A Smart Niche: Buyers with Disabilities

REALTOR® Magazine Daily Real Estate News May 14, 2008

Despite the fact that Americans with disabilities have $1 trillion in annual income and $200 billion in annual buying power, according to the U.S. Department of Labor, only 7 percent own a home.

Acquiring the knowledge to serve this niche allows real estate professionals to both “do good and do good business,” David Layne of PCMS Consulting in Troy, Mich., told attendees at the NAR 2008 Midyear Legislative Meetings & Trade Expo here in the nation's capital.

Layne, who has more than 20 years experience working with special needs housing, told REALTORS® that the options for providing services to individuals and families with special needs range from locating homes that can be easily adapted for special needs to assisting local government and nonprofit housing groups in acquiring land and buildings to house special-need clients.

A variety of federal, state, and local programs almost make the economics of selling to those with disabilities a viable niche, Layne said. He cited two examples: The Federal Home Loan Banks offer those with disabilities $13,500 grants that can be used to cover down payments and closing costs.

These grants are forgiven after five years. Fannie Mae’s HomeChoice mortgage program provides pre-purchase counseling and flexible underwriting for qualified low- and moderate-income buyers with disabilities. Layne offered these marketing tips for REALTORS® who want to work with clients who have disabilities.

*Partner with local housing providers, support groups, and other groups serving the disabled and offer your help in locating homes for those with special needs.

*Assemble a local resource guide of transportation options, health care facilities, and support groups that will assist those with physical, mental, or developmental disabilities.

*Create a section of your Web site that lists accessible parks and entertainment, top medical and educational facilities, transportation services for the disabled, and support groups for the disabled and their families.

*Make your own office accessible, with entry ramps, Braille signage, and wide halls that will accommodate wheelchairs.

“Some 7 out of 10 Americans are either disabled or know someone who is, so you already have people in your sphere of influence that could benefit from this knowledge and provide a new source of business for you,” concluded Layne.

— By Mariwyn Evans for REALTOR® magazine online