Many single women give up on their hopes of property ownership.It seems like a white-picket-fence dream. As a mortgage broker, this attitude concerns me, because I know it doesn’t have to be like this.
Single women are completely capable of building a property portfolio, and many are determined to do so. Whether coupled-up or single, the goal of property ownership is a solid one for anyone, and savvy mortgage brokers can do much to support and encourage their female clients.
Financial independence is such a crucial achievement and one that women have been fighting to gain for many years. With changing family and economic dynamics, more and more single women are looking to join the property market. They want to build a property portfolio because homeownership is a secure investment.
We’ve seen the importance of these kinds of investments in recent months as COVID-19 has undermined the economy. These economic changes could make property investment more realistic, as with uncertainty around prices, some single women will be able to use this as the chance they’ve been waiting for.
Mortgage brokers have a crucial opportunity to leverage this situation. If we’re aware of this trend and think carefully about how best to cater to these buyers, we can help realise the property ownership dreams of many single women.
If brokers want to best serve this demographic, then they need to get with the times and become aware of unspoken bias.
Women often report that they feel ignored or overlooked by the property professionals they deal with, which is obviously going to be a huge turn-off. Single women need advisers and mortgage brokers who will take them seriously. They need a support team who listen and ask good questions. No one wants to be dismissed or patronised, especially when hard-earned cash and big decisions are at stake.
In order for single women to kick-start their property portfolios, they need compassionate industry professionals.
Homeownership is a long-term investment, so it’s important that buyers secure the best property they can afford, for the sake of their future. For families or couples looking to buy, the formula is pretty simple. Often, families have clear goals for property ownership. Perhaps they’re looking for a three-bedroom house but have plans to move on when their family grows. Or perhaps a location within a school district is a major consideration in their property decision.
This formula is different for single women. A little brainstorming might be needed to assess exactly what kind of value matters most to a single woman. House features? Location? Neighbourhood? Even the floor level is an important consideration, with single females prioritising the security of an upper level (no ground floor, please).
Women often report that they feel ignored or overlooked by the property professionals they deal with ... they need advisers and mortgage brokers who will take them seriously
For women looking to build a property portfolio, it’s important to seek the highest possible value without breaking the budget. This is another reason that having a great team of professionals is key to making wise decisions. As a mortgage broker, are you thinking carefully about the advice and support you give to single clients?
It’s also important to think strategically, which is especially true for those looking to purchase an investment property, rather than a home to live in. Trends change, so the key is to choose long-term value over looks. It can be hard to make decisions with your head and not your heart, and in this respect families and couples can bounce ideas off each other and help keep one another level-headed. This isn’t the case for single women who are looking to buy. So it’s important that they surround themselves with people who will help them make good decisions – and as a mortgage broker, you are partof their support network.
Are you doing everything you can to make life easy for single women in the market for a property? If not, it may be time to make a change.
The current economic and societal climate means more and more women will be joining the property market. They represent a serious slice of clientele who deserve excellent service. There are particular issues that are relevant to single property buyers. Who can help them make their decisions? Are their requests and questions being taken seriously? What is most valuable to them?
As an industry, we need to commit ourselves to finding solutions to these issues. That way, we’ll see many more single women making life-changing property purchases that lead to financial independence. And that’s a win for everyone.
Two Red Shoes