Agents experienced in serving senior clients understand that these situations often require more than a traditional sales approach. They are prepared to offer creative, client-focused solutions to help facilitate a move that can be both physically and emotionally challenging.
Navigating cognitive impairment
Cognitive impairment is a significant issue among older adults, and real estate professionals must be ready to address its complexities.
Research from Columbia University indicates that nearly 10 percent of U.S. adults aged 65 and older have dementia, and 22 percent experience mild cognitive impairment. The rates increase sharply with age, with dementia affecting 3 percent of those aged 65 to 69 and rising to 35 percent for those 90 and over.
Given these statistics, it’s increasingly likely that agents will encounter clients facing such challenges, and they must be prepared to manage these situations effectively.
Consider a recent case where a real estate agent found himself in a difficult situation when his client, a widow, suddenly became unreachable. Concerned, the agent visited the client’s home, only to learn from a neighbor that she was in a behavioral health unit — a facility very different from a typical hospital where visitors are allowed.
The agent was unable to communicate with his client or obtain any information due to privacy laws, leaving him uncertain about how to proceed with the transaction.
Seeking guidance, the agent turned to his broker, who — despite years of experience coaching agents through challenging situations — also had no idea how to handle this or where to find help.
Two key lessons emerge from this situation. First, agents should always have emergency contacts on file for clients. Without a designated contact, the agent had no way to obtain instructions or clarify his client’s wishes.
Second, brokers and agents don’t need to be legal experts, but they would be wise to have a legal resource on speed dial — someone who can provide timely guidance on handling sensitive and legally complex situations like this.
Understanding estate planning documents and the closing process
With the increasing use of trusts and other estate planning tools, agents and brokers must understand their role in handling these sensitive documents. A recent situation illustrates the importance of knowing when a request is appropriate and when it may overreach.
A colleague was preparing for closing when the title company requested his client’s entire trust document. The agent had already provided a memorandum of trust, which is typically sufficient in his locale to verify the trustee’s authority to sell the property.
However, the title company’s representative insisted on reviewing the full trust document to “ensure fairness to all heirs.”
