Kicking off the conference was keynote speaker, Sol Trujillo, former trade policy advisor to both the Bill Clinton and George W. Bush administrations and current CEO of Telstra, Australia’s largest telecommunications and media company. In his speech, Mr. Trujillo expressed sentiments that would come to define the convention: the pride of Latino identity fueling the community’s growth and prosperity. He declared that, while he was proud to be an American and a proponent of capitalism, it was ultimately his Hispanic heritage that made his success possible.
Impassioned conference speeches from actor, Tony Plana, and activist, Julissa Arce, praised the Hispanic community’s professional growth and urged to keep the momentum going as the ultimate weapon in defeating opponents and stereotypes of Hispanic occupation and income.
Latino income and buying power is skyrocketing
According to NAHREP’s Hispanic Wealth Project:
- Between 2012 and 2014, Hispanics were the only major demographic to see their poverty rate decrease while their annual income grew
- In 2014:
- 43% of Hispanics earned more than $50,000
- 35% of Hispanics earned more than $75,000
- 14% of Hispanics earned more than $100,000
- In five years, Latino purchasing power went from $1 trillion to $1.5 trillion
- Economists estimate Latino purchasing power will exceed $2 trillion by 2020
After experiencing the NAHREP Convention, it’s clear there's a tremendous amount of new opportunities with the Latino influx in the U.S. The Hispanic population makes up a thriving market of new home buyers, sellers, and agents that real estate professionals would be wise to work with rather than against.
Most new homebuyers are Latino
According to NAHREP’s Hispanic Homeownership Report:
- In 2015:
- There was an increase of 245,000 new Hispanic-owned households, accounting for 69% of the total net growth in U.S. homeownership
- Hispanics were the only major ethnic or racial group to raise their homeownership rate
- For the first time in 10 years, the rate of Hispanic homeownership spiked while the overall rate in the U.S. declined
- Hispanics will account for 52% of new homeowners between 2010 and 2030
In a recent NAHREP survey, 38 percent of agents said more than half of their clients require Spanish as a main language in the home buying process. In a transaction as important as buying a home, this communication component makes working with a culturally educated real estate professional a necessity. Bilingual agents will soon be able to service all types of Spanish or English speaking clients with At Home With Diversity in Spanish, an NAR certification course that shows how to assess and understand diversity in local markets and build a business plan to service all client types.
However one views the increasing Hispanic presence in the U.S., the vast amount of new business potential it holds is undeniable. Agents who choose to embrace these growing markets and equip themselves with the tools to work effectively within them ultimately gain the competitive edge and expand opportunities. For more information on the At Home With Diversity program, check out www.realtor.org/ahwd. Stay tuned for the launch of AHWD in Spanish at www.onlinelearning.realtor.