The number of Hispanic home owners is fast rising in the United States. According to the National Association of Hispanic Real Estate Agents (NAHREP) statistics, more than 7.3 million Hispanics own homes in the U.S which represent more than 40% of home ownership in America. This figure is set to increase as more Hispanic Millenials reach their prime earning age.
The greatest secret of reaching out to this important demographic is by having a Realtor who understands the Hispanic family culture and the unique interests of the community. Realtors who manage to reach out to the community will experience a massive increase in sales. Therefore, how can you reach out to the Hispanic community to boost your real estate sales? Here are three great tips.
Understand the power of Hispanic Women
Hispanic Realtors know the power of Hispanic women. They have the most influence in unlocking the buying power of the community based on the critical role that they play in the Hispanic family culture.
Approximately 90% of Hispanic women believe that buying a home is one of the best investments. Another 70% believe that they will play a crucial role than their male partners in the next home purchase especially in researching neighborhoods and making decisions on the type of home to buy and the best mortgage option available to them.
Make room for comfortable multigenerational living
More than 70% of Hispanics are open to purchasing a home with rooms for more people than those who currently live with them. As part of the Hispanic family culture, the Latinos love to host their families from foreign countries when they come to visit them in the United States.
Hispanic parents will always prefer to have rooms for their kids even if they do not have one yet. Hispanics prefer purchasing homes with many small rooms than those with two or three spacious rooms.
Try as much as possible to keep Hispanics close to their loved ones
The findings of research conducted by NAHREP, at least 40% of the Hispanics would prefer a less desirable home located near their family than their dream home that is miles away. This partly due to the strong Hispanic family culture ties.
According to those who were interviewed, it is important to be close to their siblings, parents, and grandparents than live in isolation. The Hispanic family culture greatly values family gatherings and reunions.