How Agents Can Better Serve Single-Women Homebuyers

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Married couples might comprise the greatest share of homebuyers, but single women follow close behind, especially retired women over the age of 55, according to the Wall Street Journal. Gone are the days when women had to wait until marriage to buy a home; now, women are feeling more confident in creating their own sanctuary and means of wealth-building through homeownership.

If agents hope to maintain their success in the industry, they must prepare for a growing market of single-women homebuyers—a trend that will only increase as more women earn degrees, attain higher-paying jobs and seek properties to buy. Whether your client is a six-figure earning professional, a single mother or a divorcee looking to start a new chapter in her life, or all of the above, here are some important factors to consider when helping your clients, courtesy of the 2018 NAWRB Women in the Housing Ecosystem Report.

Couples, married or unmarried, normally have more buying power than single homebuyers because they have two sources to pull from that could go toward mortgage payments. According to 2016 NAR data, married couples have the highest income of around $99,200, compared to single buyers; however, dependence on a primary income is not deterring single women from buying homes.

Home-Buying Process for Single Women

  • Single women are independent; thus, all home-buying decisions—including where to live, how much of a mortgage payment they can afford, how to decorate their house, etc.—will be made by them.
  • Single women are interested in buying a home as a means of wealth-building. They’re taking the necessary steps to ensure their financial security in the future, whether or not they have a partner.
  • As a single woman, size may not be as important as location and affordability. Some women are interested in owning a home to get a pet, so a sizable backyard is a must.
  • Stringent lending standards make it more difficult for singles applying for loans with one income.

Home-Buying Process for Single Mothers

  • With a limited income, saving money will be difficult because of child-related expenses. Single mothers are also looking for a property they can afford in the long term.
  • Single mothers will want a safe, supportive community with a low crime rate and reputable education system. Having nearby infrastructure and basic amenities like shopping centers, hospitals and parks will be preferred.
  • Working mothers, like other single women, have limited time on their hands; however, single mothers are crunched even more for time, as being a mother is another job in and of itself.
  • Smart home technology, such as security alarms, intercom systems, carbon monoxide detectors and nightlights, could be especially important and appealing to single mothers.

A home is a woman’s sanctuary, a place to call her own, and an invaluable asset that cements one’s professional progress and economic foundation. It would be beneficial for agents to keep this in mind as they assist the needs of women buyers. Your clients will return the favor by referring your services to like-minded friends interested in taking the leap into independent living and property investment. 

Increasing Gender Diversity Without Quotas

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Diversity and inclusion (D&I) continues to be a priority in the corporate world, especially in the housing ecosystem. To increase opportunities for women, some have advocated legislative action. One example is California’s potential SB 826 bill, a law that would require the state’s largest public companies to have at least one woman on their board by the end of 2019. While such policy action may be perceived as long overdue, enforcing quotas is not an all-encompassing solution to the lack of diversity in companies’ executive positions.

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Building an Authentic Client Base On and Offline

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Women using a smartphone in the display and technology advances in stores. Take your screen to put on advertising.

When the Pew Research Center began measuring social media usage in 2005, 5 percent of U.S. adults used at least one social media platform. Today, 69 percent of the public utilizes some form of social media.
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Blockchain Won’t Make Real Estate Agents Obsolete

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Blockchain is an emerging technology that’s impacting the way industries conduct business, especially real estate. Not much is known about blockchain among the general public besides its association with bitcoin. While real estate professionals should pay attention to this new trend—as it will significantly change transactions and data-sharing—it will not make their careers obsolete. Agents have the invaluable ability to build relationships and empathy, which are pivotal to success in the industry. Blockchain is merely a helpful addition to their toolbox.

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Affordable Housing and HELOC Deductibility Under New Tax Laws

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The new tax bill passed by Congress in December 2017, celebrated as the Trump Administration’s first major legislative victory, will have inadvertent consequences for potential homebuyers looking to buy homes in high-end markets, and for those with a home equity line of credit (HELOC). A decrease in home prices and caps on tax deductions, among other effects, will lower affordability in some high-tax states.

The GOP tax bill, which includes a $1.5 trillion tax cut, lowers tax rates for individuals and corporations, and introduces limitations on mortgage and tax deductions.
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Women of Color: A Powerful Demographic for the Future

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The statistics are captivating: American Express OPEN’s 7th Annual State of Women-Owned Businesses Report reveals that businesses owned by women of color have grown 467 percent since 1997. Numbering 5.4 million, minority women-owned businesses comprise 46 percent of all women-owned firms, have over 2 million employees and generate $361 billion in annual revenue.

In the recovering American economy, why aren’t women of color being touted as a powerful demographic?
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Womens’ Economic Growth and Advancement: Insights from Desiree Patno, CEO of NAWRB, on Critical Mass Radio Show

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Fraud and embezzlement in banks can drastically take a toll on business owners. But it is possible to change the system and protect our hard­ earned money. Desiree Patno, the CEO of NAWRB is looking to spread the word on this issue. She joined us to talk about her own personal experiences and how you can avoid becoming a victim. Here are three takeaways from our time with Desiree Patno on Critical Mass Radio Show:
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3 brokerage strategies to boost workplace diversity and inclusion

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BY KRYSTAL MILLER

Boosting diversity and inclusion has become a top priority for many professionals around the world, and real estate, of course, is no exception.

Diversity is becoming a critical business practice that supports a vibrant workplace culture and a successful problem-solving environment. So, it’s something brokerages need to pay close attention to.

Below are three steps real estate brokerages can take to improve their workplace diversity.

Ditch quotas

A mixture of cultures, backgrounds and abilities in your workforce bring different experiences and talent, which increases innovation and perspective.

Local and national minority organizations are great places to strengthen and cultivate relationships with diverse groups of real estate professionals.

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EXIT Realty CEO to Address Women Business Leaders, Recognized as Real Estate Industry Trailblazer

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Los Angeles, CA, June 22, 2018 (GLOBE NEWSWIRE) — EXIT Realty Corp. International, CEO, Tami Bonnell, will join real estate industry forward-thinkers at the second annual WomanUP!® Conference to be held June 28-29 at the JW Marriott LA Live in Los Angeles.  In a recent press release, the California Association of REALTORS® stated, “The two-day conference is part of C.A.R.’s women’s outreach program to bring together a community of mentors and leaders to communicate, collaborate, and support one another in the real estate industry.”

“WomanUP! ® is a great event.  I strongly believe that exposure to what’s possible is the key to success,” says Bonnell.  “My goal at this event is to influence as many women as possible in a way that makes them want to grow to the next level.”

Bonnell is among the featured speakers scheduled to appear, including Bernice Ross, CEO, BrokerageUP!, Steve White, C.A.R. President and Jared Martin, C.A.R. President-elect.
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First Lady of Illinois Diana Rauner to Keynote NAWRB Conference

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Women in the Housing & Real Estate Ecosystem (NAWRB) has announced that Diana Rauner, First Lady of Illinois and president of the Ounce of Prevention Fund, will deliver a keynote during the 2018 NAWRB Conference, “Year of Women.” In the address, Rauner will discuss empowering women, children and families to help break the cycle of intergenerational poverty.

As president of the Ounce of Prevention Fund, Rauner leads the organization in its efforts to deliver effective, educational, evidence-based programs and interventions in support of children and families; preventative solutions that include high-quality, outcome-based classroom learning environments for children; services that promote positive parent-child relationships and attachments; and universal home visiting for newborns and weekly doula visits.

During the address, Rauner will share her path from finance to early childhood research and non-profit work, discussing the Ounce and State of Illinois’ commitment and efforts to maximizing a preventative system of care and advocating for increased services and support, especially for those in need.

Rauner holds a Ph.D. in developmental psychology from the University of Chicago, an MBA from the Stanford Graduate School of Business and a BA from Yale University.

The 5th Annual NAWRB Conference is being held July 29-31 at The Standard Club in Chicago, Ill. Rauner will speak on July 30 from 12:30 p.m. to 2:00 p.m., at the conference luncheon.

For more information, please visit www.nawrb.com.

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