Knowing what is important to downsizers will help you be more aware of the opportunity when you list a downsizer property.
Topic – Upskill on downsizing
Mentor – Greg Oddy
- More than retirement villages
- They want lifestyle
- Don’t overlook rental opportunities
Get Social with Joel Leslie – Joel Leslie takes us on a journey into future Prop Tech.
Kevin: As we explore a new market for you this week in the show, we’re looking at the downsizer market as we’ve already made the point, this is a huge emerging market. Yesterday we learnt from our guest Greg Oddy that in September 2017, there were about 54,000 downsizer properties that were listed for sale on the Australian real estate market during the 12 month period leading up to that stage. That’s a huge number. We described it for you yesterday. I want to take that a little bit further this morning. Look at what’s important for downsizers so we can get an understanding about how we can market to them. Greg, thank you very much for your company, Greg Oddy, as I said, Director of Sales and Marketing at Downsizing.com.au. Greg, help us with this, what have you found through your research that is important to downsizers? What are they looking for?
Greg: Well, what’s important to them is … Well, firstly what’s happening to them, as their children grow up and leave, their family responsibilities are lessening and there’s a new focus on socialising. There’s also a few trends to later life divorces and repartnering with new homes, so this generation is very, very different to the generations in the past. They’re more looking to spend the kid’s inheritance and they kick up their feet and have a good time, so that sort of is reflected in the type of properties they’re after and the kind of things they want out of a property and where they want it to be located, and the quality of the property. We hear constantly they’re after quality appliances and the fact they’ve got the money to spend and they don’t mind spending a little bit over the averages to get what they want, Kevin.
Kevin: When we think of downsizing in retirement, we naturally think of things like retirement villages, which I don’t think they’re called anymore, they’re called lifestyle villages, but that’s not the only option for them nowadays because there’s a lot of emphasis on home stay, keeping people in their own home, giving them their own independence. These are the sorts of properties we’re talking about as well, Greg.
Greg: Yeah, sure. I mean, someone of this demographic we’re dealing with, we have a lot of retirement villages on our site, it’s a different part of what we do and it’s very popular, but what we’re talking about at the moment is the downsizer that’s moved out of the family home. They don’t want to have to go and make two or three more decisions and there is a lot more in home care services available, so they’re looking at getting the right kind of property that they can stay in and age in place with dignity and stay in that home for quite some time and get in home caring. There’s some important tips there for developers as well, Kevin. The developers I’m speaking to are really identifying this and looking to build properties that have wider doors, lower power points, lots of storage, and things like that so that the downsizer doesn’t have to then make another decision in four or five or ten years. They can tend to look at a long term investment once they made the decision to downsize.
Kevin: And of course, we can’t ignore one other part of the market as well, and that’s the folks who aren’t as cashed up, aren’t looking to buy but are certainly looking to rent. This is something we shouldn’t overlook as well.
Greg: Totally Kevin. Not everyone has been as fortunate in their years and we, in particular, we find on our website, we would get five to ten e-mails a day from around the country from consumers, usually coming off our e-mail newsletter in particular saying, “Is there a rental property here? Have you got something to rent in this suburb?” I’ve had two this morning, Kevin, so it’s something for all your property managers out there to really consider if they’ve got the type of stock that we’ve been discussing, that would certainly be valuable to our audience on our website.
Kevin: Just so we do understand, to get on the website, what do agents and property managers have to do, Greg?
Greg: Look, it’s pretty simple, Kevin. There’s a few ways. I mean, we’ve got a subscription model for the right kinds of agents where they can put on the majority of their listings if they are the right listings that fit our niche, or we’ve also got single listing opportunities. We understand that some agents out there may only have a property every now and then that suits our niche, so they can actually log on themselves on the back of the website and load it up or talk to me and we can help them get it up there. We’ve got a few different ways that they can get their properties out to our audience.
Kevin: When someone goes to your website and a reminder, once again, this is downsizing.com.au, there’d be opportunities for them to reach out, contact you, ask any questions, because I do know that on there there’s a number of questions that have already been answered, Greg.
Greg: Yeah, we’ve got a new section on that site and also on our parent site being seniorshousingonline.com.au, where we have news and information areas where we enter a lot of questions around the downsizing market and people can always get hold of me as well and I’m sure you’ll pass on my details at a later stage.
Kevin: Yeah, well we’ll have a link here on the site too for people to come straight to you, but if you did want to e-mail Greg it’s Greg@downsizing.com.au. The website is very easy to find, Downsizing.com.au. That’s spelled with a Z and my guest is Greg Oddy. Tomorrow we’ll have a look at how you should market to this… We’ll get a good understanding about how big the market is, what they’re looking for. Let’s talk tomorrow about how to market to them. Greg, we’ll talk to you then.
Greg: Thanks, Kevin.