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Honoring Women’s History Month

Elizabeth Davenport
Honoring Women’s History Month

Women in Real Estate

March is Women’s History Month. This month we honor, celebrate, and encourage the study of women in American history. 

ABOUT WOMEN’S HISTORY MONTH

Women’s History Month originated as a national celebration in 1981 when Congress requested the President to proclaim the week of March 7, 1982 as “Women’s History Week.” In 1987, after being petitioned by the National Women’s History Project, Congress designated the month of March as “Women’s History Month.” Since 1995, presidents have issued a series of annual proclamations designating the month of March as “Women’s History Month.” These proclamations celebrate the contributions women have made to the U.S. and recognize achievements women have made over the course of American history in a variety of fields.

WOMEN IN REAL ESTATE

Women have been involved in real estate almost since its start in 1794. In the early days, women filled office and clerical roles. By the late 1800s, women were moving into the roles of agents and brokers. Today, women represent the U.S. real estate industry’s majority, making up 67 percent of realtors. While women currently dominate the residential real estate industry, they only make up roughly 37 percent of the commercial real estate workforce. Furthermore, there’s a stark lack of women at the executive level. 

Source: The National Association of REALTORS® Archives, https://www.nar.realtor/library-archives/the-national-association-of-realtors%C2%AE-archives


LACK OF WOMEN IN LEADERSHIP

Although industries such as real estate and education are female-dominated, there’s an outright lack of women at the executive level. A new survey from Coldwell Banker Real Estate LLC, found that 34 percent of Americans working in female-dominated industries agree that women in their industry face a “glass ceiling.” This "glass ceiling" makes it more difficult for women to reach executive or senior-level positions. Furthermore, for the women who have presumed these top roles, the journey has meant overcoming steep hurdles. NAR reports that women account for 67 percent of all realtors, yet more men lead real estate companies as a broker-owner (52 percent) or a selling manager (57 percent). Furthermore, a CREW report revealed that women only occupy 9 percent of C-level positions in commercial real estate.


WAGE GAP

It’s a sad reality that a pay gap still exists between genders - and sadly, the real estate industry's pay gap sits at 23 percent. Moreover, this gap grows when moving to the C-Suite level where the pay gap is 30 percent. Furthermore, men are 20 percent more likely than women to ask a supervisor or boss directly for a raise or promotion. 

When it comes to women of color in real estate, the pay gap is even wider. It’s reported that Asian women make 86 cents; Black women make 85 cents; and Latinx/Hispanic women make 80 cents to every dollar made by a man. So, while there is progress underway in the battle for equal pay in real estate, more needs to be done.


ADVICE FROM WOMEN IN REAL ESTATE

(Image credit: Jenny Chang-Rodriguez)

Open dialogue about women as leaders in the workplace, mentorship and training, combined with opportunities to grow and lead, are critical to empowering women. Here are a few key pieces of advice from successful women in real estate…

  1. Find Support. Mentoring is everything in real estate; many agents find it useful to really learn the ropes. Finding a mentorship program can provide crucial guidance and accountability. A mentor can help with goal setting, give feedback and provide knowledge and information.
  2. Find Balance. Establish boundaries and know your non-negotiables. Finding a work-life balance is essential.
  3. Establish a Personal Brand Strategy. To develop your personal brand strategy, start showcasing your expertise by creating important content on social media for your future customers. Build authority by sharing real estate tips, advice and insights.
  4. Embrace Technology. Many of the changes that have been necessary for the real estate business due to the pandemic have become an integral feature of buying and selling houses, and will likely remain permanent moving forward. Because of technological advances, successful real estate agents must learn how to leverage all these tools, from mastering social media to assessing analytics.

Check out the following links for more advice and tips from women in the industry…


ORGANIZATIONS FOR WOMEN IN REAL ESTATE


 



















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