One of the most common questions I get when I’m doing new home sales training, “Where do we find more homebuyers?” When I tell them to set aside their “American-only bias” and look for the New Americans, they look at me in disbelief. Then I show them by the numbers.
According to the 2010 U.S. Census, minorities now comprise about 35 percent of the U.S. population, a five percent increase from 2000. In California, minorities are a majority: 57 percent of the state’s residents.
Not only is our multicultural population increasing, but their buying power is growing with similar speed. In 2012, the Selig Center for Economic Growth released its annual Multicultural Economy report. Jeff Humphreys, director of the Selig Center, said, “In 2012, the $1.2 trillion Hispanic market is larger than the entire economies of all but 13 countries in the world.”
The study also reported that the buying power of African Americans increased 73 percent between 2000 and2012. Asian Americans achieved a 165 percent rise in buying power over the same period, with projections estimating $1 trillion in 2017. More than half of the Asian Americans over the age of 25 have a bachelor’s or advanced degree, compared to just 30 percent of Caucasians.
How can anyone in new home sales ignore these numbers? New Americans represent a massive sales opportunity.
But you need to adjust your presentation when working with people from another culture. Simple gestures like crossing your legs or making the “OK” sign with your thumb and index finger can be insulting to someone from another country. Did you know if you stick a Japanese person’s business card in your wallet, you’re offending him?
I was fascinated by the challenge of working with people from different cultures, so I did my research to enlighten myself. Now, I’ve put it all together into one handbook to help my friends in the new home sales industry capitalize on this demographic shift in home buying. “New Home Sales Training: Selling New Homes In a Multicultural America” is a playbook of tips, techniques, and strategies that will guide you through every step of the new home sales process—from greeting to closing. I’ve gathered cultural knowledge from a broad array of places—Europe, Asia, the Middle East, Latin America, and Australia. I’ve even included a section with Do’s and Don’ts by culture.
I’m going to be blogging about the things you should know about new homes sales in multicultural America, but if you want to read the whole story, you can download the book here.
Next: Meet the New Americans