Selling Condos to the Elderly
April 22, 2007 by Valleri CrabtreeI have had in my experience a few heartbreaking situations where an elderly client has been nearly forced by well-meaning family members to leave"?his"?home of many years to move into a condominium when"?still able and desiring"?to maintain"?his single family home. Sometimes the elderly person reluctantly agrees to keep"?the children happy. Sometimes the elderly person feels trapped and powerless and goes along with the idea because"?she does not see any alternative.' This is not to say that every elderly person who leaves a single-family home for condo living is doing so under duress- actually it is quite the contrary in most cases as"?it is often a great relief for that individual to be able to escape from the headaches of maintaining the structure and yard (and the expense that goes with it) which may become more burdensome with increasing age.
Here, however, I am focused on those situations where the elderly purchaser is reluctant to make this move. What can we do as real estate professionals to make this person's transition as painless as possible"?? First, be sensitive enough to your clients that you are able to identify when this situation has arisen."?Take the opportunity at your initial meeting"?to counsel both the parent and the adult child about how this new living arrangement will differ from the one in which the parent now resides."? Ask the parent to voice their concerns and fears about the move."? Answer honestly, but sensitively."? Don't take "sides"- there may be a number of issues that you may not be aware of that has caused the adult child to feel compelled to encourage this move."?
While this may not be the result that is best for out pocketbook, a really good consultant will be focused on the needs of the client- even if that means losing a sale!"? If your conversation leads to the conclusion that the elderly person is actually better off in her or his existing home, take comfort in the fact that you may have prevented someone from spending their last years in an environment which they dislike."?
The second opportunity to make the elderly client's transition smoother is to draw as many parallels as possible between the single family home and the new condo."? For example, if a large kitchen is important in the condo since that is what the client has always had, show how the size and the features of the new kitchen are not that different than those of the kitchen which they are leaving."? This can also be used with the location of the new condo. If you know that the elderly person enjoys bowling, find a condo to show him that is near a bowling alley.
Finally, point out the pluses of condo living as appropriate when you are showing the properties."? While they may be focused on the negatives ("I can't put my Christmas lights outside during the Holidays!"), emphasize the positive."? However, something that is a positive to one client may not be so to another, so be sure that you know enough about your client so that you can properly select what is and is not a plus for them!
The bottom line is- be empathetic, not just with the elderly parent, but also with the adult child."?














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