When you think of the term “senior,” what comes to mind? Do you think of a specific age group? Do you have an image in your mind of what a “senior” would look like? Do you ever think about there being more than one type of “senior?”
A lot of times, we tend to use umbrella terms or statements to describe a certain person, or a certain age group, but forget that within that umbrella term, there are tons of unique individuals with their own wants and needs. The same can be said for the term “senior.”
Different types of "seniors"
As a Seniors Real Estate Specialist®, it’s not guaranteed that you’ll always be working with the same type of “senior.” Because of this, it’s important to break down that umbrella term into a couple different sub-categories, to better describe the specific person you’re working with, and narrow down exactly what they’ll want in both a Realtor® and a home.
Younger Boomers
Younger boomers typically encompass the 51-60 year age group. When making their next big housing decision, they’re more likely to be interested in multi-generational homes to accommodate older teen or adult children, or aging parents that may need health or care assistance. Compared to their older counterparts, this age group is more likely to have a higher income, and more likely to make a job related moves. If you plan on marketing to this group, try to avoid the term “senior” as many don’t feel old just yet, and are still enjoying life in their prime.
Older Boomers
Those ages 61-69 fall into the older boomer category. Unlike younger boomers, who may be shopping for a home to accommodate a larger family, older boomers are more focused on downsizing, and finding a forever home as they enter retirement. Since this age group doesn’t have to worry as much about moving based on the quality of a school district like their younger counterparts might, they are more likely to mover greater distances, and are focused on the quality of the neighborhood they plan to move to, and the convenience of reaching family and friends.
The Silent Generation
The Silent Generation, those ages 70-90 years, typically make up the smallest share of home buyers by generation. A majority of the Silent Generation are well into retirement, and will most likely have a lower income compared to their younger counterparts. They are more likely to purchase a duplex or condominium, or seek out some form of senior housing, rather than a single family home. Many may have health issues as they age, or have a hard time taking care of a larger house, and will benefit from a community with easily accessible amenities and transportation. Many of these homeowners are eager to downsize, and may be more willing to offer incentives to attract buyers, potentially making your job easier!
Recognizing that not every “senior” is the same will be extremely important as you start to focus on your senior based business. Keep in mind that as a Seniors Real Estate Specialist® you have plenty of materials, publications, and webinars to refer to in case you need to brush up on the specifics of each group.
As your business grows, your attention to the preferences of each group of seniors will help you stand out amongst the crowd, and become the go to for senior based real estate in your area.