Let’s be clear – there are two distinct types of REALTORS out there. There are those who live for the next sale, number, and commission check and then there are those who use selling real estate as a means to serve others.
This isn’t a bad thing, by the way.
The truth is that people hire transactional and relational agents for the same reasons – to sell their current home, help them buy their next home, and sometimes both. At the end of the day, the overall result of the task is the same: a sale.
But here is where the difference comes into play.
There are some people out there who WANT their real estate agent to care about them, their family, their goals, their dreams, and the emotional side of their sale or purchase. This type of client is actually looking for a relational agent versus a transactional agent.
Unfortunately, relational people often find and hire transactional agents unknowingly (they think all real estate agents are alike). When they realize that this agent is just about “getting the job done” they are disappointed and assume that all agents must be the same way.
You may be wondering why we are writing about this in a blog focused on seniors real estate. Well, it’s simple. Late in life moves are often highly emotional – sometimes with anticipatory emotion and other times with more reflective emotion – but equally emotional nonetheless. The client (or maybe their caregiver or family) is in need of a relational agent who recognizes this and can facilitate both the technical aspects of the sale or purchase AND serve the emotional aspects too.
Many late-in-life sales require extensive support, attention, and frankly, handholding. This is especially true when families are moving mom or dad as a result of crisis.
Really smart transactional agents know this. We have seen and coached several transactional agents who know that the seniors real estate market IS the next market shift and that in order to serve this older demographic, they need a relational agent on board. If one in every four of their sales could potentially involve a senior over the age of 65, it only makes good business sense to anticipate and address these complexities.
Is one more likely than the other to capture more 65 and older market share?
We believe there are two types of agents that will succeed equally.
First, those Relational Agents who recognize they are naturally equipped to serve the emotional needs of this aging segment, but also know that they must be adept and masterful at the art of negotiation, pricing, and problem solving.
And secondly, Transactional Agents who admit that they are NOT naturally equipped to deal with the emotional side of the late-in-life move, but who strategically align with a Relational team member, modify necessary systems or policies, and incorporate added value services into their business model.
The Seniors Real Estate Institute trains and equips both Relational Agents and Transactional Agents who want to insure that their business model can support the growing demand of this older market segment.