Photograph by Kathy De La Torre

Susan Perry, a Realtor with Coldwell Banker, Saratoga, says that working with older homeowners is much like working with first-time home seekers.

Senior Specialists meet needs of older clients

By Sue DeRosier

The group that probably enjoys the biggest benefit from escalating real estate values in the Bay Area is made up of seniors who purchased their homes more than 20 years ago when land values were significantly less than they are today. People in this demographic have seen their homes, not just double or triple in value but, in some cases, appreciate by as much as 30 to 40 times the original purchase price.

According to real estate professionals who specialize in working with seniors, it is important that the homeowner, who wants to sell the family home, get advice from those people dedicated to serving his or her best interests.

"With such high appreciation values on homes in the area, older homeowners need to talk to their accountant, attorney, even social service advisor before making a sale," said Susan Tilling, a broker with Coldwell Banker in Menlo Park. "As a Seniors Specialist in real estate, one of the first things I do with new clients is inquire if they have or need tax and legal advice as it is extremely important that they fully understand their options."

Tilling is one of 4,100 Realtors who is certified as a Senior Real Estate Specialist (SRES) by the Senior Advantage Real Estate Council that was founded in 1997 by real estate expert Tim Corliss. Corliss' course teaches participants to focus on being a counselor rather than a salesperson. With an emphasis on educating the senior client, Corliss encourages his students to take the time to understand the psychology of the older homeowner and what it means to him to sell his home after so many years.

"Where the dot-com buyer wants instantaneous information, the senior homeowner wants a patient, detailed explanation of the process," adds Tilling. "Most clients in this category have not bought or sold a home in 20, 30 or 40 years so the whole experience can be quite overwhelming if care is not taken to educating them."

According to Tilling, selling the family home is a decision the entire family or influential members tend to make, along with the actual homeowner. Since in many cases the home is included in a will or trust, senior sellers will typically include adult children and their attorney or tax accountant in the process in order to protect the asset from unnecessary tax burdens.

"It has been my experience that senior clients like to have the confirmation of a son or daughter or another close relative on their choice of a Realtor, so most of the time I meet with my client and their family member of choice," comments Tilling.

Susan Perry, a Realtor with Coldwell Banker of Saratoga, agrees that most of her older clients require a little more patience and education, but she sees little difference between the care she gives her senior clients and the attention first-time buyers require.

"The most important thing I can do for an older client or a first-time buyer is to let them know that I am there for them regardless of the need or request," said Perry. "In some cases with the older clients, that means helping them figure out a way to stay in their home rather than sell it. People in their late 70s or 80s tend to want to stay as long as they can, so some modifications usually need to be done to the home to make it safe and secure for an older resident."

According to Perry, the younger seniors, ages 55-65, are deciding to cash out, retire early and head to active communities in such areas as Rocklin or Roseville. "With people living a lot longer in the 21st century, a lot of 50- and 60-year old homeowners see an opportunity to turn all that equity into a truly active, fun-filled life," adds Perry.

To help clients make a move into either an active retirement community or a specialty care facility, both Perry and Tilling are armed with a list of resources that clients can use to make a decision on their next home. Coldwell Banker and other real estate agencies who focus on the senior market provide their employees with extensive materials and referrals to help them build a database of contacts for a client's specific needs.

In addition, many real estate firms sponsor seminars and workshops for the senior homeowner that are designed to help them learn about retirement options. One recent workshop sponsored by Coldwell Banker and entitled the Retirement Living Benefit Faire included dozens of active retirement communities and assisted living centers that exhibited along side financial planners, tax accountants, law firms, movers, remodeling experts and real estate professionals.

The rising number of certified SRES professionals is in direct correlation to the number of aging homeowners. Almost 60 percent of Americans age 55 and older now own their homes outright, and by 2010, one in five Americans will be 65 or older. Over half of all homeowners today have lived in their homes at least 20 years or more, which means that the equity they have accrued over the years is quite substantial.

Tim Corliss' website for the Senior Advantage Real Estate Council, www.seniorsrealestate.com, offers nine tips senior home sellers should consider when moving on to their next home:

* Make a move that will improve lifestyle, adds a sense of freedom, more security or recreational opportunities.

* Focus on the positive aspects of the move.

* Start looking for the next home before selling the first one.

* Be open-minded about all the housing options available.

* Make multiple extended visits to a new community at different times of the year before deciding to make the move permanently.

* Choose a real estate agent who is knowledgeable, patient and straightforward. The agent should be able to provide information and choices, not directives.

* Choose a real estate agent who has experience in helping seniors buy and sell homes.

* If possible, make needed repairs and update the decor of the home before putting it on the market.

* Clean clutter from the home before it is shown to prospective buyers.

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For more information or to locate a seniors real estate specialist, homeowners contact the Senior Advantage Real Estate Council at 800.500.4564 or visit the website at www.seniorsrealestate.com.

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