As the profile of consumers changes, real estate agents must accommodate the generational and cultural shifts if they are to stay successful. Recent statistics indicate a demand and ability for Hispanic consumers to become first-time homebuyers. For example, in Illinois Hispanics represent 15 percent of the population, according to The Gonzales Group. The homeownership rate for Hispanics in the United States is 60% (compared to 77% non-Hispanic Whites and 43% non-Hispanic Blacks).
Demographics At-A-Glance for Hispanics in Illinois (2009):
- Hispanic Population: 1,923,000
- Median Age of Hispanics: 26 years old
- Median Income, Hispanics 16+: $22,363
- Hispanics as Percent of All K-12 Students: 19%
Latino families have substantial income and creditworthiness, and provide business opportunities for real estate professionals willing to accommodate the language and cultural nuances of this new consumer. Knowing how to deploy strategies and tactics that culturally connect with this segment is key for real estate professionals to expand their market share and be successful generating leads and transactions in the Latino market.
On April 8 the Illinois Association of REALTORS® will host “Understanding the Latino Market,” the first in an annual series of multicultural summits. Dan Carrillo, Managing Partner of the Gonzales Group will present “The New Economic Power Source: Exploring the Opportunity in the Latino Market.” A panel of Illinois REALTORS® will share their Latino market success stories and The Honorable Miguel del Valle, City Clerk of Chicago, will be the luncheon keynote speaker.
Understanding the Latino Market – April 8, 2010
Doubletree Hotel Chicago–Oak Brook, 1909 Spring Road, Oak Brook, Illinois 60523
Registration is just $30 through April 1. Space is limited so be sure to register early!
Visit www.illinoisrealtor.org/multiculturalsummit for details and to register.
Learn what the Latino market growth means to you as a real estate professional by attending this event and begin to improve your business development skills with multicultural customers!
To learn more about the Latino market you can visit www.thegonzalesgroup.com and check the multimedia resources including “Saving the American Dream for Latino Families” video available from the National Association of Hispanic Real Estate Professionals at www.nahrep.org.