According to Time magazine, the number of female billionaires grew faster globally in 2017 than the number of male billionaires. This redistribution of wealth has seen an impact on luxury real estate both in its purchase and design attributes—and, obviously, this is important for REALTORS® to recognize when relating to their clients. Some reasons for this change could be credited to women making up more than 50 percent of all undergraduate and graduate enrollments, as well as living longer on average.
It is important to remember that when dealing with high-net worth clients that women’s lifestyles are not necessarily synonymous to their male counterparts. Women are much more likely to have breaks in their career, or multiphase careers. These differences in lifestyle can also lead to a difference in what they are looking for when purchasing a luxury home.
Know Where to Target Potential Clients
Knowing where to look for potential clients is a key step in growing your business.
Some interesting networking opportunities—many of which are explored in more depth during The Institute Training Courses—range from connecting through alumni groups, parental organizations, philanthropy boards and with influencers such as consultants, accountants and wealth managers.
By knowing where and how to connect with wealthy women, you are more likely to develop a relationship that could eventually turn into a client.
Key Home Features
Women and men have different needs and wants when it comes to home features, and with the turn of wealth, it is important to know exactly which features to highlight in a home.
Working women may appreciate having a home office that is separate from her husband’s. Women also love bringing the outdoors in and making great use of natural light, scenic views and natural materials.
Lastly, whether a master cook or not, women appreciate the importance of their kitchen and its focal influence during any social event. Designs are trending towards big, bold statements, colors, features and clever technology.
Do Your Research
With more and more women rising up in the workforce, it is important to do your research before interacting with a potential client—you never know who the main breadwinner in a family may be.
One Institute member told us a story about how she was showing a home and kept referring back to the husband about the financial aspects of the home purchase, etc. At the end of the tour, she went to ask him another question, only for him to inform her that she was speaking to the wrong spouse, as he was the stay-at-home dad! This faux pas almost cost her the client.
Be sure to do your research on your clients before a meeting so that you can be prepared and give the best and most relevant presentation possible. Having access to this type of information is part of The Institute’s Member Benefits.
Be Familiar With Cultural Differences
Wealthy women are not only on the rise in North America, but globally. It is important to be familiar with international clients’ customs before meeting them to leave the best possible professional impression and not cause offense. The Institute has arranged with McGraw-Hill Publishing to offer complimentary online access to the Kiss, Bow or Shake Hands website to their members, allowing you to properly ready yourself for any opportunity you may have to work with foreign clients.
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