Women may be from Venus and men from Mars, but in a tight real estate market, one industry veteran focused on that former group is offering brokers advice on how to better satisfy women clients.
Make no mistake, says Marcy Berg, men and women tend to view mortgages very differently.
“Women and men look at mortgages from vastly different perspectives,” the broker at Mortgage Diversity Group – Mortgages for Women tells MortgageBrokerNews.ca. “Men are looking to buy a house, but for women getting a mortgage represents empowerment and safety.”
For this reason, men are more prone to close a deal much faster than women are, says the mortgage professional, based in Cobourg, Ont. She also has years of experience with male client, having worked as a mortgage specialist for one of the Big 5.
“Men will want to close a deal almost instantly but women want to take more time to weigh all the pros and cons,” she said. “Typically the process takes a year. The women I talk with today would likely represent my income for 2013.”
This could be the reason why not many brokers chose to cater strictly to women clients, she said.
That may not change anytime soon, but as more and more women move to purchase homes on their own or assume the lead role in that transaction, brokers may want to strengthen their appeal for women clients.
Berg suggests brokers keep the following in mind:
Men: are typically very rate focused; don’t pay much attention to other details such as pre-payment and other terms of the mortgage
Women: rarely sign right away; will want more time to research; want to know what their options are especially in case they miss payments or lose their jobs
“It’s fantastic, in my more than 10 years as a broker, the question of pre-payments or compound interest never came up when my client was a man,” said Berg.