If you're not working with Hispanic clients, you're missing a huge market, as they remain one of the fastest growing homebuying demographics.
However, if you're not Hispanic yourself, there are a few things you might want to know before you dive in. Below are some tips from the top two winners of NAHREP's Top 250 award, Mario Negron, Owner/Broker Associate, RE/MAX Prestige in Houston, Texas, and Claudia Restrepo, of Keller Williams Realty The Legacy Group in Spokane, Wash.
Don't forget to listen. “The biggest mistake agents make when working with Hispanic clients is not paying attention,” says Negron. For instance, Negron points out that most Hispanic clients are family driven, and this impacts their choice in home location. “We congregate closer to family, relatives. That's where most agents drop the ball. They show homes far away because they don't realize what the clients want.”
Focus even further relationship-building. Most agents work to build their relationships with their clients, but when working with the Hispanic demographic, it's even more important. “Hispanics are very relationship oriented,” explains Restrepo. “We want to know who we are doing business with before we actually start working with someone.” Be sure to go the extra mile to connect, be present, and show you care not only about making a sale, but about the happiness and well-being of your client.
Pay attention to unique financial needs. Hispanic homeowners are less likely to want to finance a large sum. “We are not used to borrowing a large amount of money for a long period of time to own a home,” explains Restrepo. “We want to pay it off as soon as possible. Those little details make the experience different from any other buyers.”
Expect (and respect) a larger family unit. You may be used to working with married teams of two, but Hispanic families tend to include extended family members in their core unit. This could mean that not only are Grandma and Grandpa coming along on your listing tours, but they are going to be involved with their family's decision-making process, so be sure to address and include them, too.
Real estate professionals should understand the idiosyncrasies of Hispanic culture. By doing so, the transaction will be more successful for everyone involved.
Great tips! Gracias!
Nice stereotyping!
Can you explain why bilingual Realtors refuse to agree to referral fees for leads that I get via extensive direct marketing, then pre-screen as well as I can before I try to refer the clients? I am told that I “have no right to be working with Hispanic clients” because I am “not Hispanic”. The Realtors actually don’t know what my heritage is. I have, thus, had to struggle along, enroll in a strict Spanish immersion course to improve my Spanish, and insist that Latin clients enroll the services of one of their friends, who translates purchase agreement forms line by line and word by word (as per legal advice) for both their and my protection down the line. Terita Maria Savoy
Yes, the Hispanic buyer/seller is definitely a business imperative – What many DON’T know yet is they are the most loving, loyal, patient, grateful clients you will EVER SERVE ! Get ready to be invited to their new “casita” for dinner, a back yard get together or a birthday. You can AND SHOULD become part of their family and they will send you referrals for GENERATIONS. I work with Hispanics in the third generation. Sold grandpa’s house, sold Mom and Dad a house, and how helping the grandkids buy their first home. #hispanicsrock
absolutely on point ! I’m a Hispanic and live in Miami where the majority of the population is Hispanic, as a Hispanic we tend to share everything with one another we like to know where you are from, who you are , what you like etc. not to be nosy but to build relationships make friends and usually if we have a good experience with someone we love to refer them to everybody. i don’t think it´s stereotyping like one of the comments wrote, it might seem that way because this post is directed toward understanding Hispanics but if you understand who you are selling to, you will not only make great friends because you took the time to understand the culture you will also sell more and that’s what good business is all about.
Thanks for your comment and perspective, Ignacio!
I think a lot of those characteristics apply to people from India. Many times I show even a small TH everyone comes – the buyer/renter, Mom and Dad, and the grandparents. Not to mention the brothers and sisters, good friends, and grandchildren. They all except the children, have to approve the place before a contract is signed.