In-house representation — The advantages of in-house representation are numerous. Not only do you have greater control over the project’s destiny, you can hold in-house professionals to performance standards developed over time and enjoy the advantage of grooming an in-house staff for future projects. With this model, this means you can roll your qualified database of prospects from project to project.
Real estate agents — Real estate agencies have typically been the choice for developers when selling open market communities. But in the specialized active adult market, when choosing an agency, that agency’s willingness to learn new ways to reach these special buyers and understand their unique buying trends is paramount.
Seniors Real Estate Specialist is a certification program for real estate agents that teaches them greater awareness of the active adult buyer and the subtle differences unique to this niche market. If you choose an agency to represent your community, at the very least make sure that the brokers working for you have earned the SRES designation.
Both of the above — The hybrid model is a combination of in-house representation supported by the real estate agency option. Brokers always should be welcomed, but in this model, the job of the outside brokers is to simply lead prospects to the door and co-broke their commissions. Your in-house sales staff is responsible for closing the sale.
In this hybrid model, outside brokers should not serve as independent representatives of your project community. They don’t have the detailed training about your community or your market.
Once you’ve chosen how to sell your community, training your team is the next step.
Training Your Staff
You can conduct seminars at your sales office, model or even your corporate offices.
Use professional trainers who understand the 55+ market and who can customize their presentation for your needs and your community. Training should cover many, if not all, of the following topics:
- Understanding your target market
- Five market segments in 55+ housing
- Influence factors
- Unique buyer’s features
- Competition analysis
- Prospect analysis
- Selling strategies
- Building relationships
- Prospect involvement
- Models and merchandising
- Marketing engines
- Internet marketing
- Builder challenges
- Hours of operation
- Sales staff support
In our training programs, we assist our builder/developer clients in customizing specific sessions for their individual needs. Training sessions are presented in PowerPoint with class study packets and reference materials.
Our sessions are fast-paced and interactive. In addition, the training doesn’t stop after the session is over. We provide ongoing follow-up training to monitor and gauge the progress of the sales process during the ramp-up and sell-out of the project. It is not enough to deliver training once. An ongoing connection with the process guarantees consistently positive results and increased revenue.
Jane O’Connor is the president of 55+ Marketing and publisher of Mature Living Choices in New England, a full-color, digest-sized quarterly resource guide for active adults. Based in Hawley, MA, O'Connor provides coaching and training services about the 55+ market for developers, builders and real estate agencies. O’Connor also is an active member of the 50+ New England Housing Council and the NAHB Seniors Housing Council. She can be reached at 800-782-1722, via e-mail or jane@55PlusMarketing.com, or visit her Web site, 55+ Marketing, for more details.
2004 Seniors Housing Symposium
To learn more about the seniors housing market, plan to attend the 2004 Seniors Housing Symposium, Building for Boomers & Beyond in Chicago from April 14-16. The symposium will focus on the lifestyle component of 50+ seniors housing.
Learn More About Seniors Housing Through the Seniors Housing Council
To learn more about seniors housing, join the NAHB Seniors Housing Council. The council provides information, education, networking and recognition opportunities for its members and represents NAHB on seniors housing issues. For more details, e-mail Jeff Jenkins or call him at 800-368-5242 x8292.
BuilderBooks.com Has Publications About Seniors Housing
BuilderBooks.com offers a variety of publications about the seniors housing market. To view or purchase these publications, click here and type “seniors” in the search engine.
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