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
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15
Culture
Ethnicity
Race
Minority
Generations
LGBT
Religion/Faith
Handicapped/Disabled
RACE AND ETHNICITY
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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
•
•
•
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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
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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
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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
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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
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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
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76-78
Immediate family
Friends and neighbors
Places of worship
Medical professionals
Schools and teachers
Government offices
•
•
•
•
•
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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!