As seen in National Relocation & Real Estate, December 2002 issue

Diversity is clearly a permanent feature of the U.S. housing market. If we are to continue to grow as real estate professionals and as a profession, Realtors® must remind themselves just how culturally rich the market we serve has become. You need to look no further than the 2000 U.S. Census which estimates 30 percent of the U.S. population is composed of African American, Hispanic, Asian/Pacific Islander and Native American residents.

The changing face of America and that of the American homebuyer is also depicted in a recent study by Harvard University's Joint Center for Housing Studies which found that the number of minority homebuyers has nearly doubled in the past 10 years. The study also projected that the number of immigrant households will increase by more than 11 million in the course of the next decade, fueling 64 percent of household growth.

Ethnicity is not the only measure of diversity in the marketplace. The Census Bureau reports the number of people age 65 and older is projected to reach 80 million by 2050. Shifts in the age distribution of our population in the next decade alone will result in a growing number of Baby Boomers retiring and moving to accommodations that better suit their needs, often to retirement communities. At the same time, younger families are moving up and out to larger homes and apartments.

Perhaps a bit surprisingly, the roller coaster ride of the financial markets has highlighted yet another metric of diversity. The significance of women homebuyers is being noted as a trend, as many women are increasingly turning to homeownership as an alternative investment option. A Harvard study noted that 53 percent of female-headed households own a home. Similarly, Fannie Mae estimates that women will own approximately 31 million American households by 2010 - nearly 28 percent of all homes in the U.S.

Clearly, reaching out to each segment of the mosaic that forms the U.S. market is the future of real estate. To achieve success in this market, Realtors® must be responsive to the unique needs of each market segment, and fashion a marketing strategy that lets potential clients know that we are sensitive to their needs.

Although I may be just a little biased, I have always believed that the ERA® system has an edge when it comes to dealing with the diversity in our marketplace. In addition to its presence in the U.S., the ERA® real estate network includes brokers and sales associates in 29 other countries and territories. ERA Real Estate has had a presence in Asia since 1981. That's when the Jyu-Tsu chain, Japan's largest real estate franchise network, became affiliated with the ERA® system.

Our experience in dealing with the international market drives our approach to training, to the use of technology, and everything else we do. ERA® affiliates who demonstrate a commitment to diverse communities earn our "Building Business through Diversity" award. Our Hispanic Marketing program offers a coordinated strategy of training, marketing materials and an advertising campaign targeted specifically for a population that is 32 million strong. And the ERA® Customer Service Team is currently developing a new Spanish language consumer satisfaction survey, planned for release in 2003.

Embracing diversity in the real estate marketplace even extends into the home-financing process. The Harvard study observed that in addition to other cultural differences, foreign-born first-time homebuyers tend to make larger down payments than native-born Americans. It is one reason that ERA Mortgage offers more than 100 different loan products.

No two customers are exactly alike, because no two people are exactly alike. Diversity is one of our country's greatest strengths. It can also be one of our industry's greatest resources for continued growth and success.