This will be your best year YET !!!

Women and Home Buying

I will take my time with this post because I know of:

  1. Its importance impact
  2. It truthfulness and validity

First for some facts (data):  these are numbers taken from the study done in 2006 from the Joint Center of Housing Policy of Harvard,  by Rachel Bogardus Drew

  • Women make or direct 91% of home buying decisions. (Price tag: about $2 trillion)
  • Women make 75% of the decisions about new homes. (Price tag: at least $250 billion)
  • Women initiate 80% of all home improvement purchasing decisions, especially when it comes to big ticket orders such as kitchen cabinets, flooring, and bathroom overhauls.
  • Women represent 51% of consumers that usually hire professionals for home improvement and remodeling projects.(Price tag: at least $100 billion)
  • Women purchase 94% of home furnishings.

Now I know this for a fact anecdotally as a Realtor.  If I were to count, about 85% of my current, active client base are  women and 100% of my total clients are women (married couples). So you are either a women or you have a women in your household. And if you are a married couple, it is quite clear (even from my own experiences) that the main decision maker in the home buying process is the fairer sex.  A fellow Realtor/ Investor and I had a lively conversation related to being a Realtor dealing almost primarily with female buyers and the women who love us…  I will not expound on the conversation too much but I will repeat his quoted words “It takes being married to a strong women to deal with a Realtor having women called all hours of the day and night in ‘distress’ over home buying issues“.Anon

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What does this mean?  Well for starters that as an Realtor I need to know what you ladies want, what are your fears and expectations in the process and work with both your level of comfort and knowledge.  Early in my Real Estate career I believe I lost a client due to not quite understanding the specific needs of this very important client base.

Taken from http://www.she-conomy.com is a list of current was marketing in gearing itself towards it most “rewarding” customer.

The following are six simple steps to take when marketing to women:

  • Use language that evokes feeling and thought. For example, describe a granite’s origin in a way that helps her visualize where it came from.  Don’t ever underestimate the power of description. She will probably use many of those same words when describing her new home’s granite to friends over cocktails.

  • Use color and textures in your collateral. Unlike men, women will actually read every word of a marketing piece, hang on to it and show it to their friends. And, when they can’t find it on their desk or in the file, they’ll describe the piece as “this really cool brochure that has this beautiful artist’s rendering of my dream home on it.” They may or may not remember the name of the model complex — because they often see 20 or 30 of them — but they will remember the pieces they collected from the sales office as long as those pieces are equal to the experience they felt as they went through the model.

  • Engage all five senses. The experience of buying or remodeling a home is the most personal journey a woman encounters in her lifetime. If you want her to remember her experiences in your home, appeal to all five of her senses. Engaging her sight is imperative, followed by her keen sense of smell. You don’t just have to use candles as air fresheners — there are all types of air fresheners on the market that are sight unseen without being overpowering. Then invite her to touch everything. Let her explore the appliances and open the closet doors. Accentuate spaces in the home that give her ample storage. Have music playing throughout the home she’s visiting. Finally, to appeal to her sense of taste, have snacks she can nibble on available throughout her buying experience.

  • Do something extraordinary. Women like to be pleasantly surprised, so take ordinary activities and make them extraordinary. For instance, if your demographic has a high percentage of single working mothers or down-sizers, it’s likely they work long hours so hold your grand opening in the evening. Be sure to have candles in the rooms and offer her a glass of wine as she unwinds from her day. Or, if the demographic is primarily young families, have a reading of a children’s author at your grand opening and send the children home with autographed copies. She’ll never forget the effort — and she will tell all of her friends.

  • Educate her. Today’s woman wants to know how her house works. Show her where the electrical panel is and label each connection. If you are a green builder, showcase the process with see-through panels to show her the insulation. If you feature Energy Star products, give her the supporting material in your sales office.

  • Ask for her feedback. This is perhaps the scariest thing for a builder or remodeler to do, but your best return on staging or modeling your homes is finding out what you may have missed and, better yet, what you got right. If you’ve done a great job, ask if you can use her testimonial in your campaign. If you missed the mark, ask her back after you’ve incorporated some of her ideas. According to She-conomy.com, 51% of women buyers will give a company a second chance if they feel the product or service missed the mark the first time. YOU !!

    She-conomy Video
    – Watch more Videos at Vodpod.
    There are organizations like She-conomy as well as writers and advocates that are geared specifically to help the female consumer not just in home buying but in many financial matters.  A favorite of mine is Tara Nichole-Nelson of http://www.REthinkrealestate.com.  As a matter of fact NEW followers that comment will receive a copy of the first Chapter of her book:
    Trillion Dollar Woman that is dedicated to educating women around home buying and one follower will get mailed to them a copy of the book:
    The Savvy Woman’s Homebuying Handbook: 150 Insider Secrets, Decision-Making Guides and Online Resources, plus the ONE Action Plan You Need

    Ok ladies!!  This is for you.

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About dirktherealtor

Realtor at Realty Mark - CityScape. I am a tech savy eRealtor with expertise in Philadelphia and surrounding areas, specializing in 1st time home buyers/ sellers and investors. Father of 2 active children, living in the Cheltenham area of Pa. I am active in the community and online.

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