Women are becoming leading game players in real estate. No, this doesn’t mean that they are donning the hard hat and overalls, but women are showing that they mean business, and they are taking control of their own and their family’s financial future.
Business savvy and market aware, women are increasingly becoming key financial decision makers in property. Whether single or heads of households, women are coming into the lead of the home ownership demographic.
So, what sets female buyers and sellers apart from their male counterparts?
Women do their homework
Women do the background research before selling a home and on average take more time to think about an investment, rather than diving head first into a project. Online research is now a huge part of preparing to sell or buy property, and data shows us that women are using online resources to get ahead in the property game.
LocalAgentFinder, a real estate comparison site for home sellers, tell us that women make up 60 per cent of registered users– that’s women selling properties. It goes to show that women make up the majority when it comes to researching real agents before selling a property; they are on the ball when it comes to making informed choices.
More data (from Nielsen this time) tell us that realestate.com.au, a popular property search website for buyers, had 53 per cent female visitors on their site. This is a trend that has been increasing steadily and is set to continue, yet again demonstrating that women are leading the way as key decision makers.
For those of us who want to be successful in the real estate game, it’s of extreme importance to know what women want when it comes to property.
What women want
Does it have a big kitchen? Is it family-friendly? Where’s the nearest school? These are all questions that top the list of important factors of the informed female buyer that is starting to dominate the market. Women often buy or sell a property in terms of the lifestyle it can offer, rather than simply marketing interest in a property based on a lower price.
Women sellers know that lifestyle can sell more than price; buyers are more and more looking to upsize, hunting for a larger property than before. So, that large shiny kitchen top does matter. Female sellers often put themselves in the shoes of a buyer, so if a home is near a school, a family-friendly park or a street of shops, it all adds to lifestyle and emphasising this adds value to a lifestyle-seeking buyer. Did you know that if your
property is near a supermarket on average the value is increased by 12 per cent? It’s a real thing and is commonly known as the ‘waitrose effect’.
Single female buyers tend to be on the look out for property in more secure areas, aiming for the first or second floor rather than the ground floor of apartment buildings. Safety is a huge lifestyle factor in terms of property. And, yep the data is in and both in America and onshore in Australia single women own more homes than single men; in Australia that’s 65 per cent of women as homeowners compared to 55 per cent of single men (Census 2011). This isn’t a new trend and is one that has been increasing since the 1990s.
Female buyers are more likely to look at the long-term property market. Women are investing for financial security over time, buying and selling properties in areas that have shown steady growth and financial increase. This means taking less risks but making more secure investments.
Marketing with women in mind
Women are coming into their own as key property decision makers, as both buyers and sellers. It’s always important to keep these key points in mind when marketing your property–not only do these points appeal to female buyers but they will also emphasise value-adding aspects to your home.
Thinking of selling?
Here are some useful tips for those of you looking to take the plunge and sell up your property:
● The best way to sell to informed buyers is to be informed yourself, making sure you are armed with the latest knowledge of property prices and agent commissions in your area.
● Emphasise the location of your property by focusing on the lifestyle it can provide. Pay attention to the suburbs reputation, look for good facilities like schools and parks, and check in with local government websites to record any planned developments in your area.
● Use a good real estate agent who really knows the area inside and out. One way to find the best agent for you is to use the free online agent comparison service LocalAgentFinder and request free written quotes from local agents to compare agents’ fees, services and experience.