Why diversity is important in real estate
“Diversity is an important component of your business in an evolving world,” said World Class Coaches‘ Karen Turnquest.
“Realtors® must always be putting leads into the pipeline, transitioning these leads to clients, fulfilling contracts with clients and transitioning them to clients for life. We can see how diversity can play a huge role in these activities,” added Turnquest.
To incorporate diversity into your business, Turnquest said you must be innovative, be prepared to do things differently and take action where it might not have been taken in the past. She added that Realtors® must ensure that people feel at ease, welcome and included.
“Understand the change so you can meet the need,” she advised. “Be proactive. Diversity helps us create an inclusive culture that values everyone’s talents and contributions. Maximum growth is not occurring if you only hear from people who think like you.”
Turnquest suggested asking yourself what the need is in the area and how can you meet the need.
According to Turnquest, minorities make up 40 percent of first-time buyers, and are typically younger and earning less.
“Diverse perspectives yield the best solutions. Diverse perspectives also help businesses understand their markets better, which is essential for serving. America is a little more than one-third minority today and in the next 25 years, it is expected to be half minority,” she said.
“The number of people that Realtors® can serve and will have the potential to serve in years to come is growing tremendously,” she added.
According to Turnquest, minority buying power is currently around $3 trillion, and expected to top $4 trillion in the next four years.
“Realtors® will have to continually learn how to connect with and serve these markets. Understanding of beliefs, family arrangements, customs and values will be essential to helping Realtors® meet these families, facilitate their journeys through the home buying process and develop clients for life,” she said.
Turnquest suggested Realtors® be patient and be willing to provide extra help and information, and give that information in a way that is helpful for those clients. She added it’s important to make people feel at ease, welcome and included.
Turnquest also said advertising in a different language and also directing your advertising to a target audience could be beneficial.
“Realtors® might do a little research to see how members of communities like to receive their information so that they are using the right medium for advertising in a particular community or demographic. Some like electronic messaging, but some communities still enjoy their local paper. Another very important thing is to do research so that the Realtor® understands the specific needs that diverse clients might have. Then they can learn how to meet the need and their advertising can reflect that they know how to meet the specific needs and challenges that some multicultural buyers may have,” she said.
Learn what is going on in a community and what the needs are and network with minority business owners, leaders and politicians, suggested Turnquest. “You don’t have to be a part of a certain culture to join,” she said. “Attend community cultural events and celebrations. Let specific groups begin to expect you and relate to you.”
“Many communities and cultures connect with Realtors® through referral and word of mouth. And believe it or not, when Realtors® play a huge role in helping diverse clients recognize the American dream of home ownership, they are also doing something for the growth and sustainability of this country,” added Turnquest.