Now here’s a challenge: How do you build a business in a world where nobody works? Their income earning days are behind them. Even more difficult, how do you raise your visibility in the land of second homes and vacation properties?
You might say: “Why choose to build a business there?” The answer is simple: That’s where you and your family work. Your spouse might work in the medical field and he/she recently took a job at the local hospital. Maybe your family has lived in this resort area for generations.
“The land where nobody works” is a misconception. People who relocate after completing their working career often choose their new locale very carefully. Retirees like college towns because they are surrounded by people of all ages. They also move to areas with great medical facilities because you never know when you might need specialized care.
Retirement and resort communities are often on an upwardly expanding trajectory. If new homes are being built and sold, someone is doing the construction or selling the furnishings. Agents who are new residents often feel they are at a disadvantage because they don’t know anyone. In retirement communities, many people are newcomers.
Who are my potential clients?
Retirees are an obvious choice. It’s likely they already have financial advisory relationships in place.
There is still hope. Research shows on average, HNW individuals have relationships with three financial professionals. Many clients consider it like a marriage, one person at a time. But they are wrong. Multiple people can date your money. Many people prefer face-to-face relationships. This can work in your favor. Some newcomers may plan to establish residency. You might be able to provide some advice. Another key common factor about retirees – they have a lot of time on their hands.
If most of the population is retired, how do you get on their radar screens? Forget cold calling them at home. It’s estimated over 70 percent of Americans have signed up for the Do Not Call list.
Here’s the key: Retirees have time on their hands. They need something to do. Years ago, a Fort Lauderdale, Florida resident explained to me: “You have one activity each day. You build up to it, do it and then recover from it.” It might be going to the grocery store. If someone suggests getting your hair done, they reply: “I couldn’t do that, today is my day for grocery shopping.” Retirees often stretch activities out.
With that in mind, here are five ideas for how to reach individuals in retirement communities:
1. Golf clubs
So many people look forward to playing golf in retirement. Clubs are everywhere. Developments are built around them. They are a social hub too. You don’t need to play golf to belong.
Action Step: Pick a club and join. Ideally it’s exclusive and expensive. The club you join says a lot about you in these parts. And if you don’t play golf and don’t care to learn, use it as a clubhouse.
2. Yacht clubs
Guess what? You don’t need a boat to join a yacht club. They are another form of a social club with plenty of parties. They are often pretty easy to join.
Action Step: Maybe you should belong to a yacht club too.
Join with the aim of attending events and raising your visibility within the membership there.
See also: 9 ways to reach clients in a big city
Developments and gated communities often feature homeowners associations that run the place. They have regular meetings. Often, developments have a community center or clubhouse.