Life’s Transitions:
Buying and Selling Real Estate as an Older American

By Shannon Wood
Editor

Retirement, health issues, and downsizing are all reasons that older Americans choose to sell a home that has often been a focal point of life. Because of this, selling a home can be an extremely stressful and emotional experience. It is important to alleviate the anxieties that occur with a major life change and choosing an expert that will be knowledgeable about the unique situations that accompany this type of transaction is vital in making a move as positive as it can be.
Many people think of the term real estate agent and Realtor® as interchangeable, when in fact this is not the case. Real estate agents may be licensed to sell real estate, without being a Realtor®. A Realtor® is a real estate licensee who is a member of the National Association of Realtors® and is expected to adhere to a strict code of ethics. The National Association of Realtors® is the largest professional organization in the world and does not limit members to persons who sell real estate. A Realtor® can be an appraiser, a loan officer, a broker, or a property manager.

Fortunately, there are real estate agents who specialize in helping seniors navigate the complexities of property transactions. It is important to find an agent with the proper credentials and experience in real estate sales for older Americans. Doing so can help ease possible confusion or apprehension when seniors choose to sell homes and other properties.

When locating an agent, one credential to look for and consider may be the Senior Real Estate Specialist® designation. The SRES® credential is earned by agents who enroll in and complete an intensive two-day course offered by the Senior Advantage Real Estate Council®. The course provides agents with knowledge of asset protection and housing options available to persons 50 and older. An SRES® agent must also be a Realtor® and be in good standing with his/her board of local Realtors®. The Council’s website can be accessed at www.seniorrealestate.com for additional information about certified real estate agents.

Following some simple suggestions on how to effectively find a real estate agent that will make the selling and/or buying of a home may create a lot less stress for the potential buyer/seller. Rich Lecinski of Gartin-Henry Real Estate Professionals in Tucson, AZ stresses the following points:

Don’t rely on the first agent you meet –
interview at least two agents.

Make sure that you feel comfortable with the agent you will be working with. In the interview, question the agents about their experience in handling clients with similar situations. Try to get a sense of whether or not the agent would be sensitive to your needs; and make sure the agent is willing to deal with other family members if necessary.

When selecting an agent, discuss the percentages that the agent will charge you for selling your property.

If an agent tells you he/she is charging you a “standard” or “set” percentage rate for services, be wary, this is false. A percentage rate is negotiable by federal law. The length of the contract in which you list with the agent is negotiable as well.

Pick a real estate agent who is willing to show you a marketing plan.

A solid marketing plan demonstrates a commitment and willingness that will be instrumental in selling your property in a timely manner, eliminating unnecessary expenses related to utilities, real estate taxes, interest expense and lost interest income. A marketing plan should include advertising in a variety of venues, (i.e. flyers, the newspaper, open houses, the Internet). The property should always be listed in the local MLS, which is the industry standard publication that is utilized by all agents.

Find an agent who is knowledgeable about other experts that may be needed.

The agent should possess enough knowledge to let you know which expert you need to consult with should any financial or legal issues or questions arise related to those topics.

.....Back