The United States is a massive country with more than 320 million people living within its borders – and we’re a land of different ethnic, religious, and cultural backgrounds. For instance, did you know that there are 500 languages spoken in the U.S.? In fact, eight of those languages have more 1+ million speakers: English, Spanish, Chinese, Tagalog, Vietnamese, Arabic, French, and Korean.
Smart businesses will market to these different groups in ways that address their needs and their values. Here are five tips to reach out to a multicultural market of homebuyers.
Tip #1: Language
As displayed above, the United States is not homogenous in its language. While most people speak English and perhaps additional languages as well, there are large communities that do not. For instance, around 20% of Americans do not speak English at home. That’s more than 60+ million people. Overwhelmingly, Spanish is the most common language in the United States other than English.
States that have the high share of foreign-language speakers include California (45%), New Mexico (36%), Texas (35%), New Jersey (30%), Nevada (30%), and New York (30%).
It’s imperative that lenders learn their local markets and hire team members that are reflective of the language requirements of their potential customers.
Tip #2: Education
Customers that are well-informed are generally more active. This is particularly true in the mortgage industry where applications and processes can become very complex. Teaching and educating new communities in the mortgage market will pay massive dividends.
The best way to ensure this type of outreach is to teach in the language of that community. First, it demystifies a very complex process that may keep qualified borrowers in the rental market. Second, it creates trust and establishes personal relationships between the homebuyer and the lender.
Tip #3: Access
Statistics have shown that the digital footprint of different communities does not vary or diminish significantly when considering ethnic backgrounds or socio-economic status. The ownership of smartphones is nearly universal throughout the United States at more than 70% among most adults across all cultures.
This is a huge advantage for lenders. Much of the mortgage process is being moved into a fully digital arena, which is great for both the mortgage industry and homebuyers. It automates much of the process, which makes it faster and less prone to error. Try reaching out to multicultural communities through a combination of digital experience and in-person support.
Tip #4: Housing Preferences
Different cultures have different values when it comes to housing and neighborhood preferences. Do they need a mother-in-law apartment or other multi-generation accommodation? Do they need to be able to walk to religious centers on certain days of the week?
It’s important that lenders take the time to understand what type of house and neighborhood the different types of communities are looking for so that they can best serve their needs.
For a nation full of all types of folks, it’s smart to partner with a company that offers a wide array of loans at credit levels from best to bruised. Feel free to give us a call.
Pacific Union Financial
Pacific Union Financial is a full-service mortgage lender providing originations and loan servicing across the United States. A private held direct lender with Fannie Mae, Freddie Mac, and Ginnie Mae approval, we originate loans through our Retail, Wholesale, and Correspondent channels. Let us know how we can help you expand your business.