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 and Southern European immigrants are today’s Hispanic and Asian immigrants. The Irish, Italian, German, and other immigrants from the late 1800s and early 1900s melded into our society and are now second-, third-, and 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 1970s.
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 self is now contemplating his first home purchase.
Here is the big difference in 2017 that perhaps was not the case 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 percent 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:
- A Hispanic consumer sees that Allstate is sponsoring a Hispanic community event and is motivated to search for more information of Allstate on the internet;
- A Spanish-language site explains the different types of insurance. The consumer still has some questions and decides to call the toll-free number listed on the site;
- A Spanish-speaking agent answers the phone call and is able to give the consumer further answers to insurance policy questions in the preferred language, either Spanish or English;
- Still not sure, the consumer decides to wait before making a final decision. In the meantime, he sees a television spot for Allstate featuring one of his favorite Hispanic actors explaining that Allstate insurance understands him;
- This causes him to return to the website, where he searches for and finds a Spanish-speaking agent near him or her; and,
- When he arrives at the agent’s office, he is pleased to find a Hispanic agent who welcomes him and takes the time to answer his questions.
Now, of course, most of you reading this are not Allstate and don’t have its 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.
Jose Perez is an industry veteran who is currently executive vice president of Global Sales for Proxio. Proxio’s real estate marketing and sales platform enables enterprises like builders and brokerages to put inventory in the hands of motivated agents worldwide, resulting in a faster and more cost-effective sales process while tracking activity, interest, and leads. Proxio’s digital marketing, translation tools, and collaborative global network of 750,000-plus agents combine to increase visibility and accelerate property sales.
For more information, please visit www.proxio.com.
For the latest real estate news and trends, bookmark RISMedia.com.
