African Americans closing the wealth gap through real estate Hilltop Family Real Estate Firm’s principle goal is to narrow the wealth gap in the African American Community through real estate. The goal to build wealth in the African American community has been riddled with obstacles that have hindered generations in obtaining real estate property residentially and commercially. Society has used tactics such as redlining, blockbusting and other blatant and subtle ways, to discourage and obstruct African American people from playing a more meaningful role in real estate. African Americans have been adversely affected in the areas of Residential, Commercial and in real estate leadership roles. Our mission is to bring further light into the current real estate culture and bring power to the community through the establishment of an African American owned and operated Real Estate Brokerage that focuses on the community Residentially, Commercially and Professionally.
Primary homeownership in the African American community has been a disparaging task when it comes to receiving a fair and equitable chance at obtaining residential property. At Hilltop Family Real Estate Firm we help find opportunities for African American families by locating safe areas with properties that grow in equity that were traditionally reserved for other ethnicities. “In July 2019, the reported Black American homeownership rate of 40.6 percent hit a historic low in the United States; a African American homeownership rate nearly mirroring the rate at the time of the passage of the Fair Housing Act in 1968,” stated by Antoine Thompson, the executive director of the National Association of Real Estate Brokers. We believe purchasing residential property is one of the best methods in closing the wealth gap by growing a strong credit score, equity and collateral which leads to better interest rates on future endeavors. African American’ homeownership is great for the family’s generations to come by having something that is tangible and grows in value throughout the years.
One of the most rewarding decisions is to decide to become self employed, while one of the most frustrating is usually location. As the old saying goes, real estate is all about location but for a business owner it means so much more. The decision on where a business operates its location can make the business thrive or close down. At Hilltop Family Real Estate Firm, we understand the importance of a businesses success being reliant on location and rather to lease or to determine if it is it time to purchase. As a full service real estate firm, we let businesses know the current market and best up and coming areas so they are made aware sooner. Rather a business is leasing and has a desire to purchase or a business currently owns and is looking to expand, we offer educated guidance in real estate growth and stability. A business that owns the land is creating an opportunity for families that will narrow the wealth gap. Antoine Thompson, the executive director of the National Association of Real Estate Brokers states, “In comparison, the rate reported for non-Hispanic White Americans for the same period in 2019 was reported at 73.1 percent — a more than 30 percentage wealth gap.”
Hilltop Family Real Estate Firm is excited to offer opportunities to licensed agents and those who desire becoming licensed real estate professionals. Hilltop Family Real Estate Firm gives African American Realtors corporate opportunities to fit into leadership roles with people who look like them. According to the latest data from the U.S. Census Bureau, fewer than 6 percent of all real estate professionals are Black, compared to 74.6 percent who are White and 8.79 percent who are Hispanic. This statistic stood out to Antoine Thompson, the executive director of the National Association of Real Estate Brokers, or NAREB. The African community deserves agents who have empathy. Agents who know the struggle personally or know of someone who has experienced bias in real estate is best suited to help navigate the community to an expected end which is a successful closing. By empowering African American realtors, and giving them an opportunity to lead in key roles in the development of communities that have not been readily available in the past is key to addressing the disparities that have plagued this community. “Distribute opportunities to underrepresented groups, especially Black professionals” said Charlie Opper of the National Association of Realtors. By empowering African American realtors to empower the community is the best strategy in ending gentrification and closing the wealth gap.
Hilltop Family Real Estate Firm is proud to begin serving this disregarded community, by strengthening the African American communities presence in ownership in residential, commercial and professional opportunities. Through knowledge, professionalism and courage, we will navigate through the old laws designed to exclude this community. To bring an influx of businesses and families to this thriving and growing community is just the beginning.