Retiring Boomers Tap REALTOR® Expertise
By Kim Shindle
As baby boomers begin turning 60 this year, their retirement is looming on the horizon.
“From what I’m seeing and colleagues have told me, a lot of baby boomers are looking at 55-and-up communities,” said Mary Beth McDermott, president of the Montgomery County Association of REALTORS®. “Their friends are moving into these brand-new communities because they like the lifestyle, the resort-style living and the pools. Besides, the homes are maintenance-free,” she added.
McDermott says baby boomers in her area are using a REALTOR® to sell or buy a home. “Some of my clients have been in their homes for 30 years,” she adds. “They don’t know where to begin.”
According to a 2006 NAR study of the baby boom generation (those born between 1946 and 1964), this group values the professional service and expertise provided by REALTORS®. Boomers overwhelmingly use a real estate agent when buying or selling their homes; in fact, eight out of 10 used an agent the last time they sold a home, the study found. This group accounts for 26 percent of the U.S. population.
McDermott’s client Pat Appel, 58, agrees with NAR’s finding. Appel and her husband recently sold their house and bought a home in a planned community. “We liked working with Beth. She helped us pick out a lot of items in our new home and attended settlement. She was never pushy; she didn’t badger us by calling all the time. She maintained contact with us via e-mail when she did have a lead,” Appel said.
Boomer buyers are looking for similar traits in a real estate professional. They want a REALTOR® who will represent their interests, explain contracts, manage closing, negotiate and give advice, the study found. They do not need REALTORS® to provide emotional support, help with finding a mortgage, finding homes or neighborhoods or information.
As Bradford-Sullivan Association President Eugene Shaylor watches baby boomers preparing for retirement in his region, he also thinks that baby boomers value REALTORS®.
“I find baby boomers want someone who is working as a REALTOR® full time and they want someone to take care of them right now. They expect a response to their e-mail within hours or at the very least they expect an answer by the end of the day,” Shaylor said. “They see complications with FSBOs. They have time constraints and they look for professionals who can handle their business. They want their agent to follow through with qualifying buyers,” Shaylor said.
To order a copy of the study, “Baby Boomers and Real Estate: Today and Tomorrow,” visit www.realtor.org/research or call 800-874-6500 and ask for item number 186-77-06.