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Find Your Place in the Affluent Boomer Market - 1/24/2005 - Real Estate Education Training Schools Conferences

Find Your Place in the Affluent Boomer Market

Builders who are in the lucrative boomer market, or are considering entering it, will better maximize their potential if they understand boomers’ needs and values.

 

And just how much potential does the market have? Just consider this — at 77.5 million people, the boomers are the largest generation in this county’s history. They control 75% of the nation’s wealth, their average net worth is more than $700,000 — and they are spending.

Boomers watched their assets soar during the 1990s and now are building very luxurious homes. So how do you become their favorite builder?

Start by offering them what they are looking for. Create floor plans tailored to their lifestyles, offer them luxurious design features and products, and provide them with amenities they’ll use and enjoy.

Also, pay attention to what they expect from you. Deliver superb customer service and earn their respect and trust.

 
 

Some Snore-fire Advice

Active adult are more likely than not to snore.

Usually, one partner is annoyed with the other’s snoring because the non-snoring partner cannot sleep. Active adults will appreciate “his and hers” bedrooms with easy access to the other bedroom and the master bathroom. They don’t both have to be formal bedrooms, either. One can be a flex area — a sitting or exercise area that also includes a day bed.

Most of us know that boomers prefer the convenience of single-level living and want to avoid the inconvenience of stairs. The smart builder also will realize, but probably will not verbalize, that boomers not only intend to live well in their homes, they wish to die gracefully at home, too.

To accommodate these spoken and unspoken needs, think in terms of universal design features and a future caregiver’s suite — and, possibly, an additional suite for a weekend or “days off” caregiver.

Help Them to Spend Wisely — and Well

Do you have a selections process to educate your boomers about what quality construction is and why it is essential to their comfort? Does it include a well-designed HVAC system and high-quality tinted windows for where the intense southwestern sun would otherwise force the home owner to draw the shades? Thoughtful selections go a long way. Boomers are ready and able to spend handsomely for quality, if the right builder will just clue them in.

Active adults love to walk and swim. When planning an active adult community, look for land that can connect with existing trails and build trails or sidewalks in your community. Have one or more swimming pools, too. Seniors use them regularly. They swim for recreation and exercise and they hang out poolside socially. (You might want to consider bringing in a juice bar or other concession to add to the ambience.)

Speak Their Language, Pave Their Way

Many boomers perceive the modern world as a confusing blur of high-speed technology and high-speed explanations. Speak to active adults in their language — slowly and patiently.

Show them floor plans that clearly display the advantages they’ll appreciate. Help them, if necessary, to create a working budget by providing a model on paper and then letting them fill in the blanks. Many active adults are confused by computer spreadsheets.

And help them shop for options. Provide them with calendars with all decision deadlines clearly marked. Not only will it help then see when their decisions need to be made, it will help them plan their shopping time.

If they have to go to several locations, give them all the necessary contact and location information, as well as clear directions to each location. Have your staff call ahead to alert each store’s staff of your buyers’ arrival, special interests and requirements. That way, your buyers will be greeted and treated royally when they arrive.

Listen to Your Buyers

Many older people will give up and keep quiet if they have to work too hard to be heard. Schedule regular meetings with your buyers. They’ll be much more reassured knowing that their questions and concerns will be heard without having to track you down.

Understanding what is important to this aging but active population is the key to your success in this lucrative and rewarding market. Boomer buyers are fiercely loyal, and if you earn their respect and trust, you will be able to retire on the referrals they bring you. Even if you snore.

Sara Lamia is president of Home Building Coach, Inc. in Fort Collins, Colo. She is author of "How to Enjoy Building Your Dream Home," a workbook for buyers and builders, and hosts a local radio show about home building issues. Lamia is a member of the NAHB Seniors Housing Council. For more information, contact her by e-mail, at 970-402-2600, or visit Home Building Coach, Inc. Web site.


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Architects Suggest Strategies for Competing With Large-Volume Builders | Constantly Reinventing the Wheel? — Not With 20 Club
 

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