Originally Published in the September 2020 Edition of North DFW Real Producers Magazine
I know you make money when you sale a property, but when I ask you what you love most about your job, you’re not likely to cite pay first.
You help your clients achieve part of the American dream. Whether helping a client search for their first home or selling a home to aid a client’s transition to empty nester, you are vital to the process.
But, do you know just how much you impact your client’s life? Thanks to a recent presentation by Nadia Evangelou, NAR Senior Economist and Director of Forecasting, I have hard numbers on the benefits of homeownership—the very thing that you facilitate.
When you help a client buy a home, you have provided more than a physical shelter, you have helped their kids thrive in school, and increased their mental, physical, and financial health. You have also helped create a more connected and crime-free community.
On average, homeowners remain in their home for 10 years, and during that time they are more engaged civically than non-owners and participate in local elections and neighborhood groups. Their longevity and involvement create strong communities and have been shown to correlate with reduced crime.
The stability of homeownership has been shown to have a significant positive impact on educational achievement, producing lower dropout rates and higher levels of achievement in math and reading.
Research shows that homeowners and children of homeowners are generally happier and healthier than non-owners, a finding that is attributed to the sense of control that’s created through housing stability and to the wealth building effect of homeownership.
Wealth building effect. Did you think I would avoid talking about cold hard cash this whole letter? I said money wouldn’t be the first response I received when I asked you what you love about your job—I never said it wasn’t part of it! It’s the same for your clients. While the financial gain might not be the first thing they love about owning their home, it is certainly part of it. On average, the net worth of a homeowner is $231,400—45 times greater than that of a renter ($5,200).
Also, your work benefits the entire nation! Each home sale has a positive impact on our national GDP. In fact, the real estate industry accounted for 18% of the GDP in 2019.
On a recent episode of CCAR’s podcast, Welcome to the Top, CCAR’s 2021 Secretary/Treasurer, Shana Acquisto, discussed why she loves her profession. “I love being able to make a difference to so many different people, and the freedom,” Acquisto said. When asked about leads and the clients she has served, she kindly corrects saying, “I don’t have leads, I have friends. When I work with someone, I make a connection and a friend.” A perspective that amplifies her purpose and drive, “It’s a huge satisfaction to help our friends achieve the American dream of owning a home,” Acquisto concluded.
There is still much work to be done to help fellow Texans obtain part of the American dream. In 2018, 64.6% of Americans were homeowners, yet both the Texas and Dallas metro area is lower than the national average. Today, COVID-19 is opening the doors for more to buy as interest rates hit record lows. As new buyers enter the market, we know they are in good hands with you.
So, thank you, Realtors. Thank you for the energy you bring to work every day, and thank you for making the American dream a reality for so many of us.
Your Friend (Not Lead)