What do women want in a property and why it matters?
There has been a significant shift in the real estate market with women emerging as key influencers and purchasers in recent years. Traditionally, men were perceived as the primary decision-makers in real estate transactions, but this perception is changing as more women are actively involved in property-buying decisions. Women are increasingly becoming financially independent, educated, and empowered to make their own choices when it comes to purchasing real estate.
This shift is important to acknowledge because it reflects the changing dynamics of the housing market. Real estate developers, agents, and marketers need to recognise the growing influence of women in property transactions and tailor their strategies to cater to their preferences and needs. By understanding and addressing what women want in a property, businesses can better connect with this demographic and capitalise on the opportunities presented by this evolving trend in the real estate market.
Data from Lightstone highlights the significant role that women now play in South Africa's residential housing market. With women owning almost 60% of the country's residential housing stock, either individually or in partnership, it is clear that women are increasingly taking charge of their financial independence and security.
The fact that women first-time buyers now outnumber their male counterparts, with many of them being single or divorced, reflects a broader shift towards economic empowerment and changing societal norms. Women are not only buying homes, but also investing in real estate as a means to build wealth and achieve financial independence. This includes participating in property development, rental property investments, and house flipping, highlighting their growing influence and participation in the real estate market.
There are several factors that have contributed to this shift.
Women's increasing financial independence, higher educational attainment, career advancements and societal shifts towards gender equality have bolstered their confidence and empowered them to make significant financial decisions about the key issues in their lives, with a crucial one being property ownership.
Women often play a key role in shaping these aspects of a property purchase, as they tend to focus on the functionality, comfort, and overall feel of a home. Their influence in deciding on property purchases and how a home is presented and marketed for sale is significant, as they bring a unique perspective that considers not just the physical attributes of a property but also its emotional and practical aspects.
Recognising the importance of women in the decision-making process of property purchases is crucial for real estate professionals and businesses. By understanding and valuing the role that women play in shaping the home-buying experience, stakeholders in the real estate market can better cater to their preferences and create properties, which resonate with this demographic. Ultimately, acknowledging and leveraging the influence of women in property transactions can lead to more successful sales and satisfied customers in the housing market.
Understanding the preferences and priorities of women in the home-buying process is indeed crucial for sellers looking to appeal to this influential group. Research indicates that men and women often have different priorities when viewing a home. Men typically focus on factors like the garden, garage, structural aspects, and potential issues such as maintenance issues. On the other hand, women tend to approach home viewing from a more functional and family-oriented perspective.
Given the significant role women play in home buying, sellers and agents need to adopt strategies that resonate with their priorities:
Enhance Safety Features: Highlighting safety features such as secure locks, alarm systems, and well-lit exteriors can add appeal, as will providing information about the safety of the neighbourhood, including crime rates and community policing efforts.
Promote Community Amenities: Sellers should emphasise the proximity of desirable amenities such as schools, parks, healthcare facilities, and shopping centres and providing information about community events and organisations will also help to create a positive impression.
Focus on Functional and Aesthetic Upgrades: Investing in home improvements that enhance functionality and aesthetic appeal can make a property more attractive to women buyers. Modernising kitchens and bathrooms, improving storage solutions, and ensuring the home is in good repair are likely to be the most effective strategies.
Staging for Success: When it comes to presentation, decluttering is key as it allows buyers to imagine their own items in the space. Staging is important for highlighting a home’s best features, creating a warm and inviting atmosphere, and demonstrating the potential lifestyle it offers.
Start with decluttering and if you don’t have the time to stage, it might be worthwhile hiring a professional.
Transparent Communication: Women buyers appreciate transparency and honesty so providing detailed information about the home’s condition, recent upgrades, and the neighbourhood can go a long way to build trust and confidence. Sellers should be prepared to answer questions thoroughly and provide comprehensive documentation.
Marketing with Women in Mind: The influence women now have over purchasing property hasn’t impacted housing trends so much as it’s shaped the marketing messages with the lifestyle a property can provide and location always being key. It becomes more important. Using high-quality images, virtual tours, and detailed descriptions that emphasise the home’s strengths and community benefits will also attract more interest.