September means Back to Basics here at Inman. As real estate navigates the post-settlement era with new commission rules, real estate professionals from across the country will share what’s working for them, how they’ve evolved their systems and tools, and where they’re investing personally.
With more than 50 percent of all home sales now involving a senior seller — most of whom have lived in their homes for two decades or more — real estate agents and brokers must be prepared to navigate situations that differ significantly from those involving younger clients.
Three key areas require special attention: acknowledging medical and physical challenges, managing cognitive impairment, and understanding estate planning documents in the context of the closing process. Here’s what you should know.
Acknowledging medical and physical challenges
Let’s face it, as we age, we are more likely to experience physical limitations. Many older adults, especially those over 80, face reduced stamina, the effects of chronic illnesses or mobility limitations. These realities can affect the homeselling process in ways that agents inexperienced in working with senior clients may overlook.
Consider an 83-year-old homeowner I recently spoke with who wanted to sell her home and move to a nearby senior community. She hadn’t moved forward because two agents had told her she needed to “tidy up” and make “cosmetic updates” before listing.
Recovering from a broken hip and attending rehab three times a week, she felt too exhausted and overwhelmed to tackle these tasks, especially without nearby family support. As a result, she resigned herself to staying in a two-story home that had become too difficult for her to manage.
This situation raises critical questions:
- Did the agents recognize her physical challenges and consider how they might affect her ability to relocate?
- Did they offer alternative solutions that might simplify the process?
- Was there any discussion about the support she might need?
Had these agents recognized her limitations and engaged in a more thoughtful conversation, they could have connected her with a professional move manager, suggested selling the home without making updates or coordinated with the senior community to find resources to assist with her move.
Instead, they left behind glossy brochures promoting their sales awards and a list of contractors without considering her unique circumstances.
Agents experienced in serving senior clients understand that these situations often require more than a traditional sales approach. They are prepared to offer creative, client-focused solutions to help facilitate a move that can be both physically and emotionally challenging.
Navigating cognitive impairment
Cognitive impairment is a significant issue among older adults, and real estate professionals must be ready to address its complexities.
Research from Columbia University indicates that nearly 10 percent of U.S. adults aged 65 and older have dementia, and 22 percent experience mild cognitive impairment. The rates increase sharply with age, with dementia affecting 3 percent of those aged 65 to 69 and rising to 35 percent for those 90 and over.
Given these statistics, it’s increasingly likely that agents will encounter clients facing such challenges, and they must be prepared to manage these situations effectively.
Consider a recent case where a real estate agent found himself in a difficult situation when his client, a widow, suddenly became unreachable. Concerned, the agent visited the client’s home, only to learn from a neighbor that she was in a behavioral health unit — a facility very different from a typical hospital where visitors are allowed.
The agent was unable to communicate with his client or obtain any information due to privacy laws, leaving him uncertain about how to proceed with the transaction.
Seeking guidance, the agent turned to his broker, who — despite years of experience coaching agents through challenging situations — also had no idea how to handle this or where to find help.
Two key lessons emerge from this situation. First, agents should always have emergency contacts on file for clients. Without a designated contact, the agent had no way to obtain instructions or clarify his client’s wishes.
Second, brokers and agents don’t need to be legal experts, but they would be wise to have a legal resource on speed dial — someone who can provide timely guidance on handling sensitive and legally complex situations like this.
Understanding estate planning documents and the closing process
With the increasing use of trusts and other estate planning tools, agents and brokers must understand their role in handling these sensitive documents. A recent situation illustrates the importance of knowing when a request is appropriate and when it may overreach.
A colleague was preparing for closing when the title company requested his client’s entire trust document. The agent had already provided a memorandum of trust, which is typically sufficient in his locale to verify the trustee’s authority to sell the property.
However, the title company’s representative insisted on reviewing the full trust document to “ensure fairness to all heirs.”
Recognizing this as beyond the customary duties of a title company, the agent appropriately informed his client about potential privacy concerns. He suggested that the client consult a local estate planning attorney, who recommended requesting a non-disclosure agreement if the full document was to be shared.
The client further insisted they be present while the title company reviewed the document, as they did not want copies to be made. The title representative quickly acquiesced and decided to proceed with only the memorandum of trust.
Preparing for the future of senior home sales
As people live longer and more clients transact real estate in their later years, agents and brokers must expand their knowledge beyond traditional duties, like showing homes, marketing properties and negotiating deals.
They must be prepared to address the unique needs of older adults, whether those needs are physical, cognitive or related to complex estate planning. By doing so, they demonstrate a higher standard of service, which benefits all parties involved.
Unfortunately, there seems to be a gap in industrywide training on this important topic.
To truly serve their clients well, real estate professionals should proactively equip themselves with the skills and knowledge needed to navigate the complexities of working with older adults.
Those who take the time to understand the medical, cognitive and legal challenges that may arise will not only be better prepared but will also position themselves as valuable allies to a demographic that is increasingly driving the market.
The future of senior home sales is here, and the most successful agents and brokers will be those who are ready to meet it head-on.
Nikki Buckelew, Ph.D., is the founder of Seniors Real Estate Institute, a coaching training, and educational organization dedicated to equipping real estate agents to better serve the mature market. She is the author of “Senior-Centered Real Estate: My Path to Purpose.”
