Executive navigates cultures

0 Comments | Oakland Tribune, Sep 22, 2006 | by Barbara E. Hernandez, MEDIANEWS

Pablo Wong, born in Nicaragua to Chinese immigrants, speaks Spanish more fluently than he does Chinese. With a background in both cultures, he has made a name for himself as one of the few experts in the real estate industry with insight into cultures little known to most corporate bigwigs.

He showed off new marketing materials in Hindi, Chinese and Spanish, all geared toward specific communities and tapping into their culture with imagery and people, not just simple translations.

And Wong, 49, has a lot to show off.

He immigrated to the United States from Nicaragua in 1979, when his family fled after the overthrow of the Somoza regime by the Sandinistas. Wong parlayed his first job as a handyman/painter with a real estate company in the Mission District into an office job and, he is proud to say, became a licensed real estate agent within a year. His expertise with different cultures became an asset in the six years he spent in the California Department of Real Estate and the governor's office under Pete Wilson.

He now shares those skills with others in the real estate industry; he serves on the board of directors for the Asian Real Estate Association of America and was instrumental in starting Bay Area chapters of the National Association of Hispanic Real Estate Professionals.

Now, Wong is senior vice president of market development for Fidelity National Title Group Inc., in charge of bringing his company's message to the multicultural masses of California and getting corporate suits to see that the sleeping giant of homeownership is in the growing and underserved African-American, Asian and Latino populations.

Fidelity National Title Group Inc. is the nation's largest title insurance company, with underwriters Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title issuing close to a third of all policies in the country.

Wong lives in San Francisco with hiswife, Khena, and 5-year-old son, Paul-Jose.

Q: You have worked in "emerging markets" before; what have you learned from it?

A: There's still much to be done. Companies think that they can be successful just by printing up a brochure with a translation. Even the translation has to be in a specific culture, not just in language. We have a Hindi brochure, a Spanish brochure, one in Chinese -- but it's not just about language but their culture, emotions and dreams.

I don't like the term "emerging markets." It's demeaning. I know they use it internally in corporate America, but the term insults ethnic groups who feel they are not emerging but instead have been here for years. I prefer the term multicultural or diverse markets.

We need in our business to provide people with a title or escrow company with cultural sensitivity that serves every single person.

Q: A June study by the National Community Reinvestment Coalition and the U.S. Department of Housing and Urban Development found that many African-American and Latino applicants, with higher incomes and credit scores, were consistently steered to subprime mortgages in six different cities. Why do you think blacks and Latinos are at such a disadvantage when looking for a loan? And why are they the lowest percentage of homeowners?

A: Asian, too.

According to research, lack of education and outreach are big barriers. You speak English very well and are well educated, but even you know how intimidating the process can be. It's more intimidating if you speak a little of the language or not at all. They don't know you can pick a different lender, escrow company or title company in the transaction or walk away.

But one of the problems I found while working at the Department of Real Estate is that it normally takes one of our own to do the damage. It's Latinos with Latinos, Asians with Asians. It's sometimes discouraging to others that some of that is going on in their own community. And predatory lending is very big in Oakland and San Jose.

Q: What do you see as the future of the real estate industry in the East Bay and Bay Area?

A: In 2000 to 2005, the industry had record profits and values significantly increased, and more families now can't afford a home. It's not necessarily going to be a bad market, but it's going back to a normal market.

Personally, I don't see the infamous bubble people talk about. Because if you look at the number of homes needed to support our population (there's no way builders can meet it). It doesn't add up.

I think the appreciation rate will decline, but I just don't see a big downturn in the East Bay. Maybe a few pockets may be affected, but that's it.

In this transitional market is when you are going to see a big increase in purchases by Latinos, Asians and African Americans. Buying a house is a tremendous event, and they buy when they have the money. They aren't going to be discouraged with a 1 or 2 percent higher interest rate.

Q: What are future plans for you and Fidelity National Title Group?

A: We are helping real estate professionals and other groups in the multicultural market how to understand different cultures, and teach the basics and dos and don'ts. Such as in communication, when someone's nodding it doesn't mean yes or even that they understand - - only that they hear you. Don't be surprised if a Latino couple shows up with a group of people at the signing; it's an important event shared with members of their family.