The domestic Hispanic market is the seventh largest GDP in the world. To tap into this growing market, explore three nuances that must be carefully considered to go from real estate agent to trusted advisor within these communities.
Collective loyalty/ The whole trumps the individual
Nuclear families are at the heart of Hispanic society. The good of the whole takes priority over individual members. Multiple generations living under one roof is quite common because of this collective loyalty. This social construct will continue to thrive for generations, as there is a profound sense of obligation and community reinforcement in Hispanic culture. Decision making is a family-centered process, with the patriarch usually having the final say. To make the buying and selling process smoother, it is essential to identify the patriarch of each family unit. In all interactions, it is considered respectful to address patriarchs first and to treat them as the most important member of the group.
Respect every member of the family, especially the patriarch
Respect must be freely given in Hispanic culture. Elders, patriarchs and community leaders value their dignity and expect others to do so as well. As with all clients, conflict must be avoided at all costs during every meeting and conversation. Keep in mind it is more important to keep the clients happy than to be right about minute details. To become a trusted advisor, a real estate agent must respect every member of the family and make it known that the relationship between agent and buyer is a priority over business.
Allow for varying perceptions of control
Although many Americans believe they are the captains of their destiny, there are many in the Hispanic community who believe that there is an inherent loss of external control within their own lives. This translates into a decrease in personal responsibility. This sense of passivity must be understood when it can feel as if the process is not moving in the right direction. With much respect given to the members of the family, especially the patriarchy, take a firm hand in the process by being proactive with every step.
Embrace diversity with these tips to tap into the growing Hispanic market.
Jason Madiedo is the President of Alterra Group LLC, DBA, Alterra Home Loans. He believes everyone should achieve the American Dream.