We say happy wife, happy life. There is a lot of truth behind that phrase. It was a big lesson learned by a close friend of mine when he was ready to become a homeowner with his wife after renting an apartment for a few years. After all, it’s mama that runs the household, especially in Hispanic families. That’s why many smart business owners are learning how to connect with Hispanic women, also called Latinas, and growing their business significantly because of it.
Latinas play an important role when it comes to shopping and purchasing big-ticket items. According to the NAHREP report “State of Hispanic Ownership,” Hispanic homeowners grew over 58% during the past 12 years while the rest of U.S homeowners only grew 5%.
Hispanics are a young and vibrant community. Based on the latest Nielsen report “State of the Hispanic Consumer,” it is estimated their average age is 27 years old, which is 10 years younger than non-Hispanics. Their household income of $50k+ is growing faster compared to overall population. There are more Hispanics attending college than ever before. So the role that Hispanics will be playing in the housing market will be very significant now and in the near future. If you are in the real estate industry, it is a market you have to start building on.
After visiting homes and analyzing the different options, my Hispanic friend and his wife said what truly made the difference was the way they were treated by the developer. He made them feel welcome and at home. He assigned a bilingual real estate agent to them who really understood his wife and their family’s needs.
Hispanic women are becoming more educated and tech savvy. As a business owner, the best thing you can do is to engage Latinas. It is imperative to research and find the role that Hispanic wives will play during the purchase process. Do not assume Hispanics share the same habits or behaviors as non-Hispanics.
Understanding the Hispanic culture will help you gain more power in the market. Here are some important things you should keep in mind:
Growing power: The Hispanic purchasing power is expected to grow 50% by 2015 to $1.5 trillion dollars. According to the NAHREP report, Hispanics continue to lead the surge of U.S homeownership. In 2012, Hispanics accounted for 355,000 or 51% of the total net increase of 693,000 owner households in the U.S.
Hispanics are also dominating the growth of the nation’s workforce. In 2012, they accounted to approximately half of total U.S. job growth.
The American Dream: Hispanics are very passionate about homeownership because they are fulfilling the American dream. Owning a home is a symbol of success and achievement. According to the National Association of Realtors, 65% of homebuyers in U.S. are married couples with a median age of 31 years old, 39% are first time homebuyers.
With a median age of 27, Hispanics are heavily represented in the 26 to 46 age bracket involved in most home sales. Hispanic households have twice as many children younger than 18 as non-Hispanics.
Welcome home: Purchasing a home is a big event for Hispanics and you need to make sure they have a remarkable experience. They are a part of a very large community family. Word of mouth is a powerful tool for you. Reach out to them in the language they feel comfortable with. Listen to their needs. Be aware that they might stop by your showroom with their kids and grand parents. Owning a home is building a strong foundation for their future. So, it’s a big decision, not a quick sale.
There is a great opportunity knocking on your door. If you learn the right way to connect with Hispanics, especially Latinas, you will earn the loyalty of the nation’s largest, fastest-growing market in the U.S. And that can do wonders for your bottom line.
