Over the past 10 years, Hispanics counted for 62.7% of net U.S. homeownership gains – and that trend isn’t expected to die down soon.
There are several things that lenders can do in order to reach this expanding market, according to Marisa Calderon, National Association of Hispanic Real Estate Professionals executive director and 2018 HousingWire Women of Influence winner.
HousingWire Women of Influence award honors the shapers, the changers, the ones who are making a difference in the housing industry and paving the path for others to follow.
And nominations are now open for this year’s award!
The honors are given to individuals who are making notable contributions to both their businesses and to the industry at-large – with a specific focus on contributions made in the most recent 12 months. Their energy, ideas, achievements, as well as commitment to excellence and progress, give us a look at the future of the industry.
Calderon explained women who become involved in a larger organization such as NAHREP will see more success in their rise to leadership.
“NAHREP has a vibrant and growing network of successful business people,” Calderon said. “When they thrive as leaders, they help to positively shape the communities around themselves.”
“Those who want to grow as leaders should get involved in an organization like NAHREP, surround themselves with other successful business people with whom they can mastermind and share their own best practices,” she said. “They will grow professionally, as individuals and can help do the same for others within the industry.”
HousingWire sat down with Calderon to discuss how to reach the Hispanic market, and how it benefits lenders to do so.
HousingWire: How are Hispanics shaping today's real estate market?
Marisa Calderon: Over the past decade, Hispanics have accounted for 62.7% of net U.S. homeownership gains and are expected to account for more than half of all new homeowners for the next several years. As primary drivers of U.S. homeownership growth, their preference for mobile and social engagement, as well as consumer nuance, will continue to influence how the housing industry engages with consumers.
HW: How can lenders best serve this population?
MC: In the housing industry, a Hispanic segment strategy has often been synonymous with an in-language strategy. Companies that effectively compete for business will invest a proportionate percentage of their advertising budget on a hyper-segmented Hispanic strategy that engages with consumers in-culture and when appropriate, in-language.
HW: What are the benefits to lenders who serve the Hispanic community?
MC: Hispanics feel advertising content is meant for them when it is reflective of their culture and is created in their language of preference, which could be in English, Spanish or Bilingual. Hispanics also tend to affiliate with brands that engage with them accordingly. Lenders can earn long term customers by serving Hispanic consumers content and products that most appropriately meet their interests and needs.