We all know that entering new markets can be intimidating - do you think you're ready to market your facility to Spanish speaking tenants? To make sure you’re set up for success, let’s go over how to effectively enter the Hispanic market in the United States.
The Market Breakdown
The Hispanic market is growing – fast. There are more than 58 million Hispanics living in the United States, accounting for $1.7 trillion in purchasing power. Have you been neglecting them? Take Texas for example; if you have facilities there, you absolutely need to make sure you’re marketing to the 11 million Hispanics who are living in your community. If you’re going to pick one language market to focus on, pick the Hispanic market.
Hiring the Right Team
When you start marketing to the Hispanic population and people begin to call or show up to rent who speak limited English, you need to have someone who can communicate with them effectively. Not being able to speak Spanish can increase the odds of a potential tenant leaving, putting them in the perfect position to rent from someone they can communicate with more easily. Onboarding bilingual employees can do more than just help your Spanish speaking clients – studies show bilingual people are better at multitasking. It’s a win-win!
Setting Yourself Up for Success
Setting your facility up for success means taking the time and energy to research third-party companies that can help you. For example, be careful in using your bilingual employees to translate signs and marketing materials. They may speak informal Spanish passed down by their parents or family members, and in your materials, you need perfect grammar and word placement. Hiring a translator can bring your business to the next level, showing tenants you’re putting the work in to help them have a great experience.
When You’re Ready...
The United States is a melting pot and early adoption of multilingual content and online rental tools will show your community that you understand their needs. Customers like to feel valued, and as the Hispanic market continues to grow 167 percent from 2010-2050, you cannot afford to forget about them.
As you enter the Hispanic market, set aside time to reflect, reevaluate, and prioritize what’s most effective with your Spanish-speaking clientele. A plan for facility success in a new market shouldn’t be a one-and-done decision, but rather a fluid and constantly changing process.