiety that comes with these emotions is often what can cause costly mistakes, and avoiding these mistakes becomes even more crucial after age 50.
“The network of information we (SRES agents) have access to in regard to our senior clients’ needs can make all the difference,” says Richard Jurvelin, SRES with Windermere Coeur d’Alene.
Just as we see specialists for our healthcare needs, so should we place the same importance on our real estate needs. For seniors, it really can make all the difference in turning those golden years into something they had truly envisioned.
To locate an SRES and for a comprehensive list of other senior services in your area, visit http://www.theseniorlist.com/db.