Photograph of a Neighborhood

38 Million Prospects

By Marco Piña

by Marco Piña

There are 38 million Spanish speakers in the country. That’s about 10% of the population. As a loan officer, are you finding ways to connect to them? Unless you speak Spanish, you may think this market is out of your reach, but there are several ways to engage with the Spanish speaking community. Here are a few options that can allow you to get connected with these potential customers:

  • Spanish Speaking Referral Partners: My uncle bought a home recently. He worked with the real-estate agent that helped my parents. That agent was referred to my parents from their friend. A Sign Displaying that "We Speak Spanish" in spanish The LO for all the deals was brought in by the agent and closed all 3 deals. As is ever the case, referrals are the best source of business, and having partners who specialize in different demographics can widen your prospects dramatically. Are you connected to Spanish speaking real-estate agents in your area? Connecting with them can connect you to the entire community.
  • Social Media: I recently covered using social media to target specific demographics. Using the tools offered in many social-media networks to pinpoint your targeted demographics can be extremely effective. And the Hispanic community is a great place to target, in particular. According to Forbes, Hispanics write opinions and review on-line twice as frequently as non-Hispanics (36% vs. 18%). Connecting on social networks can be a great way to engage. For more ideas on this, check out 5 ways social media can sell homes.
  • Interact: Get involved with the Hispanic community! Do you like the food? The stores? Take advantage of being in a Hispanic community and make your business available! OK, to be honest, this is hard going. You aren’t going to just go hang out at the local Mexican restaurant and drum-up a bunch of business. However, there really is no better way to connect with a community than to engage with it. If you’re truly serious about doing this, then putting in the time will pay off in big dividends down the road.

Word of mouth is relied on in the Hispanic market more than any other form of marketing. It may be stereotypical, but it’s also true — 37% of Hispanics reach out to friends and family, contrasted with 17% for non-Hispanics(see the above article). That makes it likely that if you can help one individual have a successful experience in purchasing a home, you’ll have their family and friends as referred customers as well.

Taking notice and interacting with a growing population of any type within your market makes good business sense. Knowing what you can do to get connected is the first step.

¿Cuándo fue la última vez que tuviste un cliente en español?