Of all home buyers, single females make up 17% of this segment, with no signs of slowing down. Learn how you can best help your single female clients!
According to the 2016 Profile of Home Buyers and Sellers report from the National Association of REALTORS®, single females make up 17% of home buyers. The share of single male buyers is seven percent less. How can you best serve this growing segment of real estate clients? Here are some tips.
- Keep in mind that female home buyers can be young women starting careers, established professionals who are relocating, single mothers, retirees, widows, divorcees starting a new life, and many other descriptions. They comprise all ages, incomes, and walks of life, and will need different levels of advice, guidance, and service from you depending on their individual situation and needs.
- Regardless of their particular circumstances, remember that all women desire and deserve to be respected and to be treated professionally. They don’t want to be talked down to or patronized in any way, but they do want to be treated as equals. Take care to communicate with single female clients the same way you would if they were part of a couple or if they were male clients.
- Unlike two-income couples, a single woman may not have another income to fall back on in the case of job loss or other financial hardship. This means that she may proceed with caution when it comes to setting a real estate price range. Make sure you have a good understanding of what she feels she can comfortably afford, and help her stay within those parameters.
- According to the NAR’s 2016 Profile of Home Buyers and Sellers, first-time homebuyers are more likely to be single females or males rather than couples. When you’re helping a single female who’s a first-time buyer, ask questions on the front end to gauge her understanding of the real estate transaction process, and be ready to answer questions and to lend guidance as needed.
- Single mothers will likely have special considerations when purchasing real estate, including extra bedrooms, an adequate number of bathrooms, school districts, and recreational access. Take those needs into consideration when searching listings and showing homes.
- Be prepared to answer questions about safety when showing homes to women. Have recent crime statistics on hand, and be cognizant of whether homes you show have security systems. It might be a good idea to also research security system installation costs or even have a list of service providers on hand in case related questions arise.
- Some women may be concerned about maintaining a home on their own. That’s where an American Home Shield® Home Warranty can help. American Home Shield Home Warranties offer affordable, flexible coverage for many home systems and appliances that break down due to normal wear and tear. When buyers and sellers have American Home Shield Home Warranty protection and a covered item breaks down, they have a reliable resource to call for repair help. American Home Shield coverage can help all real estate clients, including single females, feel reassurance and confidence as they proceed with real estate transactions. Contact your local AHS® Account Executive today for more information about the benefits of this valuable coverage.