The changing face of the 21st century real estate consumer

In 2007, 60 percent of all transactions will be with immigrants and minorities. This demographic is more likely to be composed of first-time buyers. A challenge many of these first-time buyers face is lack of a U.S. credit history. Few lenders have programs to address this problem. Consequently, closing these transactions can be difficult unless the purchase is all cash. On the other hand, we are also experiencing a major surge of foreign buyers for our most luxurious properties. Our industry continues to lag behind in providing both real estate and mortgage services in other languages to both of these groups.

Opportunity for me: Capitalize on this trend by creating a niche that serves first-time buyers as well as those more affluent purchasers who lack a U.S. credit history. Identify lenders who will work with past rent history or other types of creative financing. Actively solicit immigrant and minority clientele by advertising in other languages. For example, consider having the property descriptions on each of your listings translated into the primary languages spoken in your service area. Offer this translated information in both print and Web formats. Along the same lines, supply your sellers with a Web site that uses the property address as the URL and make it available in multiple languages. Also, consider advertising on foreign-language radio and television stations. If you are not fluent in a foreign language, partner with an agent who is fluent.