Reside CEO Glen Brown opens up about downsizing

Downsizing is a concept that is often met with mixed emotions. For some, denial and rejection. For others, excitement and hope.   

Reside Communities CEO, Director and Co-Founder, Glen Brown, has seen it all.  

After more than 30 years’ corporate experience as a senior executive in the retirement village, property and financial services industries, with the past 20+ years spent in senior roles in the retirement village industry, Glen has spoken with hundreds of retirees about their downsizing experiences.  

In this exclusive Q&A, Glen discussed his opinions on the downsizing process and shares some valuable tips for retirees. 

Q: What are the main benefits to downsizing? 

A: Time and time again I hear residents of Reside express their regret for not downsizing sooner. It’s a common misconception that downsizing to a retirement village will mean losing your independence or freedoms – which couldn’t be further from the truth. 

Freeing yourself from the daily demands of maintaining a large home and garden provides so many opportunities to explore newfound interests and enjoy a relaxed lifestyle. 

Not only does downsizing free up wealth that has accumulated with the growth of your property value, but it also allows you more time to focus on what you want to do. 

Q: What do you say to families who are struggling to speak with their ageing loved ones about downsizing? 

A: Facing the reality of ageing, whether that’s declining health, a lack of lifestyle or stress associated with maintaining a large property, can be difficult for many so it’s not uncommon for elderly loved ones to avoid having these conversations. Our village operations and sales teams at Reside are very experienced when it comes to managing difficult situations with families, and one thing they always do is create a safe and comfortable environment where all parties feel relaxed and prepared before approaching sensitive topics. We often find that once families see our facilities, homes and grounds, their prior concerns are quickly resolved.  

Q: How are current property market conditions impacting downsizers?  

A: We’re seeing lots of retirees cashing in on the sale of their large family home in the suburbs and freeing up extra cash. Even after they purchase their new home, whether that be an apartment, villa or townhome, they’re still left with enough money to upgrade appliances, buy new furniture or take a holiday. Current market conditions also means there’s limited properties available for buyers, so family homes in desirable suburbs are selling very quickly and above asking price.  

Q: What do you predict for those considering downsizing in the future?  

A: Interest rates are tipped to continue rising in the immediate future and while the initial shock of south east Queensland’s housing boom will settle, pressures are still growing for Australians to buy which creates a high demand, no matter the state of the market. As Australians, our homes continue to be our most valuable asset but there’s no value in holding onto something that no longer serves us. I say, if your home is causing you more hassle than happiness, it might be time to consider ‘rightsizing’ into a more suitable option. 

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