Marketing in Spanish seems to be the not-so-easy answer for mortgage companies to reach the growing Hispanic market. Let’s unpack a few tips for expanding your business with Spanish mortgage marketing.
Individuals Who Comprise the Hispanic Market Value Homeownership, and It Shows
INCREASE YOUR MARKET REACH
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The Hispanic population is the only demographic group in the United States whose rate of homeownership has grown each of the last 6 years, according to the 2020 State of Hispanic Homeownership Report by the National Association of Hispanic Real Estate Professionals (NAHREP).
This includes an impressive jump during 2020’s pandemic-impacted economy, when the number of Hispanic-owned homes grew by an estimated 725,000, more than double the 277,000 homes purchased by Hispanics in 2019. The report credits the jump to a combination of low interest rates and an “overwhelming desire to purchase a home during the pandemic.”
Perhaps the biggest reason for the continuing trend toward homeownership is the fact that the median age for Latinos is 29.8, within the typical range for purchasing a first home. This younger population will likely continue to pull Hispanic homebuyers into the housing market long after pandemic challenges are overcome and rate cycles have changed.
Even for Latinos Who Speak English, Marketing in Spanish Is Important
According to a Pew Research Center report, the majority of Latinos living in the U.S. say they speak and read English “very well” or “pretty well.” This number is lower for first-generation immigrants and up to 96% for third or higher generations. And since our younger homebuyers are likely to be in later generations, it’s tempting to abandon the idea of marketing mortgages in Spanish.
However, Latino buyers are 3.5 times more likely to live in multigenerational households. Not only is this a cultural preference, but it also allows families to pool resources. So to reach the Hispanic market, mortgage marketing materials should target not only the younger buyers who speak English fluently but also their parents or grandparents, who are more likely to be first-generation immigrants and will prefer to read documents and marketing in Spanish.
Focus Your Spanish Mortgage Marketing Content on Typical Challenges
Many Latino homebuyers will be first-time buyers, so when you market mortgages in Spanish, focus your messaging on concerns that are typical for first-timers – low down payments and basic education. Remember to cover all of your low-down payment options. While it may be tempting to gloss over VA loans under the assumption that veterans will speak English, keep in mind that Latinos make up almost 16% of the U.S. Armed Forces.
Remember to provide tools in Spanish, too, not just mortgage marketing messages. Renting vs Owning, pre-qualification, house payment, and cost of waiting calculators are all good options for first-time buyers. Provide a toggle so calculators can be viewed in either English or Spanish by prospects in the same household – a prospect who prefers English can complete the calculator for a particular scenario, click on the toggle, then share it with a friend or family member who prefers Spanish.
Continue Marketing in Spanish After You’ve Won the Deal
As you strategize your mortgage marketing content to attract the Hispanic market, remember that marketing in Spanish shouldn’t stop when the prospect chooses you. If they selected you because you provided Spanish materials to win their business initially, you will not want to let them down as they navigate the process that gets them to the closing table. Be sure you have in-process communications related to documentation, locks, appraisals and processing/underwriting so they will understand the necessary steps.
And of course, your efforts won’t stop there. The best loan officers build their success on repeat and referral business, so remember to continue providing mortgage marketing content after the first deal is closed. Be prepared to follow up with a Spanish-language mortgage checkup and refinance calculator six months after you’ve closed the loan and regularly thereafter.
You can expand your efforts even further and continue marketing in Spanish through an omnichannel post-close campaign for years to come. The most successful campaigns will include a mix of emails, postcards, and text messages that not only cover mortgage topics but also remember clients on their birthdays, loan anniversaries, and holidays. By putting clients on a set-it-and-forget-it workflow, you can stay in touch without lifting a finger.
Make Marketing in Spanish Easy With Surefire
Download our case study to see how Surefire helped First Equity Mortgage Bankers, Inc. (FEMBi) market mortgages in Spanish and, as a result, build their business. And see for yourself how Surefire’s excellent mortgage marketing content and capabilities can help you win in the Hispanic market and beyond by scheduling a demo today.
As content manager at Top of Mind Networks, Renita develops award-winning marketing materials and strategies for mortgage companies. Throughout her career, Renita has managed public relations and produced both printed and online content for clients in the home building, affordable housing, real estate, mortgage lending, financial planning, and environmental industries. As a ghostwriter, she has contributed to two books on social media marketing. Her work has also been published in numerous print and online trade publications for industries she supports.