Building Trust with Multicultural Homebuyers

by Gonzales Group

REALTORS® trying to grow their business in the multicultural markets need only slightly modify their approach to marketing according to Dan Carrillo Managing Partner of the Gonzales Group.

“REALTORS® that who want to grow their multicultural business must begin by investing time, effort and resources to better understand the nuances of the multicultural consumer. A good starting point is taking the time to learn about their culture, demographics and the needs of this consumer segment. Agents and Brokers must gain as much cultural knowledge as possible prior to undertaking an initiative that services multicultural customers,” says Carrillo.

One way to bridge your services with the multicultural customer is to become a trusted advisor. While this word has been overplayed in today’s market, for the multicultural consumer the trusted advisor is at the center of the transaction. This trust will develop when the homebuyer senses:

• You help to alleviate his/her stress and anxiety via the information you provide
• The expertise you have, and
• Your commitment in helping them reach their goal of owning a home

Attaining the position of trusted advisor is a necessary ingredient for facilitating sales and insuring a stream of profitable referrals and repeat business.

Carrillo states, "Many first generation multicultural consumers don’t understand the roles and responsibilities of the listing agent or buyers agent and have no point of reference to the home buying process. As their REALTOR®, it’s important to help your client understand what you will do for them. Break the process down for your client by explaining your role. More importantly, let them know you are licensed—you have taken an oath to uphold a Code of Ethics and that you are a member of a professional organization of real estate professionals.”

"As a REALTOR®, building trust begins with your buyers searching for a home and making sure your clients understand how much home they can afford. Often times Multicultural consumers embark on their home buying journey unfamiliar with the financing process. By demonstrating your knowledge of the different types of financing, experience with lenders, and the ability to navigate them to the right program will help build your credibility as a trusted advisor,” Carrillo says.

"Every multicultural consumer is different, he added. “We’ve seen a lot of demographic changes in the first time homebuyer profile, making it important to be mindful of the different cultures residing in your local community. There’s tremendous opportunity in servicing multicultural homebuyers, and if done right, will lead to referrals with qualified multicultural homebuyers in the future."

Cultural Attitudes, Practices, and Communication for the Real Estate Professional

by Gonzales Group

Many real estate professionals are experiencing a transformation in the profile of the homebuyers coming through the door. This new homebuyer is not always receptive to existing sales techniques and traditional marketing approaches do not seem to do much in bringing them into the home buying process. The solutions require some getting back to basics. Adapting to a changing society takes a real estate professional that is willing to step outside the box and create their own organizational culture, tools, and processes to adapt to this new world.

Successful teams and organizations are those that find ways to let go of their own biases and understand that it takes knowing the multicultural consumer inside and out. Given the right social processes, such as trust, time, and cultural immersion, means you can successfully service the multicultural home buyer and expand the customer base beyond the traditional home buying segment that is often over farmed.

New opportunities exist for real estate professionals, provided they keep pace with cultural trends in the marketplace. In addition to maintaining awareness, practitioners must learn about new cultures and in particular, learn how to develop relationships with people who do not fit familiar patterns. Real estate professionals interested in broadening their understanding of diversity and expanding their market share need to:

• Build and expand their understanding of cultural differences to serve clients better and fairly.

• Learn how to offer appropriate services.

• Understand and enjoy other cultures to build relationships; a prerequisite for working with most international or immigrant clients.

• Understand and appreciate other cultures through open lines of communication.