For those of you who know another language, or who have a background that allows it, do you specialize in ethnic markets?

Don't know about specializing, but definitely helps if you speak the language. Put them at ease and easier to develop rapport.

Do you think it's worth it, though? Obviously, it makes it easier to deal with them if you speak the language, but would you actively pursue advertising in ethnic publications?

Just a quick addition here, it's not just about speaking the language, it's also about being familiar with the customs and processes used by a particular ethnic group. Speaking the language is just the tip of the iceberg.

The other area for consideration is that like English, most languages are spoken differently in different places. For example, I have a friend in FLA who was taught Spanish by his wife, who grew up in Peru. He told me that while it was helpful he often had difficulty with clients that were from Central America or from Cuba because their use of Spanish was different from that he was taught. And if you learn, for instance, Spanish, in a school setting, it will be the same as learning English at school. It will be the formal Spanish (Usually Castillion) not the spoken Spanish that is used daily.

of course cultural knowledge is vital too... I guess what I was trying to get at, is that there are certain stereotypes about every ethnic group, and since I know at least some of them to be true, I'm wondering if it's worth it to work with an ethnic group, as IMHO working with a group that is known to present certain issues may make your work harder (i.e. I have heard of some groups being more tight with money, and presenting low-ball offers, I would imagine that working specifically with a group like that would present certain challenges that may be avoided).

The reason I'm asking is that maybe there are people here who specialize on the ethnic market, and they find that this is not true (i.e. stereotypes that exist about their particular group are in fact not true, and do not affect the work, but in fact provide for a greater number of clients).

I am Chinese and I advertised in Chinese newspapers and Chinese yellow pages. A lot of them asking for rebates and I refused. Kind of stupid if you asked me. I wish I had agreed on the rebate. Some money is better than no money, IMHO. I lost out on a lot of sales!!! My co-worker, on the other hand, also advertises on the same paper and she gives rebates. She is consistently on the million dollar something something. She got referrals from the past clients, and relatively easy sales for her every single time.

So, I give up, I am willing to part with my commission now.

Oh yeah, most Chinese clients also expect me to know Feng Shui.

I hope I answered your questions.

You could tell them that a Commission Rebate will always disturb the harmony we wish to preserve with good Feng Shui.

I think I have that on good authority from one of my Oriental Cookbooks.

See, this is the game I don't want to play (though I'm not Chinese). I think that would be sort of an MLM scheme, where the ones who got in first would get the referrals, as the only thing to compete on would be "how low can you go"...

I like the way you think Vermont.

My wife is from Panama and speaks the central american dialect of spanish. The area we live the spanish speakers are mostly from Mexico. She has been in the U.S. for 11 years and has learned the Mexican slang and culture. The thing that she does have to deal with her spanish speaking clients is to ease their fear of being taken advantage of by someone speaking their own language. There were so many spanish speaking agents in our area that really treated people badly and unethically. She found that while her clients qualify for the lower price points, they often have an amazing amount of money saved up to put down. It's how people are supposed to buy real estate. Work hard, live frugally, save up then buy a house. And often while they qualify for a $200k home they only want a $100k home. And if she does a good job with them they always refer to her others without her even having to remind them she is an agent. She hasn't had to do any advertising for clients as she gets plenty of referrals from lenders, past clients and agents in her office even after only being in the business 8 months. So this post is from the prospective of a white guy's observations of my wife and her clients here in Northern Colorado. If you speak another language besides english and live in an area with people that speak the same then you should do well no matter what.

Absolutely. Speaking a foreign language, and/or being culturally attuned to other ethnic immigrant groups in your hometown community, significantly influences the types of people you do business with. If you are not of the same ethnic group, you can still charge the full commission. Think of it as a niche market you work well in.