Two other significant groups contributing to the climb in household growth are immigrants and minorities. According to Harvard University’s Joint Center for Housing Studies, the number of minority households will grow by 8.7 million over the next 10 years, accounting for seven out of 10 new households by 2023. To get ahead of this trend, take a look around your own market and surrounding areas; find out what countries new immigrants are coming from. And, more importantly, start thinking about how you can gain these potential clients.
As household formation increases, you’ll have a central role in helping these influential groups—be they young married couples, newly employed professionals or immigrant families—form those households and achieve their dreams of owning a home. The new households will run the demographics gamut in terms of income, education, buying power, cultural background and age. The only way to meet these new families and singles, and understand their needs, is to get out into the community and make your expertise known.
You can be at the forefront and rein in these new buyers by offering them your most valuable service: education. Consider hosting first-time buyer seminars at condo buildings and apartment complexes known for attracting young professionals. Partner up with major companies in your area to see if you can participate in the annual human resources fair, or do a presentation for professionals interested in buying locally.
Ask civic clubs and community groups that cater to immigrant families if you can speak at a future meeting to discuss the real estate opportunities in your area. Bring plenty of market data, FAQs and information packets to bolster your conversations. And make sure your website offers even more information to help educate potential buyers on the real estate process and the services you offer.
