While remaining largely untapped and underserved, multicultural homebuyer segments are the key to business growth today. According to Nielsen, 92% of the total population growth has come from multicultural consumers, and 46% of Millennials identify as ethnic minorities. Yet many segments (that were not previously considered “mainstream” consumers) remain undereducated about the opportunity and qualifications to own a home.

In order to be successful in reaching these buyers, lenders must have a clear understanding of the cultural nuances that exist and an ability to deliver quality customer service to individuals with unique needs, communication styles, and preferences in purchasing experience.

TAKE ACTION:

Read the attached handout outlining the demographic shift in homeownership. Begin thinking about the multicultural communities in your area. Where do they live, shop, consume news, etc.? What nonprofits or community organizations are currently serving them? (Keep a note of this, and we’ll talk more about it later.

Additionally, feel free to share the handout with your referral partners and colleagues to help them understand the growing importance of capturing business with young and diverse home buyers.