Transcript Document
Date here Instructor name here Course Objectives 1. Present a snapshot of the changing face of the real estate industry 2. Increase adaptability to market trends that can affect profitability 3. Become more effective service providers and community leaders Learning Outcomes 1. Analyze U.S. demographic information 2. Examine cultural stereotypes, assumptions and biases 3. Explain how inclusion practices will increase your business 4. Identify effective communication methods that lead to improved service of a multicultural clientele 9 Learning Outcomes (continued) 5. Summarize the One America Principles and Fair Housing Laws 6. Describe a variety of business norms and etiquette considerations for working with multicultural clients 7. Develop a plan to incorporate inclusive practices into your business 9 OPENING EXERCISE • The Story of Your Name • About Me 10 Section 1: Learning Objectives 1. Discuss the importance of diversity 2. Explain how cultural sensitivity can increase business 3. Describe how certain values are viewed differently by different cultures 4. Examine stereotypes, assumptions and biases 13 Diversity Definitions – – – – – – – – 15 Culture Ethnicity Race Minority Generations LGBT Religion/Faith Handicapped/Disabled RACE AND ETHNICITY 15-16 Black/African-American Hispanic-/Latino-American Asian-American White/Caucasian-American GROUP DISCUSSION Is the U.S. a “melting pot” or a “stew”? Why? 16 Generation Civics (combination of two generations) Baby Boomers Generation X Millennials Generation Z (no agreed-upon name) Other Names Key Formative Events and Experiences 1901-24 (GI Gen) 1925-45 (Silent Gen) Traditionalists, Greatest Generation The World Wars, the Great Depression, GI Bill, the birth of television, the rise of the suburbs 1946-64 Me Generation, Hippies, Love Generation JFK assassination, Vietnam War, Cold War, Civil Rights movement, rise of the counterculture Xers, Baby Busters, Slackers Hyperinflation and economic turbulence, Fall of Berlin Wall and Soviet Union, troubles in Middle East, decline of “nuclear family” 1980-95 Generation Y, Generation Next, Echo Boomers Dawn of the Internet, 9/11, Hurricane Katrina, emergence of mobile technology and social media, 2007-8 financial meltdown 1996-present iGen, Global Generation, Generation Wii Election and re-election of Barack Obama, Arab Spring and turmoil in Middle East (too soon to tell?) Years 1965-79 “Home Buyer and Seller Generational Trends,” NAR Research 17 LGBT • Lesbian, Gay, Bisexual, Transgender • Diverse in terms of race, ethnicity, age, education, political affiliation and income 18 Additional Categories • Religion/Faith • Handicapped/Disabled As with LGBT, these categories show “diversity within diversity,” as they vary in terms of race, ethnicity, age, education, political affiliation and income. 18 Total U.S. Population by Race and Ethnicity Year U.S. White Black Asian Hispanic (all races) Other 2010 308,745,538 223,553,265 38,929,319 14,674,252 50,477,594 12,481,334 (projected) 335,805,000 260,629,000 45,365,000 17,988,000 59,756,000 11,822,000 % Change 8.90% 16.58% 16.53% 22.58% 18.38% -5.28% (actual) 2020 Source: 2010 U.S. Census 19 Impact of International Buyers 20-21 EXERCISE: GLOBAL IMPACT 1. 2. Using your laptop or tablet visit: www.realtor.org/global Locate the International Business Report for your state. International Real Estate Research Reports State by State International Business Reports 3. 22 Once you find it, start filling out the table on Page 22. Changes in Buying Power The $1.2 trillion Hispanic-American market in 2013 was larger than the entire economies (2012 GDP measured in USD) of all but 15 countries in the world. In 2013, the combined buying power of African-, Asianand Native-Americans was about $1.9 trillion. By 2018, approximately 1 out of 5 Americans will be Hispanic and the total buying power of that group will be $1.6 trillion. Source: The Selig Center, University of Georgia 23 Stereotypes, Assumptions and Biases Generalizations are useful, as long as they don’t become rules Use words like “many” or “some” and avoid words like “all” or “none” when talking about individuals/groups Summarizing allows us to be open to revising our opinion 24 EXERCISE: STEREOTYPES Write one stereotype you have heard for each group on a sticky note and place the sticky notes on the appropriate flip-chart pages. The stereotype can be positive or negative. 25 The Role of Culture • Culture is learned behavior, beliefs, attitudes, values and ideals shared by a group of people. • Culture impacts how we view the world. • Culture is the most basic cause of behavior and desire. • Culture is hard to change because it is formed over a lifetime. 26 Categories • • • • Self expression Outlook on life Racial attitudes Honesty and reliability • Character • Time orientation 26-27 • Social classes • Religion • Orientation to nature • Group objectives • Work ethic • Talents and skills GROUP DISCUSSION Honest vs. Loyalty Rank them in order of importance. Why did you put one over the other? 28-30 Section 2: Learning Objectives 33 1. Discuss the One America Principles and Fair Housing laws 2. Describe the Philosophy of Inclusion 3. Review the Equal Service Model 4. Examine Fair Housing cases EXERCISE: FAIR HOUSING CASE STUDY Read the case study on page 35. Do you believe this is an example of a Fair Housing violation? Why or why not? 35 The One America Principle Opportunity Celebrate Differences One America Principle Responsibility 36-37 Embrace Shared Values EXERCISE: DISCRIMINATORY ACT OR NOT? Beginning on Page 39, answer “True” if you believe the action is a Discriminatory Act or “False” if you do not believe the action is discriminatory. 39 Steering ▪ Defined as the unlawful practice of guiding potential homebuyers toward or away from certain kinds of neighborhoods and/or housing based on their belonging to one of the protected classes. ▪ Can be positive or negative, and in some cases can be prompted by the buyers themselves. In any event, this is illegal under the Fair Housing Act. 40 Advertising Typical violations: – Selective use of geographic placement, media outlets and human models in advertising. – Actual discriminatory language in ads. * Note: There are a few exceptions to this. Check local, state and federal laws to find out if your listing may qualify. 41 NAR Code of Ethics Article 10 of the NAR Code of Ethics: Reaffirms NAR’s commitment to Fair Housing Outlines REALTORS®’ unequivocal commitment to equal opportunity in housing Includes sexual orientation and gender identification in the list of ways REALTORS® will not discriminate 42 1. Do I have systematic procedures? Equal Professional Service Model YES 2. Do I have objective information YES ? 3. Has my customer set the limits? NO 44-46 YES 4. Have I offered a variety of choices? EXERCISE: PROFESSIONAL DEVELOPMENT Read the exercise on page 47. Devise at least one strategy for educating and cultivating inclusion practices among your colleagues. 47 Business Building Block: Personal Practice In an effort to provide equal service, we must begin to think of the type of questions we ask potential clients. In each of the categories beginning on Page 50, create questions that can be used with any customer. 50 Section 3: Learning Objectives 1. Discuss the significance of understanding cultural variations 2. Explain the influence of culture on the home buying process 3. Describe the role of verbal and non-verbal communication 4. Demonstrate appropriate cultural business etiquette 53 High Context vs. Low Context Prevalent in: Asia, Russia, Prevalent in: United States, Middle East, Latin America, Canada, Northern Europe Southern Europe Nonverbal communication is Precise verbal agreements are important. important. 55 A contract is the basis of a relationship. A contract is binding and exists apart from a personal relationship. Time is fluid and schedules tend to be flexible. Time is treated as a commodity and schedules are observed. Formality, face-saving communication and relationships are valued. A slower pace is needed to build relationships. There is a preference for informality and direct communication. Results are valued and punctuality is observed. Accustomed to doing business fast-paced. Non-verbal Communication 80-90% of a culture is reflected in non-verbal communication. Are there any non-verbal messages that can be considered universal? Are there any positive non-verbal signals in your culture that would be considered an insult in others? 56-57 Comparing Cultures 58-60 Self and Space Time and Time Consciousness Relationships Communication and Language EXERCISE: COMPARING CULTURES Step 1: In each of the four areas, review both columns and underline the characteristics that best fit your culture. Step 2: In each of the four areas, review both columns and underline the characteristic that would likely be most challenging. Step 3: How can you adapt? 58-60 Different Perspectives • Numbers • Location and Orientation • Offers and Contracts 61 Build Cross-Cultural Communication Skills • • • • • 62-63 Pay attention to the person as well as the message Don’t assume you know what the other person wants Emphasize and create rapport Share meaning Request info in a way that doesn’t inhibit the person’s response or create bias Top 10 Basics for Multicultural Business Norms and Etiquette 1. Talk less, listen more 2. Be sure to use correct names and titles 3. Show deference to the elderly 4. Learn at least a few phrases in a client’s native language 5. Respect the concept of “face” 6. Don’t try to create an instant friendship 7. Use common sense 8. Do not make jokes 9. Show appreciation for the other’s customs, music and art 63 10. Acknowledge mistakes and apologize when appropriate Business Building Block: Exposure To Other Cultures To enhance our understanding of diversity, this exercise requires you to: 1. Identify two ways you will learn more about and/or experience other cultures. 2. Describe the action steps you will take. 3. Establish a plan for completing the action steps. 65 Section 4: Learning Objectives 1. Summarize the importance of understanding the local market 2. Find sources of local demographic information and analyze the data 3. Describe the dynamics of multicultural marketing 69 Local Demographic Trends Identify trends to expand your business Develop needed services for different cultural dynamics Remain mindful of Fair Housing Law 70 Demographic Do’s and Don’ts Don’t use your findings as a basis for treating certain people differently or providing less service Do use the information to understand, reach out and expand your efforts Don’t provide demographic information directly to clients (instead refer to a reliable source) Do stay current on state and local laws on the collection and use of demographic data 71 EXERCISE: LOCAL DATA 1. Using the circle on Page 72, estimate the population percentages of your market. 2. Visit one of the sources in your course book to find the actual percentages. 3. How did you do on your estimate? 72 EXERCISE: A NEW MARKET A new international business is coming to town. After reviewing the case study on Page 73, your job is to identify how you should best prepare for the increase and change in real estate needs and the diverse client base it may bring. 73 Multicultural Marketing – – – – – 74-75 Learn as much as possible about that culture Do not assume all minorities are alike Be careful when translating Use native-language media appropriately Consider recruiting sales associates and staff who speak the language Multicultural Marketing (continued) – Be sensitive of cultural slurs, clichés and taboos – Be prepared to educate – Consider hiring a marketer who specializes in a particular culture – Explore ways to get involved in the community 74-75 Community Outreach • • • • • • 76-78 Immediate family Friends and neighbors Places of worship Medical professionals Schools and teachers Government offices • • • • • • Local media Attorneys Bankers Retailers Other service providers Multicultural real estate professionals Advertising and Fair Housing • What do potential customers think your ads say? • Is it possible the ad excludes any potential prospect or group? • With regard to property ads, does the ad focus on the attributes of the property OR on the person who might own/rent the property? 79 EXERCISE: MARKETING HOME OWNERSHIP Read the exercise explanation on page 81. Create a marketing plan that promotes homeownership to this growing minority population. 81 Business Building Block: Local Data and Advertising Three major areas were covered in this section. In this exercise, you will be asked to: 1. Identify what other local market data you will use to grow your business 2. Describe how and when you will expand your community outreach 3. Review and modify (if necessary) your current advertising 82 Section 5: Learning Objectives 1. 2. 3. 4. 85 List business goals that reflect the One America Principles Summarize the variables within an inclusive business plan Develop strategies that reflect a commitment to inclusiveness Produce an action plan Translate Into Goals Services, Customers and Clients Reaching the Community Professional Development The Company 86 Services, Customers and Clients Promoting homeownership Promote listings Marketing listings and obtaining buyers Obtaining listings Facilitating closing 86 Reaching the Community Getting to know the community Getting the community to know me 87 Professional Development Improve language and communication Increase cross-cultural awareness Develop cross-cultural relationships with potential customers and other multicultural businesses 87 The Company Recruiting and hiring Training Providing administrative support Developing a company image 87-88 EXERCISE: REACHING A NEW COMMUNITY Read the exercise explanation on page 89. Devise strategies for increasing the visibility of you and your company within a particular community. 89 Your Business Plan 90 People Resources Services Plan Components People You Your company Potential buyers, sellers, renters, landlords Your community 90 Resources Time Money Real estate skills Cultural skills and awareness 90 Services Listing properties Communications Marketing Servicing skills Community outreach 90 Plan Components Mission and goals Strategies to attain the goals Action plans to implement the strategies 91 Sample Strategies for Inclusive Business Plans • • • • • • • • 92-94 Marketing Homeownership Working With Buyers Marketing Listings Improving Post-Contract Assistance Prospecting and Listing Sellers Reaching Your Community Developing Professional Skills Fostering Inclusion Throughout the Company EXERCISE: DEVELOPING INCLUSIVE STRATEGIES Read the exercise explanation on page 95. Come up with strategies for fostering inclusion within your company. 95 LAUNCHING YOUR PLAN There is no value without goals, or without action plans to reach those goals. What actions will you take, and when will you take them, to achieve your goals? 96 Business Building Block: Launching Your Plan In this final Business Building Block exercise, you will be asked to: 1. Review the Business Building Block Exercises from each section 2. Establish measurable diversity goals for yourself and your business 3. Develop actions to reach your goals 96-97 Thank You!