Knowing where they are coming from
There are many niches out there where someone who is in the real estate industry can invest in. And even though the rising of Veteran Affairs home loan, data still showed that there are 24 million veterans and active-duty service members living in the U.S., only about 12% have bought a home using a Veterans Affairs home loan.
Candice Skinner who has been in the Military niche for over 17 years said that even if you’re a real estate pro without a military past of your own, you can find great success with this niche. When it comes to active-duty clients, “it’s about knowing where they’re coming from,” says Skinner, explaining that these clients are less likely to be looking for a “forever home.”
“They’re going to need to leave at some point, so what’s their exit strategy?” she asks. “Make sure you can help them plan toward their goals.” she added.
According to The Realtor Magazine
The demand is strong. A 2020 report from the Urban Institute, The Impacts of US Military Service on Homeownership and Income, found that veterans have higher homeownership rates and incomes than the general population, even within racial, ethnic, or age groups.
The reported homeownership rate for veterans was 78.2%, compared to 64% for the total population. By comparison, active-duty service members reported a lower homeownership rate, 42.7%, but higher incomes.
Importantly, the study found that active-duty and veteran status reduced gaps in racial and ethnic homeownership and income statistics. Importantly, the Black-White homeownership gap is 30 percentage points for the total population, but just 19 percentage points among veteran households and 11 percentage points among active-duty households.
The bottom line: This diverse niche is ripe for serving, whether you’re helping military families relocate or veterans with buying their retirement home.