Share
Hispanic home buyers are a growing force in real estate, with the homeownership rate for this market segment surging to an all-time high in the past year. Are you prepared to serve them?
In 2023, there were 377,000 new homeowning Latino households, the largest single-year gain in nearly 20 years. What’s more, “the growth of Hispanic homeownership has been a consistent trend that I expect will continue to grow,” says Rose Kemp, the current and first Hispanic president of the Orlando Regional REALTOR® Association in Florida.
Kemp hopes to bring more attention to how the real estate industry can better serve diverse consumers during National Hispanic Heritage Month, which is observed from Sept. 15 to Oct. 15. REALTOR® Magazine spoke to Kemp about the Hispanic market, her experience in the industry and how real estate pros can embrace diversity.
Q: How can real estate professionals better prepare to serve the rapidly growing segment of Hispanic buyers?
A: Real estate professionals should engage in diversity initiatives within their local associations through community engagement, networking, and events. They should also look at diversifying their customer database. This can be done through relationship building and networking.
Once they start forming relationships with people of different cultures, it is important they are taking note of religious or cultural observance days to make sure real estate business does not interfere with any significant days for clients.
Even though buyers and sellers may come from different backgrounds, the goal remains the same for everyone: achieving the American dream of owning a home.
Q: What are the biggest challenges facing Hispanic buyers, and how can the industry help to better address them?
One of the biggest challenges that Hispanic home buyers face is ensuring that they hire an agent who understands their needs, can do business in their language of choice and will help them accomplish their real estate goal. If there is a language barrier between a real estate professional and a Spanish-speaking home buyer, the best thing to do is take a step back and ensure that the buyer feels their questions are being heard. Make them feel comfortable throughout the process. Bringing in a trusted source for translation can also be helpful, including a referral to an agent who can help take the buyer to the finish line.
Q: What drew you to a career in real estate and taking on such a major role within your association?
I entered real estate in 2000. I sought an industry that embraced my skills and educational background. I sought a career where I could simultaneously be not only a young professional who could succeed but also the best mother to my amazing daughter, Summer. Since joining ORRA nearly 25 years ago, I have held various leadership positions within the organization and am now living out one of my greatest professional successes: making history as the association’s first Hispanic president.
Q: As president of ORRA, you’ve been dedicated to promoting a number of diversity initiatives. What can other associations and brokerages do to support more diversity in the industry?
I am passionate about leading exciting new projects and initiatives that benefit not only the real estate community but also the community at large. Last year, I helped transform ORRA’s existing diversity committee into the Diversity Council, which is made up of members from other local real estate–related organizations, including the local chapters of the National Association of Hispanic Real Estate Professionals, National Association of Real Estate Brokers, Asian Real Estate Association of America and LGBTQ+ Real Estate Alliance. We have been working to create initiatives that help elevate diversity, equity and inclusiveness for all.
I believe it is extremely important that local associations and local real estate organizations are proactive. The local initiatives start with grassroots efforts and are essential for the REALTOR® association’s initiatives, success and growth.
