By Bernice Ross
Inman News Features
Interested in marketing to the hottest niche of the 21st century, the niche where you will have virtually no competition? You may be surprised to find this new niche quietly awaiting you in your own neighborhood.
Based upon the present birth statistics, census data and the current ratios of people buying homes, in the year 2010 approximately 65 percent of all first time home buyers will either be immigrants or minorities.
To reach this huge market, you will have to significantly change how you conduct your business. The research data indicate that these groups want to do business with people who are like them and who are fluent in their native language. Consequently, here are steps you can take today to start marketing to this niche tomorrow.
1. Begin by starting to learn at least one other language. Depending where you live, the most obvious choice is usually Spanish. In addition, if there is another large group who doesn’t speak English as their first language in your market area, mastering their language as your second language can bring huge results. For example, in the Los Angeles Unified School District, more than 60 percent of the students are Hispanic. These students represent our first time buyers of the future. In addition to Spanish, however, there are 61 other languages spoken by students attending Los Angeles city schools. Becoming the agent of choice for just one of these groups can bring you a steady stream of income for years to come.
2. Immigrant buyers as a group tend to be very loyal when the agent takes the time to get to know them, honors their customs and is willing to negotiate using the customs of their homeland. For example, my Chinese buyers would often nix any address with the number four in it and were much more likely to purchase properties whose address had eights in them. Consequently, I made a point of showing properties whose addresses had eights and none that had fours. In fact, I sold six lots in a subdivision in Beverly Hills just by paying attention to what the buyers were doing with the numerology. All the numbers in their offer had to add up to six. I told the developer to counter back with all the numbers totaling six and we put the transaction together. On the other hand, handling foreign customs can also be extremely challenging. For example, after searching for the perfect house for six months, I had an orange-clad monk nix it because there was an evil spirit in the front tree. It was all I could do to smile and start the search over again. The key point to remember is when you understand and honor the cultural values of your clients, you’ll receive referral after referral.
3. Are you already fluent in another language? If so, consider marketing specifically to this niche. Many agents have become extremely successful by marketing to people who spoke a language other than English. To do this, print your marketing pieces in the second language. A tag line you can use on all of your web and printed marketing materials is:
“When it comes to real estate, I speak your language.”
4. If you really want to get ahead of the curve, post your Web site in both English and the other languages in which you are proficient. Once you gain trust from these clients and you deliver excellent service, a steady stream of referrals is almost a certainty.
5. Even if you don’t currently speak another language, another way to access the immigrant market is to become active in groups where you share a common heritage. Many ethnic groups have clubs and/or organizations that help immigrants from their native country. Becoming active in these groups can also help you build a strong, steady flow of business.
6. Don’t be fooled into thinking these communities don’t exist in your neighborhood. One very successful agent from the Midwest said there were virtually no Hispanic buyers in her marketplace. After checking the Census numbers, she discovered that 35 percent of the people in her service area were Hispanic.
Finally, don’t be intimidated. When you have immigrant buyers, ask them about their customs and look at the experience of working with them as an adventure. Also, don’t be intimidated about learning another language. Most agents spend hundreds of hours driving from appointment to appointment. Rather than listening to music or to talk radio, why not pop a language CD or cassette into your car stereo? You may be surprised at how quickly you can be getting rich in your niche.
— Bernice Ross is an owner of Realestatecoach.com and can be reached at [email protected].