Will you always be an ostrich?

Recently I attended a meeting where over 2000 agents from across the United States came to learn new things to improve their business, restart their engines for the year, and learn about all of the opportunities available to them."? Excitement was everywhere!"? Great speakers and vendors, beautiful sunshine and warmth instead of a cold winter day at home".what could be better?"? I like watching the agents."? I pay attention to what they look for and also what education they think is important as they head off to their sessions."? An educator always is curious about that!"?

One of the presenters is a business partner of mine."? She is an expert on introducing multicultural clients into your business and his hired by many national and international corporations."? She's as good as it gets when it comes to this topic."? She spoke 3 times at the conference on her favorite topic "The Ostrich Approach", a hard look at why people are ignoring the multicultural market!"? A total of 16 people out of thousands heard her speak, but that wasn't the issue for me."?

For me, the issue was "Are you always going to be an Ostrich?"? Are you forever going to bury your head in the sand and refuse to acknowledge that there are immigrants moving to our country who want to buy homes and the average REALTOR has no concept about how to benefit from working with those buyers'"? Instead many agents find another agent who "speaks their language' and refers the buyers or sellers to them."? Will real estate agents continue to refer their potential clients of different cultures onto another agent?"? If you dare, watch this video: http://video.google.Com/videoplay?docid=4094926727128068265&q=Roy "?."? After watching it you decide if the immigrants are going to have an impact on the US housing business! (A big thank you to Kathy Howe, AZ, for pointing this video out through the REEAline)

The National Association of Homebuilders (NAHB.com) has prepared an excellent video on building the unique home requirements of the Hispanic/Latino buyers."? There is an excellent white paper on the growth of that market in the homebuying/building sector!"? The mortgage companies all over the United States are gearing up to help multicultural clients as are relocation companies."? BUT, the REALTORS have their head in the sand!

Here are some statistics:

Did you know that according to the Census Bureau:

• There are 25.9 million U.S. residents of Mexican origin
• The median household income of families of Mexican origin is $35,185
• 49% of U.S. Homeowners of Mexican origin own their own homes
• The annual purchasing power of Hispanic/Latino consumers in the U.S. exceeds $150 billion dollars and the #1 expenditure is housing.
• In 2004, 14% of the total U.S. population was of Hispanic origin
• By 2010, almost half of all the nation's new worker will be individuals traditionally classified as minorities
• In 2000, one of every five new entrants into the workforce was Hispanic
• According the Census Bureau, by 2050, Hispanics will be about a quarter of the U.S. population and blacks less than a sixth.
• And finally, the Hispanic American purchasing power is growing at two times the rate of the general public

Genworth Financial released its findings on September 28, 2006 in it's "2005 Minority Home Buying Surge" report: "The percentage increase for all loans given to people of color in "high volume areas' was three times greater in the top 20 mortgage-growth metropolitan areas than it was for white households-and the increase for Latino, black and Asian-American loans was up to five times greater. "While immigration is part of the story, the lower homeownership rates among African Americans and Hispanics represent pent up mortgage demand that is starting to be filled" said, Michael Taliefero, manageing director of ComplianceTech.

Denver based, PLT (Primer Latino Titulo LLC or First Latin Title) has a bilingual staff and offers closing documents in English and Spanish."? While other title companies offer Spanish speaking staff, PLT is the first to offer all Spanish closing documents."? Programs across the US offer first time homeowner loans and many of them are going to people who are not Anglo."? What is your community do to enable the complete understanding of disclosure, purchasing and closing documents?

Here are a few of my observations: Few real estate companies have taken the lead that airlines and hotel corporations have, in making sure that their websites are translatable."? Boards of REALTORS hold classes on multicultural communication and very few people show up and so they are afraid of holding them again."? Real Estate Commissions across the country are printing disclosure forms in multiple languages"but not very MLS or purchase documents have been translated."? It's easier for an agent to refer the business and collect a referral fee rather than learn about a new nationality."?

So, for a start, here's what I'd like to hear from you fellow bloggers:

1. Do you think that there is a problem amongst real estate agents/brokers in adapting their business to meet the needs of the multicultural clients?
2. Do you think the education that is out there is adequate?
3. Why do you think agents don't come to the classes that are available?
4. What will cause the industry to change?

Our company has customized courses on multicultural communication."? One "Insights to Communication with Multicultural Clients" is approved for one elective credit toward the CRS designation."? A learning CD "Insights: Focusing on the Hispanic/Latino Clients" is available by visiting the demo site: www.hispanichomebuyer.com."? I'd like to know what other products and services are out there and available to real estate companies and associations.