The number of Hispanic homeowners across the country is growing, with the
National Association of Realtors measuring the number of Hispanic homeowners at almost 9 million as of 2020 and the Urban Institute predicting that 70% of new homeowners in the next 20 years will be Latino. This means you may be selling your home to a Hispanic family, buying a house from a Latino retiree who's downsizing, or negotiating real estate offers with different people who speak only Spanish, only English, or English and Spanish. If you want to be sure you have access to the real estate market as a buyer, seller, or investor, being able to communicate in Spanish is a priority. While you may not speak Spanish yourself, hiring a
Spanish-speaking real estate expert can help you cross the potential communication divide at every step of the process. Take a closer look at how a Spanish-speaking realtor can help you find more buyers or sellers.
Without a Spanish-speaking realtor, you're only reaching a portion of the market
If you and your real estate agent only speak English, that can be a costly limitation on your ability to buy and sell homes. For example, suppose you're buying a home in Los Angeles; the market is already challenging to navigate if you have a specific budget, timeline, or property requirements in mind. Adding a barrier of not being able to communicate with Spanish-speaking sellers in a for sale by owner (FSBO) or not being able to ask detailed clarifying questions about a seller's disclosure means another buyer might move in first. If you're selling your home, making it harder to accept offers from Spanish-speaking buyers means limiting your offer pool from the outset.
Investors who want to rent properties across the Los Angeles area will also introduce costly, arbitrary restrictions on the business by not having business partners who can speak comfortably to their entire target market via calls, texts, and contracts. Depending on the circumstances, not addressing a language barrier might even open your investment business up to liability under the Fair Housing Act.
The people on the other side of your next transaction may only speak Spanish, prefer Spanish, or negotiate and complete contracts in either language. Once you know how a Spanish-speaking realtor can help you find more buyers or sellers, you can more easily make offers, accept offers, and negotiate terms.
Three advantages of buying a home with a Spanish-speaking realtor
When you hire a realtor, you're not just looking for someone familiar with real estate contracts and the closing process. You're looking for someone who can help you
find the right home and manage the entire transaction with your best interests in mind. Bilingual and multilingual realtors offer you several advantages.
You can purchase from a wider range of FSBOs
Whether you're looking for a primary residence or a new investment property, FSBOs can be a great option. But if the seller only speaks Spanish and you only speak English, coming to a fair agreement where everyone feels satisfied is that much harder. But a Spanish-speaking realtor can ask them about the property, propose and negotiate deal terms, keep communication lines open throughout the option period and appraisal, and get answers to all of your questions.
You become easier to work with
When homeowners put their houses on the market, they aren't just looking for an offer that meets or exceeds their list price. Sellers might also want a fast close because they're moving for a job or a leaseback because they're using the transaction's funds on a future down payment. They may just want an easy, stress-free transaction. Whether they and their agent speak Spanish, English, or both, having a real estate agent who can fluently work with them makes your offer easier to accept.
You limit your search by the factors that matter most to you, not communication barriers
Buying a new home involves a bit of give and take. A home may be in the perfect location but may have old carpet. The home might be move-in ready, but it's a little pricier than you prefer. As you search for a home, various factors, such as price, location, size, and amenities, will filter your search results, and that's a good thing — it ensures you have a home you love at the right price. But when you restrict your home search to sellers and listing agents who speak English, you might lose out on a home that matches your criteria. As the housing market grows increasingly diverse, not taking steps to work around language barriers increases that risk.
Three advantages of selling a home with a Spanish-speaking realtor
When you're ready to
sell your home, the benefits of working with a bilingual real estate agent in the Los Angeles area become even more apparent.
Reach more sellers
The national Latino homeownership rate is increasing,
reaching 48.4% in 2021 — and it's growing even faster in key areas around the country. With a Spanish-speaking realtor, you can:
- Put English and Spanish listing terms and descriptions on the multiple listing service.
- Create ads and web pages in both languages.
- Have a Spanish-speaking representative at your open house to answer questions.
- Negotiate deals with more prospective buyers.
Reduce communication errors
No matter what language you speak at home, legalese and contract terms can be hard to navigate. An experienced Spanish-speaking realtor will be familiar with legal and technical terminology in both languages, whether speaking over the phone or completing the contract and any amendments. This significantly reduces the risk of time delays during negotiations, misunderstandings that lead to poor outcomes, or communication errors that have buyers pulling out of the deal right before the finish line.
Sell your home faster or for a better price
Ultimately, a realtor who can reach more buyers and negotiate contract terms across a wide variety of mediums and several languages leads to better transactions. Whether you prioritize getting a specific price point, having the deal wrapped up by a certain date, minimizing the need for back-and-forths, avoiding the need for home repairs, or understanding complex terms, the right realtor will have the skills and experience to make it happen. In today's market, those skills include speaking and negotiating in Spanish.
Work with The Kerry Carr Team
If you're buying or selling a home in Wayne, PA, The Kerry Carr Team is here to help you navigate the process. Explore beautiful homes available on the market or ensure you're reaching all the sellers who can meet your listing terms. It all starts with a conversation. Reach out today to schedule a meeting.
