A few weeks ago I posted a blog about the importance of capturing foreign and multicultural business. I discussed the fact that this type of business exists all over the country in cities large and small, not just in what everyone identifies as international cities like New York, Miami, Los Angeles, and San Francisco.
This is a very important quote that should tell you everything you need to know and justify the effort you need to put into this important and growing market.
“Although immigrants come from a wide variety of cultures, there is a universal desire for homeownership. Cross-cultural marketing will become the rule of doing business.”
– Ruben Pena, Director Texas Association of Realtors
In this post, I want to dive a little deeper and give you some real world examples of what can be done to attract this growing segment of our industry. No matter where you are, there are opportunities so educate yourself, be sensitive, and go out and get it!
First, some more stats if what I shared last time was not enough…
As this chart shows, we will always be a country of immigrants. Yesterday’s Eastern, Western, Southern European immigrants are today’s Hispanic and Asian immigrants. The Irish, Italian, German, and other immigrants from the late 1800’s and early 1900’s melded into our society and are now second, third, fourth generation Americans buying and selling real estate.
That same process is now in play for Hispanics, Asians, and others that have been coming here in increasing numbers since the early 1970’s.
My parents brought me here in 1962, bought their first house in New York in 1970 and have bought two more homes in Florida since. As the next generation, I have bought and sold nine homes since 1987. My 28 year old in now contemplating his first home purchase.
Here is the big difference in 2017 that, perhaps was not the case in 20 or 30 years ago… real estate has become global and is a much bigger opportunity today than it has ever been.
This is a fact.
Now combine that with how important consumer satisfaction is in today’s consumer driven culture and you can begin to see why you should not be sitting still.
One more stat that not only confirms what I am saying, but underscores the importance with the up and coming millennial generation that will consist of 40% minority consumers in the not too distant future:
I am fond of taking ideas from outside real estate and applying them to our industry. Here is how Allstate Insurance has captured a growing share of the Hispanic market in an intelligent and respectful way from “Trends in Marketing Insurance to Hispanics”, Florida State University (2006).
Hispanics see evidence of Allstate’s involvement in and concern for Hispanics and their community. A typical experience might go like this:
Now, of course, most of you reading this blog are not Allstate and don’t have their budget, but there are many things listed here that you do have the ability to do today without a ton of expense.
As I mentioned last time, my company deals with thousands of global agents and their buyers. The reason many of them use our platform is because they can network with agents in the U.S. and abroad in their language. By being able to do this, they ensure a great experience for their clients, regardless of where they may be.
You can do this too. it just takes a bit of effort and understanding, the rest is plain common sense.
Respected and innovative industry leader, Jose Perez, has been making a difference for almost 30 years. His vision is focused on helping brokerages bridge the gap between the growing expectations of consumers and agents and the lack of innovation the industry has been able to deliver over the past few years. Jose is the Executive Vice President of Global Sales for Proxio.