PR Tips for Real Estate

The Single Women Niche and the Real Estate Market

by Heather

When I was a kid, my Mom used to dance around the kitchen in her bellbottoms to some Motown tunes. I remember dancing with her to that old Cornelious Brothers and Sister Rose song “Treat Her Like a Lady”. Well, no truer words have been spoken. Women, as a group are just different. Maybe we are from Venus, but one thing is for sure, as a consumer demographic, we are a niche you want to know WELL in order to reap the rewards of our buying habits.

Single Women are smart, well-informed consumers. Women tend to comparison shop and do more information gathering and research than men. Have you heard that old saying…telephone, telegraph, tell a woman? It’s true! Women are the sharers of information. We TALK! A lot! We know who gives the best highlights in town…and the worst! If you give us good service, we will be your loyal cheerleader and free PR agent forever, but if you burn us, watch out!

Did you know single women are one of the fastest growing market segments in real estate?

-1 out of every 5 homes was bought by a Single Woman in 2007
-1.5 million Single Women bought their own homes last year
-Over 27% of first time homebuyers are Single Women
-Average age: 42; early 30¹s to mid-50¹s; diverse market
includes divorcees, single moms, young career women postponing marriage; about 25% are minorities
-Women do their homework, do more research and expect a buttoned-up approach from partners
-Women tend to focus on the details and are information hungry
-Women talk to women: Network to find properties, locations, financing, services, etc
-Tend to look at more properties; longer decision buying process *Expect high level of service; respond positively to random acts of kindness
-Provide 2x more referrals than men
-Financially independent, however, more likely to be budget conscience
-They want a partner who is sensitive to their budget

Connecting on a personal level is key to building a relationship. It’s also important for your single women clients to share their story and to feel understood and heard. Being an active listener will score more points than a sales pitch.

In real estate transactions, the personal connection is key. The realtor needs to be a “partner” who is an active listener and wants to hear their story

-Women respond more positively to people-oriented advertising and human benefits
-Safety, security and sense of community (less apt to be a pioneer in up and coming fringe area)
-Comfort, convenience and local amenities are most important
-Women are more tuned in to aesthetics of building, neighborhood
-Generally prefer newer homes over fixer-uppers
-Stress the financial benefits of home ownership, and the sense of pride, accomplishment and independence that comes from owning versus renting

As mentioned, women tend to respond more positively to people-oriented advertising than product-focused advertising. So it¹s generally a good idea to show people in photography, whenever possible, and not simply properties or homes.

Additionally, emotional benefits are equally as important as the rational benefits. So it’s not enough to stress the financial benefits of home ownership, but the sense of pride, accomplishment and independence that comes from owning vs. renting.

Do women look for different things than men when buying a home? A woman’s taste in home styles is as diverse as that of a single man or couple, but there are certain attributes that women seem to value more than men:

-Women living alone or with children, may feel more vulnerable than men, so safety, security and a sense of community are more important to them. This means they may be less apt to be a pioneer in an up-and-coming neighborhood.
-Big selling features for women tend to be comfort, convenience and amenities such as local shopping, cultural activities, and a sense of neighborhood.
-Women tend to be more tuned in to the aesthetics of the building/home, neighborhood and outdoor space and/or garden.
-Generally Single Women prefer newer homes over ‘fixer-uppers’, since some women prefer not to ‘do-it-themselves’.

The real estate market is changing. Be ready for it! So rent a copy of What Women Want at Blockbuster, find out when that show sale starts at DSW and tap into the fastest growing consumer niche market, single women!

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