November 09, 2024
Business

Senior real estate designation starting to receive recognition

Tim Corliss was all about seniors – and kindness.

The former Franciscan monk, who later left the order and spent 42 years in real estate, founded the Senior Advantage Real Estate Council in 1997 to focus on the needs of buyers and sellers 55 and older.

Corliss, a huge man with an irrepressible smile and relentless encouragement for others, died a year ago after an 18-month battle with cancer. A past president of the 90,000-member California Association of Realtors, Corliss anticipated the senior niche long before the industry realized the net worth locked up in seniors’ homes – and the anxiety they experienced selling their longtime residences.

Now, Corliss’ efforts are not only being recognized but they also are paying dividends for real estate professionals who choose to focus on older folks. Late last year, the National Association of Realtors granted CAR permission to endorse and confer the Seniors Real Estate Specialist (SRES) designation through its Senior Advantage Real Estate Council subsidiary.

Approximately 5,000 real estate professionals now have the SAREC designation. (For the senior specialist in your area, check www.seniorsrealestate.com or call 1-800-500-4564.)

Corliss and his wife, Jill, owned and operated SAREC from their home in Murphys, Calif., in the heart of the state’s gold country southeast of Sacramento. The couple focused on providing agents with the specialized training and education materials needed for the SRES designation. After Tim died, Jill sold the assets of SAREC to Real Estate Business Services Inc., a subsidiary of the California Association of Realtors.

Tim Corliss knew that seniors were living longer and sought to provide a core service for that group. He encouraged real estate professionals to take the time to truly understand senior needs – and to learn to ask the right questions at the right time and in the right tone of voice.

Corliss was right on – the senior growth came faster than the industry imagined.

According to statistics compiled by AARP, the U.S. Census Bureau and the Senior Advantage Real Estate Council:

. In 2000, the 50-plus population in the U.S. encompassed 75 million people, a growth rate of more than 20 percent per year. By 2010, one in five Americans will be 65 or older.

. Some 35.3 million people in the United States were 65 or older in 2001, representing almost 13 percent of the country’s population. This number is projected to double over the next three decades to more than 70 million, or 20 percent of the overall population.

. Seniors are already the largest group of property owners in the United States. AARP estimates that 83 percent of seniors own their own homes and nearly 8 million of them will change residences in the next two years.

. The housing market for seniors tops $100 billion each year.

. Almost 60 percent of Americans 55 and older now own their homes outright. More than half of all homeowners today have lived in their homes for at least 20 years, which means the equity they have accrued over the years is substantial.

To earn the SRES designation, applicants must complete a two-day course, pass an exam and provide documentation of at least three transactions involving senior clients in the past 18 months (or submit two such transactions before the first annual renewal date).

(A fast-track correspondence course is available to Realtors who have valid designations approved by SAREC.)

The education module includes a comprehensive workbook, presented in 11 sections. During the opening day, instructors define niche marketing and generational differences and discuss housing issues, the process of retirement, equity conversion and the Tax Payer Relief Act of 1997.

Day 2 delves into estate planning, communication modes and the role of the agent as it relates to developing a client base, communicating with clients and their advisers and family members, educating parties to the transaction, negotiation strategies and administrating the process to a successful conclusion. The workbook also includes tips on working with and counseling seniors, reprints of articles and other reference materials.

Tim Corliss’ valuable wrinkle for consumers and real estate professionals is beginning to receive the national attention it deserves. Unfortunately, the terrific force behind the service is no longer with us.

Tom Kelly, former real estate editor for The Seattle Times, is a syndicated columnist and talk show host. You can e-mail him at news@tomkelly.com.


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