The American melting pot has become more diverse than ever before, largely due to immigration from Latin America and Asia. What does this mean to real estate agents? If you are planning to stay in this business for another ten years or more, you should prepare now to serve a multicultural base of clients, no matter where you reside in the U.S.
While many news headlines about the 2010 Census have focused on population shifts and political implications—debates over where to redraw lines for voting districts—the message to real estate agents is loud and clear: the face of America is changing.
Every real estate transaction has its own set of challenges, with outside professionals playing a key role in advising your clients on legal, lending, and other matters. Agents cultivating business in global and multicultural markets may find themselves needing a wider range of professionals in law, finance and tax matters to deal with any special challenges that might arise with multicultural transactions.
Building a successful multicultural real estate practice takes time, skill and business savvy, especially knowing how to grow your business without breaking the bank. Here are three areas global agents may want to explore.
Agent teams, taking a wide variety of forms, have long played an important role in the success of many real estate professionals. From pairs of family members—husband/wife, mother/daughter, father/son, etc.—to other partners, or larger groups focused on a particular geographic territory, you can find just about every type of real estate team tackling all sorts of markets.
Building a multicultural real estate practice may feel like a daunting task for any single agent. That’s one reason many global agents prefer to specialize in a particular niche market. Still, their efforts often rely heavily on building strong networking relationships with other key professionals.