February 15, 2018
Single women are twice as likely to buy a home than single men.
You know that the number of single women home buyers increased for the third consecutive year but did you know single women are more than twice as likely to buy home as single men (17 percent vs. 7 percent according to some reports)?
The National Association of Realtors (NAR) reported that some agents have found great success working with both single women and men by following some fairly straightforward guidelines. Consider these ideas from NAR and other real estate experts to boost your market share with this important sector:
Partner with your client. As you know, real estate transactions require highly emotional decisions. Singles are especially vulnerable to uncertainty and intense emotions when they don’t have another adult involved in the process. Plan to spend more time with single clients so they don’t feel isolated or unsure.Don’t presume to know your clients’ wants. For years car dealers lost sales because they underestimated the decision-making authority of women and presumed to know what auto features would best suit them. Don’t make the same mistake when working with single women. Not every single woman wants a condo or townhouse. Many singles – men and women – share their homes with platonic adult roommates or children. Assess singles’ wants and needs in order to show them appropriate properties.Join and advertise within community organizations. Singles are more mobile than those in committed relationships. Many realtors work closely with the area tourism bureaus and other non-profits that reach out to single professionals.Don’t neglect social media. Posting about new hot spots in town, events geared toward singles and “local’s favorite” restaurants and stores builds your social media following and establishes your insider savvy. Prospective buyers will naturally turn to you for the best housing ideas and deals.Understand singles may want to establish roots. It’s easy to assume that single homebuyers are only looking for short-term residences. That’s not true, Bella DePaulo author of Singled Out and professor at the University of California at Santa Barbara told Bloomberg. There are many happily single men and women who plan to remain so and are looking for a home to happily inhabit for many years.
The trend of single women and men buying homes shows no sign of slowing. Take steps now to capture this increasingly lucrative market.