Reaching Mexican customers in the real estate business

Résumé du document

Real estate market is changing, it no longer exists one and only way to sell. Consequently, real estate companies must develop marketing researches, by studying clients' needs, understanding them, and then implement prospective solutions. Today, reaching Mexican consumers, on both sides of the Rio Grande River, is a challenge that Coldwell Banker must face. In effect, Mexico is in whole expansion, and in the United States, despite their growing numbers, Mexican have yet to become a major presence in the housing market. This huge untapped market is complex and requires researches to understand its own logic, based on its history, religion, customs, and values. That's what we tried to do in this report, in order to help you to improve Coldwell Banker approach of this market. Of course, process will be different with each client, nevertheless, we can notice trends, similarities among Mexican people. In effect, they will show a particular behavior toward real estate, a specific approach of the dealing process because of a similar cultural background, affecting their perception of messages in advertising campaigns, as well as in direct negotiation. And so, that's not trying to stereotype that searching for behavioral traits among this same community, and that's rather a means to develop market's knowledge in order to anticipate as well as possible needs of a still untapped market, although in whole expansion.

Extraits

[...] Consequently, from the point of view of Mexicans, most of American people are manipulative, can't be trusted. That's why Realtors have to avoid the subject of history between Mexico and the US and its consequences for Mexico. And it is important for Realtors to be sensitive to any real or implied messages regarding Mexican self-esteem. Sub-Cultural Nuances: In Mexico, values and etiquette vary depending on areas and sub- cultural differences. For example, in Monterrey, the style of business is considered more progressive and Mexicans from Monterrey are even called the “gringos” of Mexico by other Mexicans. [...]

[...] In general, Hispanic households, in Mexico and in the U.S., are bigger. In of family households in which a Hispanic person was the householder consisted of five or more people. In contrast, only of non-Hispanic White family households were this large. Among Hispanic family households, Mexican family households were most likely to have five or more people ( 30.8 At least two reasons, can explain this trend. First, Mexicans tend to have more children. For example, in Houston 60% of Hispanic households are with children under 18, versus only 36% for non-Hispanic population; and while half of total U.S. [...]

[...] Fatalism: Mexicans and Americans have two different ways to approach life managing. Most of Americans believe in the self-determination principle, or “master of my own life” outlook, illustrated by the American Dream principle that everybody can succeed through hard work. And that reflects a specific future orientation. Many people in Mexico are more fatalistic, more past oriented. They search more for stability, expecting to make a good living, covering the needs of family, and educating children. Planning your life does not have the same importance, because at worse, the family is here, even when you are older. [...]

[...] So, future-oriented medias are a good means to reach them at a low cost, and they permit the addition of listings to advertisements. Sponsoring events can be a good means to reach Mexican customers but under certain conditions. Sponsoring events creates excitement, reinforces image, and allows you to easily target your audience, however, many company's efforts at selling themselves to Mexican customers are limited to sponsoring the occasional “Cinco de Mayo” celebration, what is not really efficient to capture their attention. [...]

[...] Consequently, in business too, you can find this trend, and although the presence of women in business as decision-makers is increasing, business in Mexico is still male-oriented. It should be judicious for a realtor to ask father first about decisions. - Patience is the key to doing business in Mexico. The decision making process tends to be longer than in the US, and Realtors have to be even more patient and understanding. - Loyalty in Mexico is to an individual person, not to a company. [...]