06 Nov What Single Women Want From A Realtor®
Whether or not you are a Beyoncé fan, you have most likely heard her hit single, “Single Ladies” to some degree. And believe it or not… it actually relates to real estate. Why? Because single women are the 2nd largest group of home purchasers.
This group is growing so fast, that what they want in a home and what they need in a home, are shaping the face of the real estate market.
If you are a real estate professional and you want to market to this group of home buyers, you need to understand exactly what they want and need.
The Numbers of Single Women Buying Homes Don’t Lie
Before I get into how to market to this growing group of home buyers, let’s look at the actual numbers. While you read these statistics, keep in mind that a decade ago, these numbers were non-existent.
- Last year the NAR reported that single women account for 16 percent of home sales, compared to 9% for single men. This number has been growing consistently since 1990.
- In 40% of households with children, women are the bread winners. Two-thirds of those households are ran by single women.
- 1 out of every 5 homes being sold are being purchased by single women.
- A Harvard study calculated that the value of home purchases by single women over 3 years was $550 billion.
- Single women who are buying homes are a diverse group of individuals. They include those who have never been married, those who are divorced or separated and those who are widowed. Some have kids and some don’t. Some live with friends and partners and many live alone.
Real Estate Marketing Techniques for Single Women Home Buyers
So how can you get single women to want to do business with you when they are buying a home? Here are a few tips to help you as a real estate professional:
#1 Know What Women Want
Remember the movie, “What Women Want” with Mel Gibson? Mel Gibson’s character, the chauvinistic business executive Nick Marshall, had to literally get electrocuted to understand women.
Before you put on stockings, buy shaving cream and get ready to drop a hair dryer in a tub of water… I’m going to save you the pain and tell you exactly what women want when buying a home:
$200,000 Home or Less – Single women have single incomes and 3 out of 4 of them spend less than $200,000 when buying a home.
2 to 3 Bedrooms or More – Single women prefer 2 bedrooms or more for many reasons. Many are planning to enter relationships and start families in the future, others want rooms for guest to visit and many want additional rooms for home offices.
Prefer Living In The City – When it comes to real estate, single women care about location. They want to be near all the places they love including stores, shopping and fitness centers. Plus, many of them have careers in the city and want to be close to work.
Amenities Trump Size and Cost – I cannot emphasize this enough. Women want amenities and they are willing to live in a smaller home and pay more to get them.
Neighborhood Quality is a Deal Breaker – Single women don’t want to live in bad neighborhoods. Safety is on the top of their list when it comes to purchasing a home. Also, they prefer homes with security/gated access and well run home owner associations.
The Neighbors Matter – Women in general like to get involved with the community and interact with neighbors. Buying in an active community means play groups for their kids, possibility of developing long lasting friendships and volunteering in their own area.
#2 Dust off Your Sales Hat
Women have higher expectations of customer service than their male counterparts.
Let’s admit it, in today’s world, customer service is hard to find.
Many real estate professionals don’t respond to emails or answer phone calls in a timely matter.
When dealing with single women expect to work harder for the sale. They will cut all communication with you, ignore you and hire the next person because of bad customer service.
#3 Be Available When They Need You
Women expect to have a relationship with their real estate professionals. This means they expect you to understand their schedules and challenges as single women.
You should be prepared to be available during pre-business hours, lunch hours and after work hours, which is when they normally squeeze in errands.
This is important because 91% of women in one survey said that advertisers and businesses don’t understand them! 91 PERCENT!
#4 Be Tech Savvy
I’ve preached this before a million times, but in this target audience, digital is more important than ever. Why? Because women are EXTREMELY tech savvy.
According to Entrepreneur.com affluent women are heavy users of the internet. They prefer it to phone, radio, television, direct mail and newspapers.
This doesn’t mean you should cut all of those mediums out, but you should make sure you have an online presence that is up to date and useful. For example, home searching should be easy and available for her to use on her tablet, mobile phone or desktop.
Communicating digitally is important as well. Women have an average of 171 contacts in their email or mobile phones. When working with a real estate professional communication should be through digital mediums including email, text messaging and social media.
As a woman and the owner of a real estate marketing firm, I wrote this article from my heart. The fact of the matter is that women, all women, want relationships with who they do business with.
A relationship in business means that you understand me, provide me with exceptional service and work as hard as you can to give me what I need and want.
In return, I’ll give you loyalty, recommend you to everyone I know and come back again and again whenever I need your services.