Does it make sense to market real estate to Latinos/Hispanics online?

By
Services for Real Estate Pros with VivaReal

Recently I have been having fun with video, but I decided to include some of my notes for those people that are in their office and prefer NOT to have my voice blaring through their speakers. I understand, I dont exactly have a radio voice, but if you have five minutes you should definitely watch the video below.

The Hispanic Market

  • Over 45 million people
  • Approaching 1 trillion (this is a ridiculous amount of zeros, try $1,000,000,000,000)

Hispanic Home Ownership

  • Just under 50% (hit a high of 50.1% in early 2007)
  • Projected to be 40% of first time home buyers over the next 20 years (Harvard Joint Center for Housing)

Hispanic Internet Users

  • 76% of bilingual Hispanics are online
  • 56% of U.S. Hispanics use the Internet

Real Estate and the Internet

  • 84% of buyers begin their search for a home online (most likely everyone knows this NAR stat)
  • From 2004-2008 there has been an increase of 455% of people in the US searching for "Casas en Venta" (Homes for Sale in Spanish) WOW!
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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Fabio Rodriguez 09/15/2008 02:38 AM
Groups:
Blogging & SEO
The Art Of Marketing You
Real Estate en Español - La Lluvia
Hispanic Real Estate Professionals
The National Association of Hispanic Real Estate Professionals
Tags:
internet
hispanics
latinos
real estate

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Rainmaker
238,510
Angelia Garcia
Pure Realtors - Dallas, TX

Yes, the statistics show we should.  I did not know this. Thanks for sharing.

Sep 13, 2008 08:50 AM #1
Rainer
12,022
Victor Montalvo Bilingual Realtor Sí, hablo español
Exit Realty Associates - Austin, TX

Great and awesome stats. thanks for sharing and always giving great information.

Sep 13, 2008 11:16 AM #2
Anonymous
Luis Cabrera

Yes, of course there is an opportunity! Hispanics are connected (latest number is 24 million and counting) and they over index in all major metrics (they view more pages, they spend more time, etc.). And it is not about developing different content in Spanish. If you are just starting to market this demographic online, perhaps the easiest, and safest, is to have a good translation....

1. Half of Online Hispanics prefer English, while the other half is divided almost evenly between bilinguals and Spanish dominants. So its not only about Spanish, it's a bilingual market.

2. Some like to toggle between languages to make sure they are getting the same information. Create mirror pages that offer exactly the same information on both sides.

3. Households are larger, and sometimes grown ups ask adolescents to look for information for them. Buying a house is a family decision, probably more in the Hispanic Marklet.

Remember also that Hispanics rely more on word of mouth, so consider having some sort of presence in the major Hispanic Social networks.

And please, be relevant but always respectful. If you cant find a way to be culturaly relevant, just be transparent and provide a straight and well-made translation. I found the other day a post about marketing real state online, and it had some good content at the beginning, until it started talking about Hispanics and their preferences... I had no choice but to blog about it here: http://serlatino.com/?p=50

Take care,

Sep 15, 2008 10:12 AM #3
Rainer
43,466
Bill Arce
RealEstateLatino.com - Jacksonville, FL
Real Estate, Latino

Hola a todos,

 

I agree with you all, and just want to add this. Specially if we are working with Spanish dominant clients not to forget that we need to sill use traditional marketing to drive Latinos to our websites. Newspaper, radio or community events are are good example of what to do to promote our blog or virtual office.

Bill Arce

http://www.realestatelatino.com

Sep 15, 2008 12:31 PM #4
Rainer
6,912
Brian Requarth
VivaReal - Santa Rosa, CA

Thanks for the comments.

Luis, I really appreciate your insight. I agree that having BOTH language option is important as to not alienate any particular segment of the market. Depending on generation, socio-economic status and many other factors language preference changes and going bilingual will help you reach out to a broader Latino audience. There is a common misconception that Latinos are a one size fits all group and this is not the case. I also read your blog post on SerLatino.com, I found it kind of weird also. The whole skin tone/paint comment seemed a little off the wall. Not quite sure what to say about it. 

Bill, thanks for the comment, offline is definitely an important part of advertising and is a key element to building a brand (especially with those that are Spanish dominant...as you mention). It is always great to hear from you. Keep doing the good work that you do with REL and CL.

Sep 15, 2008 01:33 PM #5
Rainer
17,319
James Arias
Bilingual Marketing - Santa Rosa, CA

Muy bien dicho Brian.

Thanks alot for sharing all this information with us, what you tell us in the post, shows that we are totally right about marketing real estate to our Latino community, not only we are the biggest and fastest growing market in USA, there plenty opportunities in all Latin America.

Another plus we have is that all those statistics will be increasing on a monthly bases.

James Arias, orgullosamente Latino!

Sep 18, 2008 09:01 AM #6
Rainmaker
271,564
Chris and Maria Jeantet
Coldwell Banker C&C Properties - Redding, CA
Redding CA Real Estate Couple

excellent article - keep writing more of this stuff!

Sep 19, 2008 01:15 AM #7
Rainmaker
93,784
Greg Gorman
John R Wood Properties - Naples, FL
Naples Florida Real Estate

In our Southern states, we better get it or get left out! I have learned even if we aren't fluent, when we make an effort, we build loyalty. Thanks for sharing!

Team Paradise Logo

Sep 19, 2008 10:54 AM #8
Rainer
6,912
Brian Requarth
VivaReal - Santa Rosa, CA

Thank you for the comments. I agree Greg, it is not all about the language (although it helps).

Sep 20, 2008 11:45 AM #9
Rainer
2,930
Fabio Rodriguez
VivaReal Inc - Santa Rosa, CA

Those numbers are amazing! There is an evident lack of data regarding the Hispanic homebuying power. Nonetheless the reality is that this trend will not be going away. It will continue to grow as Hispanic home buying power increases and the future looks bright. From a personal perspective any professional that does not take notice will certainly be missing out on one of the fastest growing markets. The info provided in your video is really stunning, I know how hard it is to put together a video like this, and what you did here is an outstanding job. I re-posted it in some other groups so other people get to see this great info as well. http://activerain.com/blogsview/691853/Does-it-make-sense

Sep 26, 2008 02:07 AM #10
Rainer
3,930
Lamont Lamont
Homes.com - Virginia Beach, VA

If anyone is interested I can help any Agent market to a particular Area .

Sep 26, 2008 08:58 AM #11
Rainer
3,930
Lamont Lamont
Homes.com - Virginia Beach, VA

If anyone is interested I can help any Agent market to a particular Area .

Sep 26, 2008 09:00 AM #12
Rainer
8,720
Freddy Solis Bristow
Carrington Real Estate Services - Bristow, VA
Braemar Realtor

It sure makes a lot of sence, anyone not marketing or not having a plan to bring business in from this large and fast growing Hispanic market will regret it in the future.

Sep 28, 2008 02:12 PM #13
Rainer
207,504
Shane OnullGorman
Eau Claire Realty, Inc. - Eau Claire, WI
Eau Claire Wisconsin, Real Estate Agent & Realtor- Buy or Sell

I think you should check into tools that easily translate your site. I wrote my site in a CMS Joomla!. There is a module I think called joomfish that can translate the site into other languages. You might check into this for your sites.

Sep 28, 2008 05:11 PM #14
Rainer
6,912
Brian Requarth
VivaReal - Santa Rosa, CA

Freddy, you are totally right. This is a market that needs to be paid close attention.

 

Eau, it is great that you recognize the importance of providing resources in numerous language, however, I would be careful with automatic translators. Sometimes they can do more harm than help. The truth is that language is so complex that even with current technology a machine can not capture your message accurately. Granted they might be useful as a tool to help get your message across I would strongly recommend against using it on your site as a resource for those who have a first language other than English. The reality is that based on my experience it is often times more confusing that helpful IMHO. Thanks for stopping by my post. I appreciate your comments.

Sep 29, 2008 06:51 PM #15
Rainer
78,834
Obeoman Glade Jones
www.obeo.com - Salt Lake City, UT

 

Brian,

 

Thanks for stopping by and THANKS for the discussion here-I am looking forward to stopping by and seeing you in the Stefan Swanepoel Trends Group here at activerain!

 

Steve

Obeoman

Oct 02, 2008 04:48 AM #16
Rainer
6,912
Brian Requarth
VivaReal - Santa Rosa, CA

Steve, I will definitely stop by and check out the Swanopoel Trends Group. I haven't spent a lot of time on AR recently cause things have been pretty hectic, but I will check it out. I really like the publication.

Oct 06, 2008 04:47 PM #17
Rainer
32,138
Richard Recuset
RECUSET REALTY - Doral, FL
Doral Real Estate Specialist

Brian,

I bumped into this post by searching for mortgage brokers in Doral, Fl. dubbed "Little Venezuela". My hat is off to you. I'm a real estate agent and find your post to be a great resource for the latin community/market and my busines. I've come to realize in just a couple of days (new in AR) that there is a great wealth of information here. I appreciate your contribution. Thank you.  

Jul 25, 2010 04:02 AM #18
Anonymous
Brian

Richard,

It is my pleasure. I see you work with Fortune International Realty. Clara Robinson in Miami is a client of mine. If you'd like to chat some time next week I can talk to you more about how to reach Venezuelan buyers online. There are a lot of Venezuelan's looking for real estate in Florida. 

Saludos, Brian

 

Jul 25, 2010 05:15 AM #19
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