Real estate agents get a lot of calls about houses that are soon to be vacant because an elderly resident is going into full time residential care.
As real estate agent, you have a great opportunity. You may be able to put yourself in a position of great service to families going through a tough time.
Here is a guide for real estate agents. Let’s look at some background to that call, and why it is incredibly difficult for the person on the end of the line, trying to make sense of what choices they have available to them at this time.
According to the Department of Social Services, nearly 44% of Australians take up an aged care bed with one month of being assessed as needing full time residential aged care.
About 20% of older Australians are in an aged care bed within 7 days.
This is a very short timeframe for making any important decisions, let alone making a decision with all the emotional and logistical upheaval that is associated with the move to residential aged care.
Being available with information and advice to help your client over this short time frame is an advantage - as there will be a number of scenarios that the decision makers will need to consider before deciding on a course of action.
If you are being called about the house in a transition to residential care, you are not being called with a job offer, you are being called because the family is trying to work out what choices they have, and they need specific information to help them make a decision.
These choices are challenging to clarify, that is why you are being called.
The family will want to know a sale price and a potential rental income.
These numbers will need to be realistic, because the decision maker is trying to work out the best way to manage mum or dad’s affairs while in care, and the information you provide is going to be very important.
It can make a big difference
Did you know that as soon as the principle residence is sold, the cost of aged care will go up?
Do you realise that the value of the property (over a threshold amount), and any rental income will not included in the tests the government applies to aged care residents in working out how much they will need to contribute to the cost of care?
Perhaps your competitor will.
Business will go to the agent that is keen to work with the family in making sure all their alternatives are considered carefully - and this means having a good idea of the strategies that will reduce the costs of residential aged care. Or at least being aware of them.
Some agents (and some aged care providers), will suggest a quick sale of the property to pay for care. Even the government calculator on the myagedcare website is pretty light on on the detail required to make a well informed decision.
The agent that highlights the choices available will get the business.
Take a look at our blog Sell? Rent out? Do nothing? to see an example of just one situation.
Make the effort
By working with families to ensure they make decisions that are based on a clear and comprehensive review of the alternatives available, you will be in a position to become a trusted advisor.
We can help. Phone 0412 181 031