Four tips for growing market share through multicultural markets

REALTORS® throughout the country are finding that working with multicultural consumers is a fast track to expanding their business. These largely untapped markets have growing financial bases and increased buying power. REALTORS® enter these markets by following a few steps.

1) Capitalize on the demographics of your local market.

Understand the new economic powerbase that is the multicultural consumer. If you see growth in the Asian-Indian, Hispanic or African-American populations in your community, identify their sub-segments (i.e., Mexican or Puerto Rican, Chinese or Korean), examine their age groups and median household incomes and identify qualified home buyers to begin formulating a marketing plan that accommodates the needs of this home buying segment.

2) Develop products and services that meet the needs of the multicultural consumer.

Deliver services that take into account the characteristics of your multicultural consumers. Multigenerational households, religious practices or varying levels of language proficiency call for different approaches. Know that in some cultures, certain colors and numbers can be offensive or have religious implications. Work to understand the nuances of your new customer base. Using mainstream marketing and advertising tactics can have little relevance if the multicultural home buyer has no point of reference for U.S. real estate and business practices.

3) Get the right infrastructure in place.

Multicultural consumers and real estate professionals require language, religious and philosophical considerations if you are going to win them both as customers or team members. Make sure your sales team, receptionist, lender and title partners share the same commitment to the multicultural home buyer to make certain you maintain your role as the trusted advisor.

4) Market your message.

The one-size-fits-all approach to marketing worked great 20 years ago — but the world has changed. Understand and address your target audience using the communication vehicles they prefer. Carefully research which media work best. Some cultures prefer print while others prefer radio or television. By strategically utilizing your marketing dollars you can avoid missing out on qualified homebuyers.