Consider a New Approach When Targeting Female Homebuyers

March is Marketing and Branding Month here at Inman. As we enter spring selling season, let’s explore which tried-and-true tactics and cutting-edge innovations are getting deals done in today’s market. We’ll also recognize the industry’s marketing and branding leaders with Inman’s Marketing All-Star Awards.

While a lot of real estate marketing assumes an audience of married couples and families with children, half of the buyer market is made up of single people and unmarried couples — and 24 percent of first-time homebuyers and 20 percent of all homebuyers are single women.

Compare that figure to 8 percent of homebuyers who are single males, and it’s clear that homebuying just matters more for women. Here’s why:

• Women are pursuing graduate and professional degrees at a higher rate than men, with 66.9 percent of Master’s degrees awarded in 2022 earned by women. This may translate into more job security and higher wages to put into homeownership.
• The wage gap means women need to be smarter financially at every stage of their financial lives. Women hold more outstanding student debt and, as a result of lower lifetime earnings, end up with less retirement income than men, leaving less room for financial error and a need for more stability.
• Women are more often caretakers, with 73 percent of single-parent homes headed by a woman. For elderly relatives, 66 percent of caregivers are female. Thus, for many women, the stability and security their loved ones depend on comes, in part, from their homeownership.
• A range of studies have indicated that women tend to be more future-oriented than men and better at planning ahead. That may make them more successful in financial decision-making that sets them up for long-term success.
• Affluent women are the future of luxury brands and luxury real estate, with so-called “she-elites” poised to control much of the $30 trillion in value projected to change hands through inheritance in the coming years.

What do women want in a home?

In honor of Women’s History Month, Coldwell Banker’s SHE survey broke down the attitudes and behaviors of more than 300 women to discern how women view homeownership and the homebuying process.

Here are 10 of their most fascinating takeaways:

1. The most important consideration when choosing a real estate professional (at 39.67 percent) for women surveyed was finding someone who “guides me through the process and provides resources so I feel confident in my choices.” Tied for the least important factors, at 6 percent? “Answers your outreach quickly,” and “They are family / friends / a close acquaintance.”
2. The most important factors in selecting a home overall were price (59.33 percent), location (50.67 percent) and number of bedrooms and baths (29.67 percent). The youngest (18-29) and oldest (60+) age cohorts surveyed ranked style and design as their top priorities, at 27 percent and 33 percent, respectively.
3. Multifunctional spaces (67.67 percent) and outdoor living spaces (59.33 percent) were the top two home design elements at the top of women buyers’ wishlists. For buyers ages 30 to 60, they ranked as almost equally important.
4. When asked what kitchen design elements were the most appealing, more than half of survey respondents (51.33 percent) cited ample counter space, with walk-in pantries and updated appliances clocking in at 33 percent each. Popular trends like apron-front sinks and stone-finished countertops ranked near the bottom of the list.
5. Be sure to mention natural light in your next property description; it is the most important living room design element for 50 percent of women buyers surveyed, with size and space a close second at 45.67 percent.
6. Open floorplans aren’t popular with all homebuyers. They’re the second most popular feature for Gen X women ages 45-60, whose most important consideration is size and space and for whom natural light is less important. For Gen Z buyers, open floorplans are among the least important features, with natural light, size and space, and high ceilings considered much more important.
7. A dedicated workspace was at least somewhat important to 84 percent of women surveyed and was a top consideration for millennials.
8. While 28.67 percent of respondents wanted a move-in ready home, a whopping 60 percent of respondents were willing to consider minor repairs or renovations, including painting, updating fixtures, updating floor tiles and updating wall tiles. A few (7.67 percent) were willing to do larger renovations, like gutting a bathroom or kitchen, build an addition or buy a teardown for the value of the land.
9. Women want to see the home they’re buying, even if they’re buying from far away. Among those surveyed, 84.67 percent want to see the home in person, though another 5.33 percent would consider buying remotely if they were moving from out of state; if someone they trust, including their Realtor, saw the property in person; or if they could view a video walkthrough.
10. Sustainability is important to 27.67 percent of women homebuyers, with energy-efficient appliances (63.33 percent), LED lighting (33.33 percent) and solar panels (27.67 percent) as the most important eco-friendly enhancements.

Long story short, when developing marketing campaigns aimed at women homebuyers, focus on a practical and pragmatic approach, with financial considerations front and center. Don’t talk down to women buyers or think they’re only interested in “where the couch goes.”

Understand that “home” represents financial and family security and stability and that women’s needs and preferences change at different times in their lives. Conduct a thorough buyer consultation to discuss commissions and preferences, and really listen to the things that matter most to your buyer.

Help your buyers make the best possible decisions at every step of the homebuying journey and continue to provide insights on home values, investment opportunities and value-added updates in the years to come. Your effort and time will be rewarded with top-of-mind consideration, repeat clients and referrals.

Email Christy Murdock