Yes - you should make the change!

The real estate and finance industry is booming, and there are no signs of it slowing down any time soon. As a business owner, it's important to target all markets in order to grow your company. One untapped market that offers a lot of potential growth is multicultural home buyers. Approximately 30% of Hispanics are millennials who are just entering the home market. According to the University of Georgia, the Latino GDP in the U.S. was $1.7 trillion as of October 2021! And we’ve not even discussed minorities or female borrowers holistically - which will account for 75-100% of the net homeowner growth and $3.9T in GDP. These are huge opportunities - often overlooked - for businesses that want to get ahead. So how can you target multicultural homebuyers? Keep reading to find out!

What are the benefits of targeting multicultural homebuyers?

There are a number of benefits to targeting multicultural home buyers. 

1. You can tap into a market that is growing rapidly.

   Hispanics are the fastest-growing demographic in the United States, and will account for 2/3rds of the total U.S. population growth resulting in almost 30% of the population by 2050. This means that there is a lot of potential for businesses that cater to this demographic. Did we already mention they have a GDP of $1.7 trillion (and growing)?

2. You can set yourself apart from your competition.

   If you are one of the few businesses that are catering to this market, you will be able to gain a significant competitive advantage. Moreover, by offering products and services that cater to the specific needs of multicultural home buyers, you will be able to create a loyal customer base.

3. You get to connect with your community.

   By marketing to this demographic, you can show that you are invested in the growth of your community. This can help you build strong relationships with local leaders and organizations, drive credibility and trustworthiness, and then benefit your business in the long run through cross-selling other services and repeat customers.

How can you target multicultural home buyers in your marketing strategy?

It is critical to identify and understand the unique needs and wants of this demographic in order to better position your business for success. Here are a few things to keep in mind when targeting multicultural home buyers:

1. Understand the different cultures within your target market. What are their customs and traditions? What is their language like? Who drives the purchase decisions?

2. Develop relationships with real estate professionals who specialize in working with multicultural home buyers. They can provide valuable insights into this market.

3. Create marketing materials that are culturally relevant and reflect the diversity of your target market.

4. Be sure to have bilingual staff who can speak the language of your target market.

5. Understand the different real estate and financing needs of multicultural home buyers. They may have difficulty locating a home or qualifying for a mortgage due to cultural barriers.

Conclusion

When it comes to real estate and finance, the industry is ever-changing. What worked a few years ago likely will not work today. As we move further into the 21st century, it's more important than ever to be aware of shifting demographics and target multicultural home buyers in your marketing strategy. By doing so, you can tap into a rapidly growing market, set yourself apart from your competition, and build strong relationships with your community. If you are looking to grow your real estate or finance business, then targeting multicultural home buyers should be a top priority.

To deliver time-tested, high-quality multicultural marketing assets, you need to be at the top of your game or get someone that knows what they are doing. One such company that can place multicultural experts on your real estate or mortgage lending team is Cultural Outreach. Or if you want to assess where your mortgage company stands, then look into an ASIL program to benchmark your business and set it up for short- and long-term success.