‘Don’t Wait Too Long’: Wisdom for Seniors from the Grande Dame of Real Estate

When Ruth Reffkin thought about what the logo should be for her new senior-focused venture, Compass Plus, she wanted it to emphasize the positive elements of transition. Hence, she chose a butterfly.

Leveraging her decades of experience in the New York City real estate market, Reffkin is bringing her expertise and Compass’s high standards to the unique needs of people selling their homes and moving into senior communities.

Helping a client, especially one experiencing physical or cognitive decline, leave a cherished home requires a precise approach and an ecosystem of specialized support.

This is where Reffkin’s services fit in. Compass Plus, Reffkin said, plans to have around 400 agents who will be Certified Senior Advisors and focused on seniors who need to sell their homes in order to finance their new living arrangements. They’ll be able to leverage Compass’s nationwide footprint and 35,000 agents to deliver their offerings at scale.   

Reffkin shared details about her new company along with advice and insights on navigating the system and the real estate industry’s role within it.

This interview has been edited and condensed for clarity.

What services does Compass Plus Offer?

We are real estate agents. We’re not the estate attorney. We’re not the care manager. We’re there to sell the home with the sensibilities and sensitivities needed for the clients we’re dealing with. We stay in our lane and work very closely with these other professionals in order to sell a home for the maximum amount of money in the smallest amount of time. It’s the same legal transaction as any other sale. The difference is really the logistics and emotions that go around that. Seniors are often discounted, and this requires a tremendous amount of patience.

What inspired you to launch this?

Partly, it is because I am 79 years old. I'm heading in that direction myself. Because of my age and how long I've been in the business, I've worked with lots of seniors. When I started talking to my son (Compass founder and C.E.O Robert Reffkin) about this, he said, “Well why don’t you start a division?” And so I am.

Not a lot of real estate agents specialize in this. A lot want to pick up the sale, but don’t understand the context and that's so important.

What is the key to selling a senior’s home for the maximum amount of money quickly?

That home should be empty. It is also important that it is clean, painted a neutral color and staged.

What are common mistakes that you see sellers making during the process?

The biggest mistake people make is they wait too long to start thinking about it. The more time you have to go through the process, the better the outcome. It's really that simple.

I’m already thinking about it, I'm thinking ahead. Most of us look at this stage of our life with some fear and trepidation. But don't let fear or denial prevent you from planning ahead.

How can families make the process less daunting?

Don't wait too long to get started with the conversations — but don’t push it too fast. For the children and our Compass Plus agents, the most important characteristics are patience, listening and compassion. It's a very tough time and we’re all going to be in that situation (eventually). Don't just try to find quick and easy answers.

Make sure you get a really good agent on the level of a Compass Plus agent that knows the ecosystem of support.

The DIY approach is not good. You need a professional. It’s so complex. There are professionals to help you, so use professionals. The money you spend is going to be outweighed by the money you save.

Today’s communities  aren’t the same as ones past generations lived in, right?

This is not your grandma’s nursing home. They’re like high-end apartments. That’s the reason for the butterfly logo. This should be seen as a positive transition.

What trends are you seeing in the NYC residential market right now? 

We've had a lot of pent-up demand because of the high interest rates and we’re seeing a lot of buyers who can't wait any longer. There are serious buyers. The problem is inventory. 

Having said that, there are still good opportunities. It’s a good time to sell if you’re a senior.

Any predictions for 2025?

I'm not in the prediction business. Whether you are buying or selling, it's a foolish game to try to outsmart the market. Stick to what you can control. Fix up your home and price it accordingly. Homes on markets for reasonable prices will sell fairly quickly.