Debra Beagle knows it pays to understand the Hispanic homebuyer, as studies indicate this demographic segment will influence real estate markets for decades to come. Beagle, whose mother is Cuban, is one of the top Hispanic agents in the U.S., as evidenced by her presence in the National Association of Hispanic Real Estate Professionals Top 250 Latino Agents ranking for 2017. She also leads the No. 1 RE/MAX Team in the Southeast region, as Managing Broker/Owner of The Ashton Real Estate Group of RE/MAX Advantage in Nashville, Tennessee.
Citing data from the NAHREP 2017 State of Hispanic Home Ownership Report, Beagle makes the case in the following Q&A that real estate professionals and offices would do well to equip themselves to serve this emerging segment. She also provides suggestions for serving the increasingly influential demographic of Hispanic homebuyers.
Nominations for the 2018 NAHREP Top 250 Latino Agents ranking are open through March 31. Click here to access the nomination form.
What are the market trends you see impacting Hispanic homebuyers and sellers in your market?
Hispanic homeownership is on the rise in Middle Tennessee as well as across the U.S. One in four millennials is Hispanic, and six out of 10 Hispanics are millennials. This shows that the growing Hispanic population is a young demographic that will be buying.
In the U.S., one in four millennials is Hispanic, and six out of 10 Hispanics are millennials.”
Also, Hispanics are very family-centric. A quarter of Hispanics live in multigenerational homes. Hispanics have the largest household size in comparison to all other U.S. racial and ethnic demographics.
Hispanics have increased their rate of homeownership consecutively over the past three years, the only U.S. demographic to do so, and enthusiasm for homeownership remains strong within the Hispanic community. Hispanics accounted for 265,000 new household formations, or 28.6 percent of total U.S. household formations in 2017.
What do you foresee in the market as it relates to Hispanics, and how can RE/MAX agents equip themselves to serve this segment?
Brands that embrace the need for a fluid, intertwined relationship with culture and language will have a much better likelihood of connecting with Latino consumers. While Spanish language translations are not necessarily required, brands must demonstrate cultural acuity, appropriate selection of imagery, strategic messaging, and well-timed use of in-language communication.
On a brokerage level, the most important investment a company can make when redefining their Latino marketing strategy – particularly for those in the housing industry – is to bring on Hispanic agents. As the consumer demographics continue to shift, the workforce that serves this next generation of homebuyers should proportionally shift as well. At our office we have five Hispanic agents, and the Hispanic community is taking notice and seeking out our brokerage and agents to work with.
How has your membership in NAHREP – and being named to the NAHREP Top 250 — impacted your business?
Being a member of NAHREP and in the Top 250, and helping found our local NAHREP Nashville Chapter, has led to an increased awareness in our Hispanic community that homeownership is possible and that I and my brokerage can help them achieve homeownership. It has also brought attention to the fact that Hispanic homeownership is growing in our area. RE/MAX has always been a huge supporter of homeownership for all, and this support reinforces all that we are doing in our market.
Don’t forget to apply to the 2018 NAHREP Top 250 Latino Agents ranking before March 31. Click here to access the nomination form.