Sheryl Simon

I’ve counseled hundreds of empty-nester clients over the course of my career and although they share one thing in common – children who have left the family home – their wants and needs are as diverse as the children they’ve raised.

Conventional wisdom dictates that empty nesters should sell their larger home, get rid of the excess and downsize to a smaller house or condominium – and it’s true that many do. Given the current interest rates, low inventory and highly motivated buyer pool, it is a valid option for most – but it’s also important to keep in mind that this is not a “one-size-fits-all” group.

To be an effective broker to empty nester clients, you must first really get to know your clients, understand their motivations and prepare to make recommendations that are in their best interest – not yours.

Empty nesters often have children who live in different states and are torn about whether they should relocate closer to their children or stay in the same area where they have well-developed, familiar relationships. Some may decide to keep their existing home as the main gathering space for holidays and family reunions, while others may seek a larger, more open space concept residence for that purpose. Surprising as it may seem, I’ve represented several clients over the years who sold their home only to purchase a much larger residence as the number of grandchildren multiplied.

If empty nester clients love the home that they raised their family in, then why not stay? Sure, they can still declutter and downsize or perhaps even rent a room or two for additional income. Earlier this fall, the city of Boston recognized this trend and started a new pilot program for empty nesters to rent their spare bedrooms to graduate students.

Another important factor in deciding whether to stay in the current home or move, as sobering as it may seem, takes current and future health considerations into account. Are the bathrooms retrofitted? Are bedrooms needed on the first floor due to mobility issues? Are doorframes wide enough to accommodate a wheelchair, if needed? If not, it may be less expensive to move than to renovate.

If the client is making a big move to another state or a different environment, like from the suburbs to the city, renting before you buy is likely the wisest option. Sometimes we have an idea of what life would be like in another location but once we actually get there, the reality is far different from that initial vision. Some sellers think they want to live the urban life, only to find when they arrive, they are truly bothered by sirens, crowds and lack of parking options. In addition to the buyer’s remorse factor, renting also affords the flexibility of short-term leases, and their time can be split between different cities or states in specific seasons to be closer to children and/or grandchildren.

My best advice to brokers and agents is not to rush your clients into a decision that they may regret. Remember, this is a brand-new phase in your clients’ lives and they may be experiencing a whole host of emotions with which they are unfamiliar. Exploring all possibilities with them and asking key questions to determine their true motivations and desires will keep you top of mind when they do decide to make the move – even if it’s weeks, months or years down the road. Serving your clients’ best interests – even if it means putting off a purchase for a bit – will showcase your loyalty, and in the real estate business, that’s a priceless commodity.

Sheryl Simon is principal of Benoit, Mizner, Simon & Co.