The world of real estate business has traditionally been dominated by men, or at least the overall perception was so. But in reality, women have always been part of real estate since the beginning. Historically, they have always held administrative positions and front office roles. Since the early 1900s, women have started taking part in strategy and leadership roles as well. Women are now CEOs of real estate firms and have joined other works as well like being agents, realtors, real estate owners and property managers.
Now, successful and inspiring women are out there in the world of real estate who are making their mark. Wonder what these trends are in the present day? This International Women’s Day learn about their struggles, stories and trends to get inspired from.
Real Estate Trends for Women in 2022
At present women are taking on leadership roles in the real estate industry which was once a dream. Read on to know the current state of affairs for women in the industry. Get inspired to start your own career in this sector.
Women realtors dominate the industry
Now, the reality stands at a dramatic new curve for women. According to NAR (National Association of Realtors) women now form 64% of real estate agents and realtors in the USA. That is a pleasant change since the onset of the real estate business days back in the 1750s. The female representation might have increased in the past few decades, but there are other areas that need improvement.
Women in Commercial Real Estate are still low
Though we understand that female realtors dominate the industry, Commercial Real Estate has hardly seen its impact. CRE has not more than 36.7% women in business. Studies also believe that female representation in CRE has been stuck in this bracket for more than 15 years now. Having more women coming into this sector will positively impact representation and inspire diversity.
A humongous pay gap is prevalent
The reality of the gender pay gap in the USA is no secret. In 2020 women earned 84% of what an average American man earned. The statistics in the real estate industry are even harder. Women real estate agents and brokers earned 69 cents to every dollar earned by a man in similar job positions. The gap reduces a little when it comes to leadership and strategy led positions. Women in executive levels earned 92 cents to every dollar earned by a man. However close the pay is, it is never equal.
Studies also believe that compensation takes a huge hit for women when it comes to bonuses and increments based on sales and performance. Women’s bonuses rate are 56% lower than any average man in the industry. A lot more remains to be done to better the pay gap between genders.
Women of color see a worse pay gap
Black women in CRE earn 85 cents to every dollar made by a man. The earnings from bonuses and commissions are even lower. They earn 71% less than an average white American man from bonuses. These figures are quite scary but eye-opening and a major call for change.
Not many women at executive levels
The representation of women at CEO or COO level positions are at an alarming low of just 9%. This tells us that even if the real estate world is quite accepting of women being agents and brokers, they are yet to get into executive roles. However, studies also believe that more than 33% of women aspire to reach these executive job roles, and that is an inspiring place to start the journey.
Inspiring women in real estate that you must know about
There are women who are setting new trends in the real estate business. This is no longer a “man’s job”, and some of the most inspiring women are changing the tone. Who are they?
Christine Lezette is the Operations Director at AESI, she handles strategy and leadership in the organisation. From working closely with CRE brokers and realtors to managing projects to business operations in the organisation, she has made her mark in most sectors.
She has inspired more women to join the company and now more than 50% of employees are female and ⅔ of executive roles at AESI are handled by women like her.
Maureen Ehrenberg is the CEO at Blue Skyre, previously she worked as the Global Head of Digital Facility and Asset Management Services. In 2018, she was recognised by Real Estate Forum Magazine as a major influencer in CRE. In the same year, she received another honourable award from RealComm, for her changing the real estate world with the advancement of technology. She is popularly known in the industry for her digital and technological innovations in the industry to positively impact the ROI of the companies she works with.
In her present role, Melissa Alexander works as the VP at Foundry Commercial. She has always been vocal about how she is always the only female in most rooms. But she has used her position to help women become a part of the conversation. Apart from being known for her decades of expertise in real estate, she has used her social media to start a campaign called #CREChat. Here she talks to experts from the real estate business about tips and tricks from the industry.
Being a woman in business is tough when all the biases and odds are against you. But the scenes are gradually changing for the better. From representation to pay, the real estate world is slowly making progress, but we still have a long way to go.
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