DIVERSIFY FOR PROFIT

Experts say that realty firms need to understand the importance of multicultural outreach, considering that Asians, Hispanics and African Americans should see dramatic gains in buying power during the next five years. Rather than offer one-day diversity training sessions, experts suggest that brokers make multicultural outreach part of the firm's overall plan, with strategies, tactics and accountability metrics that can be tracked to determine long-term success. Brokers also should try to hire professionals who speak the same language and understand the culture of homebuyers. While some might consider it too much of a hassle to knock down cultural and language barriers in order to close a single transaction, experts note that multicultural home buyers typically are very loyal and willing to provide referrals to agents who build strong relationships with them.

Source: RISMedia (03/20/08)
© Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688