Article originally published on Orlando Business Journal
Hispanics have become a catalyst for the U.S. housing market, according to research from Better Homes & Gardens Real Estate and the National Association of Hispanic Real Estate Professionals.
Hispanic women, especially, have the most influence in unlocking this buying power, based on the important role they play in their household. Ninety-one percent of Latinas think buying a home is the best financial investment they can make, and 61 percent believe they will play a more important role than their partner in the next home purchase, especially in researching homes to visit, researching communities or neighborhoods, making decisions on what home to purchase and mortgage options.
The rapidly growing market of Hispanics in the U.S. will drive significant traffic in real estate activity in the near future. For many Hispanics, buying a home is a sign of success, of achieving the American dream.
So, how do we market the real estate communities or developments to them?
You might be thinking of running some Spanish advertising in Hispanic media. To be sure, that is a smart move; however, the success of your campaign will not depend on language use. It will depend on how well you understand the Hispanic culture to truly connect and activate this influential consumer.
Hispanic women are increasingly bilingual and value the Spanish language as part of their identity, tradition and culture. Sixty-one percent of those polled do not think it’s important that their real estate agent speak Spanish. However, for those looking to buy a home, 48 percent feel it’s important for an agent to speak Spanish and 73 percent prefer to work with a female agent.
They feel that Spanish-speaking sales associates will make them feel more at ease during the purchasing process. They will understand their culture and lifestyle, and will connect better with the extended family members who play an important role during the purchase decision.
So, keep these three tips in mind:
- Welcome them home: Buying a home is a big event and a large-ticket item for Hispanics. Make sure they have a memorable experience. They are a part of a very large community family, so word of mouth is a powerful tool for you. Listen to their needs. Be aware that they might stop by your showroom with their kids and grandparents. Owning a home is building a strong foundation for their future. This is a big decision, not a quick sale for them.
- Keep them close to the ones they love: Based on current research of Hispanics polled, 34 percent would prefer a less desirable home closer to their family than their dream home, no matter the location. It is important to be close to their parents, grandparents and have easy access to gather for family reunions on weekends.
- Make room for multi-generational living: Sixty-two percent would buy a home with rooms for more people than currently live with them. Hispanics like to host their family members from overseas when they come to visit. And parents always will have a room ready for their kids in case they decide to move back home.
There is a great opportunity knocking on your door right now. If you learn the right way to connect with Hispanics, especially Latinas, you will earn the loyalty of the nation’s largest, fastest-growing market in the U.S. And that can do wonders for your bottom line.