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.
[...] In effect, the Mexican people value the family above all else and many times business or individual needs are secondary preoccupations. That's why any Spanish language advertising strategy should revolve around family, either explicitly or implicitly. Especially real estate marketing actions have to make the strong link between home and family, what can be an efficient means to make them realize that buying a home is a huge decision that requires a Realtor's help and advices. Households: Linked to the family's role, household's composition and characteristics are a critical element when you want to know who you reach. [...]
[...] Approaching Mexican consumers History “Business To Marketing Language: Medias And Advertising Supports: Family: Households: Fatalism: Popular Culture: Working Population Structure: Different Classes: Religion: 10) Mexican Women: 11) Age: Dealing With Mexican People Business Etiquette: Family's Importance In Decision Making Process: Mexican Subjectivity: Relationships' Importance: Communication Style: Distrust Toward An American Company: Sub-Cultural Nuances: Attitude Toward Real Estate Business Homeownership Difficulties: Least Experience With Real Estate Business: Community's Importance: Financial Conservatism: Mortgage: III. Key Factors And Recommendations To Succeed On This Market Key Factors Importance Of Hiring And Training: Importance Of Marketing Department's Efficiency: Information: Mortgage: Recommendations Referrals: Advertising: Partnership With A House Builder: Different Languages In Mexico: Customers Satisfaction Survey: Spanish Language Customer Service: Socially Integrated: Ideal Family's Picture: Time To Understand Their Needs: 10) Coldwell Banker's Mexican Websites: I. [...]
[...] Real estate companies have a critical role to play in boosting Mexicans housing demand as they could act like a bridge for them in accessing to the mortgage market. Recommendations Referrals: In Mexican business referrals predominate. Mexican use personal networks, acquaintances and relatives to gather information and advice when making important decision. So, when you work with Mexican, this is important to thinking about outgoing referrals, because if it is hard to obtain their confidence, then they are very loyal and can advice a realtor to their entire relationships network Consequently, keeping up relationship with Mexican customers even after transaction's end, should be judicious. [...]
[...] That's why real estate agents should think in terms of all family when working with the Mexican people. And if agents provide good service, referrals from family members should follow. Mexican Subjectivity: Subjective feelings tend to be the basis of truth in Mexican business culture. In effect emotional arguments that are overly dramatic and patriotic are considered persuasive by Mexican. This can be explained by the twin origins of Mexican culture: The Indian based on magic and superstition, and the Spanish, based on imposition, dogma and faith. [...]
[...] It could be wise to advertise to these new customers who possess a large part of decision-making power in the Mexican family. Dealing With the Mexican People Realtors who employ awareness of their own culture in adapting themselves to other cultures will have a powerful tool at their disposal, gaining the advantage that cultural sensitivity and empathy provide in intercultural activities. This alone, however, will not guarantee their success. American realtors are confronted with overcoming stereotypes and prejudices infused in their cultures and which predispose them to ethnocentric interpretations of events and practices in other countries. [...]
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