First American Corporation, the nation’s largest data provider, and the California Association of Real Estate Brokers, Inc. (CAREB), the largest and oldest state chapter of the National Association of Real Estate Brokers, Inc., have announced the formation of an alliance that will equip CAREB members with technology and training resources designed to help them better serve California’s African-American homebuyers.
The real estate information tools provided by First American will enable CAREB members, known as Realtists, to offer more efficient service to the African-American community and thereby increase homeownership opportunities. The company will also sponsor educational events and seminars on trends and issues impacting real estate practitioners.
Homebuying among African Americans continues to trail that of non-minorities both in California and across the nation. Recent studies have shown that the difference in homeownership rates--about 75 percent overall for non-minorities and less than 50 percent among African Americans and other minority groups--has persisted for nearly two decades.
First American will provide CAREB members with access to state-of-the-art loan origination technology, non-traditional credit information, sales lead-generation data and First American’s Affordable Homeownership Settlement Bundle, a product that combines all of the services necessary to close a residential real estate transaction in an easy-to-understand, single-price package. The bundle is offered to eligible homebuyers in all California counties at an average discount of approximately 25 percent, based on household income level.
“The business tools, resources and industry information now offered to our membership under this alliance have, historically, only been made available to the nation’s largest real estate franchises,” said Jacqueline Carlisle, CAREB president. “We have found in First American a company that shares our desire to provide both smaller, independent agents and potential homebuyers with the knowledge and tools necessary to help close the homeownership gap. We look forward to working with First American for many years to come.”
The First American/CAREB alliance will immediately focus on CAREB member-needs assessment and the development of additional local CAREB chapters. Over time, it will strive to increase the number of African-American homeowners by increasing the capability and resources of the real estate professionals who serve them.
“The persistent barriers to homebuying that dissuade many would-be homeowners from even considering a home purchase can often be abated through education and access to the industry’s best products and services,” said Landon V. Taylor, vice president of market development for First American. “Aligning with organizations like CAREB helps establish First American as a trusted advisor to the African-American community and positions us to serve a homebuying segment with tremendous growth potential.”
The alliance with CAREB is part of First American’s broader Emerging Markets initiative, launched in October 2003 to increase market share across all First American business segments through comprehensive outreach to traditionally under-served markets. It includes the development of innovative products to combat common barriers to homebuying, strategic industry alliances, philanthropic giving and investment and an increased commitment to workforce and vendor diversity at First American.