In a field as competitive as real estate, every advantage you bring to a deal can make a difference. Success in selling a home is all about chemistry based in large measure on the ability to communicate with confidence so that you can bridge the distance between the transacting partners. And the ABC of communication is speaking their language.
In that case, a translation company can help you adapt your website, social media, and marketing materials to your chosen foreign language. Or, you can save some money and hire a freelance translator instead. Those on a tight budget can find free online tools and services to do the job without racking up additional marketing and selling expenses. We’ll consider these options, weighing the pros and cons of each approach.
The Need for Spanish Translation in the U.S. Real Estate Market
In some regions of the United States, and many urban areas throughout the nation, the population is becoming rapidly bilingual. According to the most recent census statistics, Hispanic and Latino Americans comprise the second-largest ethnic group in the U.S., totaling 52 million people or 16.7% of the national population, 90% of them citizens.
Moreover, the Spanish speaking minority is among the fastest growing in the country, and the most upwardly mobile. among those who were raised in the lower middle class, 28% of Hispanics made it to the upper middle class or higher, and 14% of middle class Hispanic kids made it to the top of the income scale, in both cases doubling the rate of African-Americans. In a 2018 study by the National Association of Realtors Hispanics represent 6% of home buyers, 9% of first time and 4% of home sellers.
This upward mobility has translated into home sales. 2019 reports in the Wall Street Journal and in MSN found a “tidal wave” of home-buying among the Latino ethnic groups . Hispanics accounted for nearly 63% of new U.S. homeowner gains over the past decade, according to the National Association of Hispanic Real Estate Professionals. Despite the economic disruption caused by Coronavirus / COVID-19, there’s no reason to doubt that this trend will not resume after recovery from the crisis.
While Spanish speakers comprise most foreign language speakers in the United States, there are pockets of areas where Chinese, Japanese, and Vietnamese buyers and sellers need to be served in their own languages.
Who Needs Translation Most? Those with Limited English Proficiency
The question arises as to whether special efforts in a foreign language are necessary. According to the National Association of Realtors, 96% of home buyers and 98% of home sellers speak English. That leaves 4% and 2% respectively who do not. In 2018, 5.34 million existing homes were sold, according to NAR data, plus 667,000 newly constructed homes were sold in 2018, according to census data. That translates to roughly 240,000 buyers and 120,000 sellers for whom English is not their native language. 29 million Americans affected by Limited English Proficiency.
So, combining non-English-speaking buyers in sellers, there were 360,000 transactional partners with language difficulties. Those deals were done, the vast majority involving brokers. The question is, how can you increase your slice of that pie. Naturally, if you are a fluent speaker of Spanish, or another foreign language, you have a leg up in that competition. But if you’re not, there are plenty of services out there to assist.
Translation and Localization Agencies
According to the Nimdzi 100 annual report, the language services industry will reach USD 53.6 billion in 2019 and is projected to reach USD 70 billion by 2023. Most of those services involve translating and interpreting. Sometimes these two terms are used interchangeably, but translation involves the written words, while interpretation involves the spoken word.
Potentially, both are useful for real estate agencies. If you want to increase your share of an ethnic market which speaks another language, you should adapt, or localize, your website, social media, and marketing collateral to another language. If you want to maximize your chances of success in open houses, negotiations, or tricky closing, invest in the relatively small cost of interpreter. The investment will not only avoid misunderstandings but also show buyers and seller that your agency is willing to “go the extra mile” to make everyone feel comfortable.
How do you find the agency that is right for you? Google “translation services” together with “real estate” and the language pair you require. The results will give you a short-list. Query several translation companies with your immediate needs, asking for a quote and timetable. You should have an answer within hours, a day at most. It won’t cost you a thing. Look for translation agencies that will guarantee their work. Compare rates and professional presentation and real estate experience. After all, they are representing you.
Freelance Translators and Interpreters
Go to a freelance marketplace like Upwork or Freelancer.com and upload a profile. You can either post a job describing your need, or browse through profiles of translators, seeking those with the specific language proficiencies you require and real estate experience. Freelancers may require more of your personal management time, but you won’t be paying for the agency overhead. Their rates tend to be a fraction of those of a translation company, and more negotiable.
Machine Translation Services and Voice Interpreter Apps
The quality of free online translation services like Google Translate and Microsoft Translator have improved dramatically in the last few years. They can be useful for rough translations of documents or web pages, or for internal research. But they still are no matching for a skilled and experienced human linguist. If you want to save money, translate by machine and then hire a human being with knowledge of real estate and fluency in the foreign language to check the work. Unless you are willing to risk embarrassment, don’t rely on machines for translating anything in your name.
That said, many real estate agents have become proficient at using the voice translation feature of these apps from their PC and smartphone. For casual conversation, they do a decent job of transcribing what you say voice to text, then translating and “speaking” in the desired foreign language of your client or prospect as needed.
Preparing for More Languages in a Time of Crisis
These are tough times for the real estate industry, but you can use the down time to prepare for better days. Investing in support for foreign languages can expand your market reach and chances of success when home-selling rebounds, as it inevitably will.
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