A Specialty Market in the Real Estate Community - Multicultural

Click stars to vote (left is low, right is high)

(11 votes, average: 4.91 out of 5)

 Loading ...

[?]
 Print This

By the Gonzales Group

RISMEDIA, August 21, 2008-For many decades the real estate brokerage community has built a profitable industry by seeking out market niches that are defined by a specific need or special characteristic. In the 1960s, the relocation specialty market took form when brokers began to find opportunity in “corporate transferees” and created a whole infrastructure to organize this market opportunity.

More recently, in the 1990s, the increase in our senior population lead to the creation of NAR’s senior designation and a new wave of business development and marketing programs were created to generate leads and service proficiency for this consumer.

The 1990s recession led to a more organized “REO” niche market for brokers as they began to understand the special requirements financial institutions required for servicing the disposition of “bank-owned” properties. Each of these examples have their own patterns of opportunity in the marketplace, but the consistent pattern of the brokerage community has been to embrace these “specialty markets” and turn them into profitable endeavors.

Such is true for the current wave of the multicultural markets. Many brokerages throughout the nation are taking steps to create this new “specialty market” as their next profit center.

Define market opportunity

It’s not enough to have this intuitive (gut) sense that your local market is changing. Clearly defining the patterns of demographic changes must be accompanied by very specific implications that lead to your market intention. Several variables should be quantified: Patterns of population growth within various ethnic groups, home-buying age trends, income levels, language, and housing affordability all lead to a clear understanding of where exactly the opportunity resides in your unique marketplace.

Develop the right infrastructure

Once you have defined your local market opportunity and your strategic intent, you must define the special skills needed to increase sales with the local customer segment. Create a recruitment plan for hiring sales professionals that have the right language skills and understanding of the cultural nuances of your target audience and/or provide training to your current sales team in order for them to deliver excellent customer service. Provide a seamless customer experience for your target audience by making sure that your entire company has the understanding of the cultural differences of this consumer from your receptionist to your marketing department. Align your company with ancillary service providers (mortgage, title, escrow) that have the skill set and similar intent for this Multicultural market.

Create business development approaches to secure leads

Once your have defined you local market opportunity and are prepared to provide an excellent customer experience your next step is to develop a comprehensive business development plan. This plan should include objectives that focus on generating high quality leads for your sales team. Clearly articulating your value propositions to your target audience, building relationships in community based organizations that foster leadership in the particular ethnic group you are targeting, and creating brand equity within the targeted ethnic community. Develop a marketing plan that will attract both the consumer and potential sales recruit through various tactics such as; event marketing, marketing collateral materials, radio ads, ads in language specific newspapers/magazines, and website development.

As the industry continues to redefine itself in this new specialty market, don’t get left behind and don’t go it alone: consult with professionals.

For more information, visit www.thegonzalesgroup.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Discussion Forum

Topic	Posts	Last Poster
Loan Modification Software - SX3 Software	3	aiopqw25
www.DenverForeclosureTour.com Saturday December 13, 9-1pm	1	RobKellycolorado
Business Center for Sale | Property Dealer India | Plots in Gurgaon	1	cpindia
Real Estate Development in Gurgaon | Gurgaon Real Estate | Gurgaon Apartments	1	cpindia
AgentsBuddy Website	1	Ryan
Loan Modification Software	6	loanmodsystems
Loan Modification Software CasiMod	4	loanmodsystems
SX3 Loan Modification Software Still #1!	1	SX3Software
Introduction	1	doug1
CMS programs	1	investinaustin

Achieve Unlimited Results-Starting with a Blank Canvas

By Kim Ades
RISMEDIA, Dec. 4, 2008-Preschoolers are known for their creativity. That’s why a teacher wasn’t too surprised when she held a blank paper before a group of four-year-olds and received quite an imaginative response. 
“What do you see here, children?” she began brightly.
“It’s a snowman in a snowstorm,” shouted one child eagerly.
“No, it’s my dolly […]