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Ten Myths About Multicultural Real Estate Clients
Do You Have a Fear of Working with People from Different Cultures or Ethnic Backgrounds?
Written By: Michael Soon Lee, MBA, CRS, GRI, has been a real estate professional for over thirty years. He is also a multicultural expert and author of “OPENING DOORS: Selling to Multicultural Real Estate Clients” and the brand new book “Black Belt Negotiating.” Michael is often called as an Expert Witness in court cases where culture is an issue. Over the past 15 years some of his clients have included: CTX Mortgage, Coldwell Banker Real Estate, Fidelity National Title Company, the National Association of Realtors® and hundreds of others. Michael’s website is www.EthnoConnect.com and for your questions, http://multiculturalsales.blogspot.com.
Over 60% of all first-time homebuyers in America today are minorities according to the National Association of REALTORS®. There are over one million people from overseas coming into the United States every year and they all want to show friends and family they are successful by buying an American home. In addition, there are 80 million multicultural Americans already here. As a result, minorities are currently one-third of the population and by 2038 will be half. This is a huge market for lenders all across the country – if you know how to meet the unique needs of the fastest-growing group of homebuyers.
- "PEOPLE FROM OTHER CULTURES ONLY WANT TO WORK WITH A LOAN OFFICER FROM THEIR OWN CULTURE."
Nothing could be further from the truth. Most of the loan officers who complain about having trouble with multicultural people are European American.
In fact, many cultural groups would prefer to work with a loan officer from outside their own culture. Asians, for example, are very private about their financial affairs and many are afraid that if they use an Asian loan officer that person might disclose their income and real estate holdings with others in the community. Hispanics are also extremely sensitive about sharing their finances with others from their culture for the same reason.
9 more myths revealed when you continue the article.
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