SRES designation: What is a Seniors Real Estate Specialist®?
Created by the National Association of Realtors, a Seniors Real Estate Specialist® (or SRES) is specifically trained for the challenges and situations that clients age fifty and over face, including cultivating a network of related senior specialists in fields such as estate planning and tax counseling so that the SRES can provide a truly outstanding client experience.
Agents who gain the SRES designation are trained in no-pressure approaches to senior real estate needs, including suggesting housing alternatives to buying a new home or ways that a senior may be able to age in place instead of downsizing or making other moves. SRES professionals are also trained to identify senior resources in communities to help people find the best community fit, should they decide that moving is the right option for them.
SRES designees are trained in all of the options for senior housing available. Much more than simply aging in place in your current home or moving to an assisted living facility or retirement home, there are vibrant options for today’s seniors. Additional options include things like planned senior communities with new homes designed for the needs of seniors. Universal Design includes things such as no step entries, one story floor plans, wider doorways, open floor plans with extra floor space, senior-friendly bathrooms, and more features designed to help seniors live comfortably without feeling like they have turned their home into a hospital ward.
An SRES will work with you to prepare for financial challenges that can arise out of a real estate transaction. This is not only for buying and selling a home, but also if you choose to age in place and remodel your home. It is also for those interested in purchasing rental property as a potential revenue source during retirement. An SRES is trained in capital gains and other tax issues relating to owning real estate to better help seniors decide if a rental property is really the best option.
As part of this training, they learn about how using pensions, IRAs, 401ks, and other retirement accounts in real estate transactions work. They also understand reverse mortgages, both the positive sides and the potential downsides of that type of mortgage for seniors. Further, SRES agents are trained to spot mortgage and other loan schemes that are designed to trick and scam seniors out of their finances or even their homes.
Another vital part of SRES training is in estate planning and how Medicare, Medicaid, and Social Security can affect your property and finances as you age. There are unknown pitfalls of Medicaid, such as their right to recover costs spent on your care even after you die in some situations. An SRES can walk you through scenarios that include your rights and what can happen should you have liens or unpaid medical expenses, most notably through Medicaid Estate Recovery.