Some 19% of single women, compared to only 9% of single men, make up today’s homebuyers. These women are eager to take on homeownership, don’t see a need to wait until their married and are ready to improve their quality of life.
As a real estate agent, there are a few things you can do to better prepare your single female clients for the homebuying process. According to the report from NextGen and National MI, and authored by Kristin Messerli, despite being eager to own a home, women are often concerned about high costs of living, financial stability and financial knowledge.
Financial education
To empower your female clients with confidence in their financial decisions, be prepared to guide them to financial education resources. These could be online classes, books or video tutorials that give an easy-to-understand, women-focused breakdown of personal finance.
Buying a home is a huge purchase. Every buyer deserves to feel confident in their ability to buy a home, and understand the mortgage lending process and the expenses to come in the first year of ownership. Only 58% of men answered that they were confident in their knowledge of personal finance, and only 47% of women felt like they had the right financial advice and support that they needed. As an agent, you could be that appropriate advice and support channel.
According to the report by NextGen and National MI, men are three times more likely than women to be investing their money in the stock market. This trend carries into male and female home-buying attitudes, as men are also more likely to use their property for income by having roommates or renting it out.
Trust the process
Women reported higher levels of distrust in housing industry professionals than men. To alleviate that anxiety, take the time to explain every step of the process to your female clients. Especially if these women are first-time homebuyers, there may be many steps in the real estate process that they are unaware of.
40% of women reported that they, “didn’t know where to start the process of buying a home.”
Consider adding information to your website or social media that clearly explains the first steps of the process. As an agent, if you offer guides and resources to homebuyers up front, you could earn more business from first-time buyers who are grateful for the help.
Currently, only 75% of women reported trusting their real estate agents. Going the extra mile to build a relationship with your clients, explaining the process to them and giving them individualized attention will go a long way to improve that statistic.
Overall, the report said, “Millennial and Gen Z women are particularly loyal and vocal about the people and brands they trust, who align with their values and who provide an exceptional customer experience.”
As an agent, you can use this characteristic to improve your business. Be on the top of your game for your single women homebuyers, and they could be singing your praises, recommending your business to any friends or family also in the market for a home. As the second largest group of homebuyers in the market today, single women are moving the needle in real estate and agents need to recognize their unique needs.
