|
![](3D"http://www.brokeragentnews.com/editorial/image/sparta_kelle_sm.gif=)
|
|
What do you do when the market slumps and the leads dry = up? You=20 do what hunter/gatherer tribes have done for generations = when there=20 was nothing to eat in plain sight=E2=80=94you dig up what = lies under the=20 surface. Roots and tubers lie under the surface of the = ground,=20 always ready to provide a tasty meal, but not until you = actually get=20 down on your hands and knees and dig for them. The same is = true for=20 prospecting. But How Do You Know Where To Dig? Just like the tribes, people would look for the leafy = tops that=20 indicated where the food lay hidden beneath the surface, so = can we=20 look for the indicators of where we can find more business. = For=20 instance, you may recall hearing a little while ago about = the=20 burgeoning market for Hispanic homeownership. Hispanic Market Is Prime Digging Ground = According to Felix Herrera, Chairman of The National = Association=20 of Hispanic Real Estate Professionals (NAHREP), "Hispanics = will=20 account for 1.5 million of the more than five million new = homeowners=20 expected to enter the market in the next five years." That's = a HUGE=20 number. If you're not taking a hard look at how you can get = a piece=20 of that market, then you're walking away from a lot of = potential=20 business. Plant Relationship Seeds In the Latino culture, you get into relationship long = before you=20 get down to business. The key is for them to make sure they = like and=20 respect you. Once that is established, then business can = take place.=20 Once you have their business, they will not even consider = going=20 elsewhere unless you violate the relationship=E2=80=94no = matter how good of=20 a deal they are offered. Loyalty is highly valued. Harvest The Resulting Referrals Latinos are also great referrers of business. Once you = are in=20 relationship with one person, expect to see all of their = friends and=20 family on your doorstep looking for your help too. I started = working=20 with Hispanic clients in my business by accident. I spoke a = little=20 Spanish and had spent a lot of time living in border towns = with=20 Hispanic communities when I was growing up, so it was a = natural fit=20 for me. And, like I said above, once I had one happy client, = the=20 number of Hispanic clients I had grew very quickly. I can't = tell you=20 what a joy it was to work with this community. They came in=20 completely trusting and happy to accept my advice. They LET = me help=20 them. I don't have to tell you how rare that is. How great = would it=20 be to never have to work to overcome a distrustful prospect = again?=20 For those of us who pride ourselves on a referral-based = business, it=20 doesn't get any better than this market segment. It Takes A Village To Buy A Home One thing I noticed consistently with this group is that = they=20 would often purchase a home using many family members' = incomes. I=20 had siblings and parents, perhaps even grandparents all = going in on=20 a purchase. Sometimes this was due to financial need, other = times=20 simply choice. But guaranteed, whether the family was = participating=20 financially in the purchase or not, they would be a part of = any home=20 purchase decision. So there was always a group of people at = each of=20 my showings. I got used to soliciting the input from = everyone in the=20 family, whether they were going to live in the home or not. = Because=20 I knew that the people buying the home would listen to their = opinion, so I had better know what it was so I could deal = with=20 objections up front. Digging Is Easier When You Use Good Tools = If you're going to enter the Latino marketplace, you'll = need to=20 add to your real estate tool bag. Having access to a variety = of=20 Spanish-language information products is a must. I've listed = some=20 resources for you below. National=20 Association of Hispanic Real Estate Professionals HomeLoanLearningCenter.com from the Mortgage = Bankers=20 Association (MBA) Digging For Gold So the next time = you're=20 lamenting on the challenges of finding new business, = remember the=20 Hispanic marketplace. This is a rich culture, full of = wonderful=20 people who would love to work with you. According to a 2004 = study by=20 the Harvard Joint Center for Housing Studies, and a report = by the=20 Tomas Rivera Policy Institute, 84 percent of Latino renters=20 "strongly" desire to buy a home, but (according to the same = reports)=20 64% had no idea how to go about getting a loan. They need = your help=20 and you need their business=E2=80=94it's a match made in = heaven.=20
|
|