Investing In Your Future
Buying a property is one of the biggest financial investments a woman will make and in today’s tough economic climate it is even more crucial than ever to get it right. According to one financial wellness survey only 30% of women are investing in properties compared to 65% of men.
Founder of Inspire Realty, Colin Lee believes women often don’t elevate their financial priorities and consider their retirement the way men do – instead they tend to focus on their family and family commitments.
However, as a qualified property investment advisor and buyer’s agent, Colin says he’s seeing a growing trend among women wanting to establish financial independence and secure their future. “The Australian dream is still there, and people know property is still a stable investment, but they don’t know how to go about it and it’s very overwhelming,” Colin explains.
Do Your Homework & Get Comfortable
Buying a property is quite overwhelming and engaging a buyer’s agent is a smart move, particularly for women wanting to invest in property. “There is a big disparity among the way men and women approach investing and buying property,” Colin notes.
“Women often over analyse the situation before getting into properties. But when they do, they are the better investors.” He says many also approach property investment envisioning whether they could see themselves living in it.
“This means you are buying with your heart and it’s an emotional purchase and you tend to pay more than it’s worth,” he says. “There is a sense of trepidation or fear of overpaying because they know they are emotional investors and agents will play to this.
Looking At Investment From Another Perspective
“It’s my job to encourage and show them a different perspective. You are buying this property and appealing to the demographics of those living in the suburb. Ultimately the numbers have to stack up and you need to invest with your head.”
It is a well-known fact among estate agents that women are the emotional buyers and the ultimate decision makers so they will often focus their attention on the women and gear their conversation towards them, using emotive language.
“A salesperson knows if they can focus on the emotional pull from a woman, they will have more leeway to negotiate a higher price,” Colin states. “Women need to understand this is the norm and become comfortable with it and build emotional strength and maturity and look at the deal purely as a financial investment.
“One woman, who ended up coming to me for help, literally got sweaty palms going to the properties and making offers because she just didn’t know what she was doing. “I am working with a lot more single women who are geared towards their ambitious financial independence,” Colin explains.
Securing Your Financial Future
“They are in well-paying jobs focusing their weekdays on working and their weekends relaxing with no time to think about their financial future. “When we sit down to talk about their financial security and investing, I begin with the real purpose of investing in property. I hear all the time, ‘I want to be able to stand on my own two feet and be financially independent and financially well’.”
Having been in the real estate industry for 15 years, Colin says he’s noticed a trend towards women wanting to have children later in life and making their financial wellbeing the top priority before embarking on having a family. He also notes that women are savvier nowadays and less willing to be taken in by a sharp talking agent.
Having a buyer’s agent by your side provides a sounding board – a second opinion from someone who is unbiased and takes the emotion out of it. “I help women understand what an investment worthy property looks like,” Colin says. “I can help them see if the numbers stack up and give them a level of comfort and confidence.
“When you are buying an investment property you should look at around 100 properties before deciding and then it can sometimes be a case of putting in ten offers before you finally buy one. “Women are becoming more time poor and really don’t have the time to invest in the research and inspections, and that’s where I can also step in.”
About The Author
Colin Lee was born in Malaysia and moved with his family to Australia at the age of 19. He bought his first house at the age of 28 after working numerous jobs to save for half a deposit and his mum providing the balance.
He is a qualified property investment consultant and buyer’s agent and owner of Inspire Realty.
Colin currently owns seven properties and is passionate about helping people invest and secure their financial future to be able to retire with a passive income.