Women dominating in Real Estate
When the National Association of Realtors (NAR) was founded in 1908, its membership was entirely male, the first woman joined the NAR in 1910, but women struggled for the next 40 years or so to serve on boards. Most Woman entered real estate because it afforded them flexibility to control their own schedule and the ability to work from home, the ability to manage their own careers and potentially great earnings.
Now, in today's fast-paced, competitive marketplace, leaders are quickly learning how critical having a wider range of perspectives is to success. There is an increasing number of women who have learnt the intricacies of the business and are now taking up real estate as a profession and working independently as agents. Many of our real estate association and brokerages are still run by men, but women are stepping up and reaching out ensuring more leadership roles in the real estate industry. Today, the majority of realtors, 63 percent, are women, this is the wave of the future!
Some elementary competencies required to become a good real estate agent are strong, active network connections, familiarity with local areas and firm negotiation skills. Since these attributes come naturally to most women, they are becoming quite successful at their jobs, gradually redefining the industry altogether. Women are generally known to display a greater level of empathy, and persistence, they also tend to be more sensitive and patient towards the client's need leading to higher client satisfaction ratio.
The current real estate market not only provides ample opportunities to engage with a wide array of people- right from owners, developers, customers but also brings exciting daily challenges that accelerate the learning curve for the beginners. Most women today begin by featuring at the entry-level and administrative positions in the real estate industry and climb up the corporate ladder swiftly with hard work and talent. There are plenty of instances where women have set up their own one-stop-solution destinations for all services required by a real estate seeker or potential buyer such as vendors, loan assistance and architectural and interior designing help etc.
Single women are now the biggest group of property buyers in S.A
Female buyers have been steadily increasing since 2016, noticeably overtaking the male and married couple markets. Single female property buyers largely dominate in many areas, with almost 72,000 single women buying residential properties in South Africa last year (according to the research group Lightstone), this makes them the largest single group of property buyers in South Africa.
A study released by FNB showed that between 2016 and 2018 the number of home buyers increased from 48% to 56%, within that period, the percentage of female buyers surged from 22% to 27% while the male buying population remained steady at 27%.
According to Lee Mhlongo, chief executive of FNB Home Finance, the average age of female buyers is 35 and attributes the growth to financial stability. "Property ownership remains the vital foundation on which socio-economic transformation take place," said Mhlongo. "The empowering impact of owning your own property should never be underestimated." More female professionals were opting for an independent lifestyle which includs being a homeowner. Female buyers place security very high on the list of priorities when purchasing property. Security estates or sectional title units prove to be the most popular choice, another factor that women buyers take very seriously is home maintenance and the need to avoid any unnecessary complications in that regard.
Women in the property market are becoming a force to be reckoned with and is an accurate indicator of the changing society that we live in.
To make the process as smooth as possible, here are some tips for single women looking to buy a home.
1.Check Your Credit Report
2.Fix Adverse Accounts
If you have any adverse accounts go through them one at a time, call each lender and try to get them removed or resolved before applying for a mortgage.
3.Determine Your Budget
Owning a house is a significant financial decision. It adds up to more than a mortgage payment. You have to consider home insurance, rates and taxes, renovation and security costs, utilities and unexpected expenses. Make sure to leave yourself wiggle room for potential costly home issues.
4.Save for a Down Payment
Ideally, you want to save up 20% to use as a down payment to avoid high interest rates. Though saving this amount of money could take months or years, it might be worth the wait to get the home you want and a mortgage loan with the best terms and interest rates possible.
5.Get Preapproved
You should do this before you start shopping for a home so you'll know what your realistic budget looks like. When you get preapproved, you'll give your financial information to a lender, who will then determine whether you're eligible for a loan.
6.Research Neighborhoods and Real Estate Brokers
It's important to research neighborhoods and real estate agents. You want to choose a neighborhood that's safe but also affordable. Try to determine the vibe of the neighborhood. Do you want to live somewhere with a young and lively crowd, or do you want a neighborhood filled with families?
You want a real estate agent with experience helping first-time single home buyers. You also want someone patient who will answer your questions and who won't direct you to a home you can't afford.
7.Bring a Trusted Friend to House Hunt
House hunting can be confusing, bring a trusted friend or family member to house hunt with you can be helpful.
8.Check and Double Check Before Closing
Before making your final offer on a property check all your paperwork and legalities as every country has a different legal system and process, even locally different provinces have different by-laws.
Make sure you send your down payment to the correct company. There's been a rise in fraud lately when it comes to transferring money.
9.Finally - Enjoy - You've Earned This
The last tip I have is to really enjoy the moment, as a single woman, you've overcome the odds to save and by yourself, it is not an easy process and it can be long. Congratulations from all of us at Live Real Estate and please contact any of our brokers should you need assistance in your purchasing, or selling, process - live@liverealestate.co.za
