The Many Languages of Real Estate

With the housing market having cooled significantly since 2004 and 2005, agents and lenders are leaving few stones unturned.

"Both real estate agents and lenders have had to look deeper into the buyer pool," said Michael Larson, a real estate analyst at Weiss Research. "Lenders are being more creative with mortgage programs and may be willing to take alternative credit histories such as proof-of-rent histories in generating new business in markets not served before or that were underserved."

Lending companies also are providing buying guides in multiple languages and introducing special products to target specific buyers. For example, Islamic law forbids paying interest on loans or debts. Freddie Mac introduced mortgage products geared toward Muslims in 2001. Many devout Muslim clients, however, still save up cash to buy their homes, according to Nina Heydari, a Long & Foster agent in Columbia who speaks Farsi.

Metropolitan Regional Information Systems Inc., or MRIS, a multiple listing service, introduced a software program called Lingo last year that translates brokers' Web sites into a dozen languages, including Dutch and Vietnamese.

Kenneth J. Ruffo, a real estate agent based in Silver Spring, bought the software to translate his business Web site into Spanish, Chinese, Korean, Polish and more. His client base includes many Spanish speakers who want to achieve the American dream of buying a home.

Ruffo, a third-generation Italian American, says traffic on his Web site has increased 25 percent since he installed the software in September. "I am currently working with several non-originally English speaking clients who are finding Lingo valuable. They appreciate that I care enough about them that they will only work with me," he said.

Century 21 launched the Spanish version of its Web site, http://www.century21espanol.com, nationally in 2000.

The Greater Capital Area Association of Realtors, which covers Montgomery County and the District, is planning to launch a Spanish language class for its members. For real estate companies, a fundamental step in finding immigrant clients and helping them buy homes is hiring a diverse staff.

Bae, 28, is one of 30 Korean American agents working in four offices operated by Creig Northrop of Long & Foster. While Bae has clients from a number of different countries, he offers special skills to Koreans, having lived in South Korea before his parents immigrated to Howard County in 1990.

"Since I spent half of my life overseas, I can provide the kind of service they're used to," Bae said. "Even in our language, there's a polite way of speaking to elders and a way you talk to your friends. I can basically provide service with respect."