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In the next decade, we will observe several new, and in some cases revived, trends in the housing market. From co-living and partiality toward renting to a return to multigenerational living, it is important that agents understand the best strategies for catering to the different demographics and the ever-changing preferences of their buyers. In particular, one demographic that should not be overlooked is the growing segment of single female homebuyers.
According to the NAR, single women made up nearly 20% of all U.S. homebuyers in 2019. This number is expected to grow in the next decade as women continue to shift their priorities away from the traditional societal norms. A 2018 study by Bank of America found that 73% of women place homeownership above marriage and having children. As society places a greater focus on career advancement, homeownership among single individuals will continue to rise.
Single women are the fastest-growing homebuyer segment currently in the market. But, how can agents capitalize on this demographic? Here are a few steps to take so you have a better understanding of how to support single women in the homebuying process.
Reach Out Beyond Your Brokerage
Consumers prefer to do business with companies that support a cause. In particular, millennials, many of which are single homebuyers, tend to invest in organizations and businesses that align with their own passions. In this regard, one of the best ways to cultivate your client pool among this segment is by being active in your community and engaging with associations that matter to this target demographic.
Consider supporting local women’s business societies by regularly attending meetings, participating in community events and volunteering at women-centric nonprofits. Community involvement will allow you to build and nurture better relationships with current and future clients. By aligning with their interests, you’ll show prospective buyers that you’re invested in not only growing and improving your business, but the community as well.
Do The Research
Buyer preferences for every demographic are ever-changing, single women included. As you would for any buyer, invest time in researching and understanding the latest trends pertinent to single women. Living in the digital age makes research all that much easier — you have data about buyer preferences at your fingertips.
Consumer tastes can differ based on location, but for single buyers especially, features such as safety, privacy, resalability and closeness to amenities will likely take precedence. According to the NAR, female homebuyers place a special emphasis on proximity to family and friends. Other desirable housing features may include architecture style, number of rooms, outdoor space, etc.
Additionally, every year the NAR releases its Home Buyers and Sellers Generational Trends Report, which highlights the top housing trends by generation. Data like this will help to determine what features are top of mind for female buyers in general. From there, connect with your client to determine their personal interests.
Clear Communication
While millennials are a growing part of this buying segment, the median age of a single female homebuyer is actually 54 years old. Given the vast age range of single female buyers, you may need to employ different methods of communication to best serve different generations. For example, millennials generally lean toward text or tech-based communication, whereas older generations may prefer phone calls or in-person meetings. You’ll need to determine what works best for each client during your introductory conversations.
It is imperative that you maintain strong lines of communication with clients during times of crisis or economic downturn. Remind them that you are their partners, and they can lean on you as a resource to help guide them every step of the way.
Be A Source Of Knowledge And Education
If you’ve done your research properly, you’ve likely uncovered some challenges that your single female clients may face. Having a solid understanding of potential obstacles will allow you to better support them through the entirety of the homebuying process. Educate buyers on how they can overcome challenges such as affording a down payment, navigating the different loans options, improving their credit scores, etc.
To help support all clients on the outset, provide information relevant to female buyers on your website and within promotional materials. Tip sheets, website recommendations and webinars are helpful resources to get them started.
As more single women enter the housing market, agents must arm themselves with the skills needed to best serve this demographic and cater to their specific needs. By following the above considerations as a guide, you’ll have an advantage when it comes to assisting this segment of buyers in their homebuying journey.