Seniors who are moving into a smaller home or a retirement facility need a real estate agent involved. Seniors Real Estate Specialists (SRESs) are specifically qualified to address the needs of home buyers and sellers over age 50.
The certification of SRES prepares realtors to anticipate the various financial and emotional needs of a senior move, which can be stressful. They are more aware of ideal properties; or modifications necessary to a specific property that will accommodate seniors’ changing health and mobility issues over time.
Services
SRESs are familiar with how to use specific financial assets to purchase a home:
- a 401(k) or IRA
- taxes that are associated with this type of purchase
Often, an SRES works with a small network of trusted senior specialists, and can refer
- an Elder Law Attorney
- a contractor specialized in accessibility remodels
- design
- an appropriate retirement home
- external materials such as ramps and rails
Specialization
The SRES designation is received after completing an intensive education course. The Realtor must:
- be in good standing with the National Association of Realtors
- attend specified training and complete a two-day course
- pass a comprehensive exam with a score over 80%.
Preparation
Know as much as possible about the financial condition of your senior:
- Cash for a down payment on a new home
- Initial fees required for independent/retirement living
- Dollars to hire help for sorting/selling/discarding, etc. of items
- What condition is the mortgage:
- paid off
- payments being made and are current
- second mortgage
- reverse mortgage
- Health attributes much to real estate decisions. What is the future prognosis?
- Describe specific physical/mental/emotional needs forcing the downsize/move.
- Define the optimal timing of the move.
- What resources are available for the move?
Evaluation
- Look for one in good standing with the National Association of Realtors and SRES Council.
- How many years in business? How long has the business focused on seniors?
- How many senior moves have been conducted? Please describe them.
- Describe the marketing plan to be used for my parents home.
- Describe the home modifications/improvements recommended to generate top dollar.
- Provide 3 referrals.
- Describe your associated network. How will this benefit the process?