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John Meyers, Real Estate Pro in Park Ridge, IL

Do retirement communities work with listing agents to sell their units or do most use their in-house staff?

Asked by John Meyers, Park Ridge, IL Mon Oct 10, 2011

As baby boomers get older, I would think that this will be a great niche. I see that the higher end communities have brokers that they work with, however, there are many that may need help selling units. Just thought I'd ask before I start calling around..

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Hey John-

I listed an Assited Living facility in Huntley about a year ago. There is also an agent that has a community listed in Lombard. You need to contact the Administrator of the facility you are looking at. The Administrator was so ecstatic about thinking "outside the box", all the marketing I provide along with the additional exposure for their facility. So yes, it does happen.

I hope this helps!
0 votes Thank Flag Link Tue Oct 11, 2011
I agree with Suzanne, they are all different and it's probably worthwhile to draw a geographic boundary and call every facility within it. I wouldn't take the first answer I get, however. Some will tell you they only do referrals out of the management office to selected agents, but that is often less than fully true. I just helped a friend get into a very large facility and the rules there allow homeowners to buy & sell their units through any broker they want, same as any other home. There are sign restrictions and prohibitions, so you may run up against that. I drove around a facility with my friend and found no signs, but later discovered that there were over a dozen units for sale. Management didn't allow For Sale signs because the presence of the sign has a negative emotional impact on the other residents (understandable...). Try a few calls, you may end up farming those homeowners the way you do any other potential seller.
0 votes Thank Flag Link Mon Oct 10, 2011
It really just depends. Many of the assisted living, independent living facilities do have in house staff who show, but active adult communities are very different and are like any other home. That is where the baby boomers want to go. I would single your market out and just make some phone calls and ask. One cavaet though is remember, these people have most of their net worth tied up in their homes. They will all have to sell to buy. Could double dip, but non marketable properties or prices could have you stuck on both ends. I have worked with these people and enjoyed it very much.
0 votes Thank Flag Link Mon Oct 10, 2011
most are in house with referral agreements..
Web Reference: http://www.joeschiller.com
0 votes Thank Flag Link Mon Oct 10, 2011
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