An IREM® Tutorial

10 Reasons to Market to“Booming” Seniors

The senior demographic offers great potential to housing providers, characterized by a growing customer base, stability of leasehold and loyal business relationships. Recognizing the unique features of senior customers can help you market effectively and provide an environment that meets their needs.

Baby boomers are demanding a level of quality and service that far exceeds their predecessors and allows them to live active and independent lifestyles. Be creative, identify what your customers want, and then see how you can deliver it. Boomers expect services and amenities such as: Van service to doctors Easily accessible shopping, libraries, business centers Hot meals Fitness centers and hair salons Events, even happy hours

Focus on how active and independent seniors will be.10.

Being taken advantage of is another common fear among senior prospects. To assuage this fear:

Use guarantees to impart confidence Employ fully refundable holds Don’t adopt a defensive attitude if your customer gives you a

hard time—they may be testing you

Like most customer complaints, how you respond is what people remember.

9. Build trust.

Don’t approach your customer as “old”—studies show that we routinely think “old” means 10 years older than we currently are (i.e., in your late 20s, you are old to teenagers; in your 30s, you are old to college students).:

Treat customers as people rather than demographics Don’t be condescending or patronizing towards your senior

prospects; you’ll surely kill your sales Avoid words like senior, old, or elderly

8.Attitude is key; mind your audience.

Design your senior-focused print advertising to be easily read and understood:

Only use 11-point and higher size fonts Avoid simple fonts Use color ads to draw attention to what you’re selling Avoid reverse copy and maintain good white space Keep your message on-point and clearly highlight benefits

7.Think of your target market.

American adults aged 65 or older are using the Internet or e-mail on a daily basis. In fact 34%, of seniors are using social networks like Facebook:

Engage senior prospects through your website and social media tools

Provide Internet access Use social media to communicate with seniors Promote events and shared interest communities online

6.Seniors use the Internet.

Keep in mind that this is potentially a major move for many seniors, especially if they are moving from their long-time family homes where they have 30+ years worth of memories to part with and possessions to sort through. Therefore:

Be honest and straightforward Do not use a hard close or scare tactics Reinforce the newfound independence they will have by

moving into your community

5.Be real and direct; always ask for the sale.

Your senior prospects have seen and done a lot in their lifetimes. If they have met their fair share of thieves, braggarts, and empty-promise merchants, they may need a little convincing before they put their trust in you. Therefore:

Provide that personal touch; seniors often appreciate it Actively engage with them, which is often as important as

what you are actually saying Consciously relax your pace to match your prospect

4.Take the time your customer needs.

The decision to move from a single-family home to a multifamily property is not an easy one. When seniors decide to move from their family home into an apartment community, they want to be assured they will enjoy the amenities and social life they might have been lacking in their current living situation, as well as everything else they have been promised. Only promise what you are confident in delivering. Compile testimonials and have them ready to share. Credible testimonials work.

3.Under promise; over deliver.

An effective direct mail approach for seniors is sending an invitation to attend an event or lecture series. These invitations not only encourage prospects to visit your community, they also position your organization as an authoritative source of valuable expertise. How to do it? Host a free afternoon with an expert speaker and plenty of

food and giveaways Capture all attendees names, and add them to your database Maintain contact with them Follow-up, follow-up, and follow-up again

2.Be a quasi-event planner.

The time and effort it takes to send a personalized note will be valued and appreciated. You will find that seniors do much to enhance their new community. The investment in time it takes to build these relationships will continue to build dividends long after it has begun.

1.Send a handwritten thank you note.

10 Reasons to Market to “Booming” Seniors

Excerpted from a JPM article by Emily Goodman, CPM, ARM, CAPS is Regional Property Manager at Core Realty Holdings Management, Inc. in Greensboro, North Carolina.

JPM, May June 2013Volume 78, Number 3.

© 2013, Institute of Real Estate Management

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