Event Coverage
Understanding the Asian Market and Customer Can Help your Business
Jenevene Gular said she entitled her presentation "Emerging Sunrise" because the sun rises from the east, which is where Asia is located, and it is projected that most future first time home buyers will come from this emerging market. In fact, the Asian American population is already the fastest growing in Silicon Valley.
The homeownership rate among the Asian American population is about 60 percent. Asian Americans also have the highest income per capita, and like the Hispanic population in the U.S., their population is growing in double digits. Many Asians are settling in the counties of San Francisco, Santa Clara, San Mateo and Alameda. In fact, according to U.S. Census Bureau statistics, Santa Clara County gained more Asians than any other county in the nation.
Gular, a multicultural marketing manager with Fidelity National Financial, recently presented SILVAR members with an overview of the Asian market and customer, popular tips, and dos and don'ts when dealing with Asian American clients. The presentation was hosted by SILVAR's Cultural Diversity and Equal Opportunity Committee.
Culture is a set of values, beliefs, behaviors, customs and traditions shared by a group of people. Misunderstanding a seller or buyer's culture can break a transaction, stressed Gular.
Gular gave these popular tips about the Asian culture. Asians value:
• courtesy and hospitality
If you get invited to their home, expect to be offered food and drink. When Asians visit a home, they, in turn, bring food, like sweets.
• humility
Asians are humble and often talk themselves down. When this happens, you should return their admonitions with praise.
• social relationships
Asians highly value social relationships that they develop them before business relationships. They need to get to know you better before they can trust you.
• value
Asians are value conscious. They may seek to negotiate price, but are willing to pay top dollar for top service. You need to let them know why you are worth it.
• face
Asians are non-confrontational and won't openly disagree with you. You need to read their body language because a "yes" may not really mean "yes." And if you sense a problem, resolve the issue as soon as possible because they can be unforgiving and will never return to you.
• family
They have strong family relationships and it is common for parents to financially contribute towards the purchase of a home for their children.
• education
Education is a premium in their culture and is the reason why many Asian families settle in communities with very good school districts.
• faith and belief systems
Respect their eating habits and foods, their belief in lucky numbers, colors and Feng Shui. Many of their philosophies, beliefs and superstitions are influential components in their purchase of a home.
What to Do when Dealing with Asian American Clients:
• Be humble
• Value social relationships
• Talk about family and praise them
• Be sensitive to modes of communication
• Hand your business card with both hands while facing them, especially if your client is middle-aged or elderly.
What NOT to do:
• Assume that their English is not proficient
• Be overly aggressive
• Assume they don't understand you
• Embarrass or put them on the spot
• Point with your finger
• Talk down to them
The presentation was well-attended and SILVAR Cultural Diversity and Equal Opportunity Chair Josie Gambera thanked everyone for attending the presentation, noting that cultural diversity is one of SILVAR's primary objectives.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
For further information, please email or call the SILVAR office at (408) 200-0100.