How to Effectively Target the Hispanic Market in Your Real Estate Business
As a real estate agent, you want stability in your real estate business no matter how the housing marketing is performing overall. Even when performance is low, it is important to figure out where potential growth can come from when it comes to your real estate business. The market to watch and focus on is most certainly the Hispanic demographic.
Hispanics are earning more money, are becoming better educated, and are forming households at a faster pace than any other demographic in the country. As more and more Hispanics enter their prime home-buying years, this rate of homeownership should continue to increase.
Why should your real estate agency be focused on Hispanic buyers?
According to the 2018 State of Hispanic Homeownership Report, Hispanic homeownership rates have been increasing each year since 2015. In 2018, the rate of Hispanic homeownership was 47.1%, a number that is expected to grow to 56% by 2030.
In fact, this is the only demographic to see an increased rate of home ownership each year for the past four years.
The rapidly growing Hispanic market will drive significant real estate activity in the coming years.
While Hispanic homeownership is up in many areas across the country, as of 2017, ownership rates are currently highest in New Mexico (65.5%), Texas (56.86%), Wyoming (56.63%), and Michigan (56.13%).
No matter where you’re located, however, your real estate agency can benefit from this growth in Hispanic home ownership rates.
For your agency to reap the greatest benefits, it is important to understand how best to appeal to these buyers so that they feel confident choosing your agency for their real estate needs.
How to market your real estate brand with the Hispanic demographic in mind
To truly connect with potential Hispanic home buyers, you’ll want to market your brand with them in mind. Here are some things you can do:
Advertise on social media. According to the most recent Nielsen Social Media Report, you are most likely to find U.S.-based Hispanics on Facebook, Twitter and Instagram. They are also more likely than their non-Hispanic peers to click on social media advertisements, giving you a better ROI if you target your social media ads correctly.
If you use billboards, place them in areas with a large number of Hispanic residents and commuters.
Consider radio advertisements. Hispanic listeners are more likely to listen to on-air radio broadcasts than almost any other demographic. They also make up 1/5 of the Internet radio listener population. In fact, 7 in 10 Hispanic listeners have made a purchase based on an Internet radio advertisement, such as one you might hear on Pandora.
No matter your platform, be sure to incorporate the Hispanic culture in your ads. People pay attention to whether or not they are represented when viewing an advertisement and are more likely to connect with your agency if they are.
However, be sure to avoid Hispanic stereotyping in your advertising or messaging. Instead, tailor your message to speak to their wants, needs, and values and try to avoid any insensitive stereotypes.
Should you translate your materials to cater to the Hispanic market?
According to recent research, U.S. Hispanics are largely bilingual. The majority of home buyers will understand the English content you share.
However, the range of English proficiency varies by generation and, according to the Experian Simmons Summer 2011 National Hispanic Consumer Study, roughly 56% of Spanish-dominant Hispanics agree that, “When I hear a company advertise in Spanish, it makes me feel like they respect my heritage and want my business.”
Language does matter. For many, producing Spanish and bilingual content is still indicative that you want to engage with them.
So what should you consider translating?
Translate your marketing campaigns. These should not only be translated, but localized to ensure you are producing engaging content for this specific demographic, not just translating the words used on the same advertisements in English.
You should also consider translating your listings and other searchable information. Work with an agency to have a professional translation team translate your listings into Spanish to appeal to Hispanic buyers.
Not only will a translated listing be more likely to come up in a search result if your potential client is using search terms in Spanish, but buyers will also feel more confident about the property and their decision to purchase through you.
Avoid running translations through any automated tools like Google Translate or similar. Doing so will turn up results that are often laughable to your customers and will not bode well for your agency or relay an accurate message to your intended audience.
Should your real estate agency look to add a Spanish-speaking agent to your team?
Approximately 4% of mortgage professionals and 7% of real estate agents in the United States are Hispanic. However, 25% of Hispanic buyers say they would prefer to work with a real estate agent who can assist them in Spanish.
As the Hispanic home-buying market continues to grow in the coming years, this disparity will become more and more obvious, especially if your agency does not have someone who is able to communicate with this group in their preferred language.
If you have the ability to bring a Spanish-speaking agent onto your team, it will give you a leg up on your competitors when it comes to reaching the Hispanic market, as these buyers will feel more confident in your ability to recommend appropriate solutions to meet their home-buying needs.
If you do not have a Spanish-speaking agent available, you could utilize the services of an on-site interpreter to show homes and have meetings with clients, or you might consider telephonic interpreting as an option for these meetings.
Even if you do not speak Spanish, knowing that an interpreter is available will make Hispanic buyers feel more at ease with you if Spanish is their preferred language. This is especially important in closings, so make sure to hire a professional interpreter so your customer fully understands the documents they’re signing.
How to move your real estate agency forward to connect with the Hispanic market – next steps
Hispanics are typically a very brand-loyal consumer base. Once you effectively engage with this group and begin to grow your Hispanic client base, it is essential that you do everything in your power to make their experience a positive one. If not, negative word-of-mouth and online feedback could hinder your agency’s ability to build a relationship with this demographic in the coming years.
Now that you know more about why being able to reach and cater to the Hispanic market will help your real estate agency be successful with this demographic, what are your next steps?
Accessible Translation Solutions is happy to work with you to meet your translation needs. Feel free to send us an email and we can work together to determine the best steps that will meet your budget.
The return on investment will almost certainly be worth it for your agency.