Knowing how to market to this fast growing market segment, which is estimated to grow to $1 trillion by 2008, is no longer just a “nice” skill to have, it is now a must. Many people make the mistake of equating marketing to translations. In fact, this market is quite diverse. It is broken up by different levels of acculturation, education, age and economics. There are 3 generations of Hispanics in the U.S.: born in the U.S., raised in the U.S. and raised outside the U.S.
The easiest way of marketing to Hispanic renters without spending major dollars on a marketing/advertising agency is to stay away from attempting to connect with the perceived cultural nuances. Everything is not “fiestas” and bright colored streamers. Proper ad copy consists of a clear message that speaks of economic value (low rent /specials), safety and family. Hispanics renters tend to live in worker or family groups. It is also important to convey the image of a drug free environment because Hispanics will distance themselves from communities where law enforcement shows up frequently. Translations should not contain slang or colloquialisms.
The following are the most effective marketing mediums that are employed. The mix depends on each property’s circumstances and location:
- The most costly is to have an on site bi-lingual leasing agent and maintenance techs. This may be most appropriate in larger cities with distinct Hispanic neighborhoods. This is especially beneficial when enforcing property rules and processing maintenance requests. The benefits will become especially evident with retaining residents at the end of their leases.
- Onsite, well written leasing materials such as brochures, calling card and rate sheets.
- Spanish language newspapers have traditionally been the most used medium to attract Hispanic renters. Generally, the free weekly newspapers are most effective. When renting out houses or duplexes, classifieds work best. When renting apartment complexes, small ad placements are recommended. There is no need to go beyond ¼ page ads.
- For small communities and in individual houses, the most effective medium is the good, old-fashioned flyer campaign. Effective flyers should contain coupons or low rent specials. The best locations to distribute flyers are Latin grocery stores, check cashers and money wire transfer locations. Most of these locations have community bulletin boards and some may even allow you to post a flyer on their windows.