Successful Women in Real Estate
By Susan Meyer
When it comes to real estate, men may have historically dominated the industry, but the future is female. Women have been part of the real estate industry since the beginning, often working in more administrative roles, but starting in the early 1900s, more and more ladies began to become brokers and agents. Today, successful women in real estate represent the majority of the industry and many are advancing to leadership positions across the nation.
Real estate offers women the opportunity for economic empowerment and career advancement. If you’re thinking about becoming an agent or even starting your own business, learn more about current real estate trends and seek inspiration from other successful female realtors.
Real estate trends to know about women
Current trends showcase the impact women have on the industry and also reveal where there’s room to improve. Read on to learn about six trends related to real estate and women.
Women realtors dominate the industry
Today, women represent the industry majority in the United States, making up 67% of realtors. When compared to the male-dominated industry of the 20th century, this uptick is a big win for females in real estate. A typical realtor nowadays is a 54-year-old white female who is a homeowner and college educated. Although female representation is high, the industry does have room for improvement.
Rise in single female homeownership
Homeownership for single women is on the rise, with single females being 5% more likely to own a home than their single male counterparts. Additionally, the same study found that single women represent more than double the amount of owner-occupied homes as single men do in every major U.S. city. With single females as a leading group in homeownership, women realtors may have a unique advantage with this demographic, based on the potential for shared experiences and perspectives.
Women in commercial real estate need more representation
Although women currently dominate the real estate industry as a whole, they only make up 36.7% of the commercial real estate workforce, and this number hasn’t significantly changed over the past 15 years. With commercial real estate remaining a male majority, this trend highlights an area where more women of diverse backgrounds can make an impact.
A staggering gender pay gap still exists
It’s an unfortunate reality that a pay gap exists between genders in most industries, and the same holds true for both real estate and commercial real estate. In 2020, women brokers and sales agents made 69 cents to a man’s dollar for the same job. This gap is narrowed to 92 cents to the dollar at the management level in real estate.
A study by CREW Network discovered that within commercial real estate, the salary gap between males and females lies at about 10%, or 90 cents to a man’s dollar, but the most astonishing gap occurs for bonuses and commission at nearly 56%. Overall, these numbers demonstrate that much can still be done to achieve pay equality for women.
The pay gap is worse for women of color
When it comes to women of color in commercial 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. This trend demonstrates that pay equality for diverse women in real estate should be a focus for the future.
Women are advancing their careers
Despite females holding a majority in the industry, real estate leadership is not always representative of this. A report found women currently occupy only 9% of C-level positions in commercial real estate, but about 32% of women realtors have their sights set on the C-suite. This number is a 4% increase in women who aspire toward the executive level in the past five years.
Influential ladies of real estate
Whether you’re an aspiring woman realtor or already have a successful career in the industry, it’s helpful to have peers and role models to inspire your continued growth. Check out some of these successful women in real estate for some career motivation.
Kenisha Robnett
As a successful woman in real estate, Kenisha Robnett works at RE/MAX Platinum Access and blazes trails as an award-winning licensed realtor and executive vice president. In 2020, she won Globestreet’s Woman of Influence: Broker of the Year in Tenant Rep award and was also a Connect Media Woman in Real Estate Award recipient in 2019. Additionally, she was one of the first Black women to become a Certified Commercial Investment Member instructor and serves as a role model to others who aren’t the typical realtor.
Melissa Alexander
Currently working as vice president of Foundry Commercial, Melissa Alexander is no stranger to being the only woman in the room. While in her principal role at a Cushman & Wakefield affiliate, Melissa was the only female broker and partner in the firm. In addition to her real estate expertise, she has a strong social media presence in the field. On Twitter, she co-founded #CREchat and interviews guests online to share tips about business and commercial real estate.
Casey Flannery
Another woman with a strong social influence in real estate is Casey Flannery. Flannery is the co-founder of #CREchat and was named a Top Commercial Real Estate Influencer on Twitter. Casey is currently a senior associate at Cushman & Wakefield and participated in CREW Network’s Leadership Certificate Program.
Hope Atuel
National executive director of the Asian Real Estate Association of America, Hope Atuel, has been serving her organization for nearly a decade. In her role, she works to develop opportunities for homeownership and real estate careers in the Asian American community. She was also named to Real Estate Almanac’s Top 40 Women Executives List.
Tips from women realtors
Female mentorship in real estate was rare when women were first starting out. Today’s new realtors can benefit from a wealth of knowledge from all the ladies who came before them. Keep reading for a few secrets to these female real estate agents’ success.
Find your allies
One of the most cited tips from women realtors is to find a mentor or an ally. When asked what advice she would give women in real estate, Diane Danielson said, “Women need to find their allies (male and female), and have a diverse board of advisors throughout their career.” Allies in the form of peers or mentors can help you get through tough times in a tough industry.
Build your personal brand
Realtors Casey Flannery and Melissa Alexander stress the importance of personal branding on their live Twitter chat, #CREchat. They stress how your reputation is important because real estate is about relationships and others’ perception of you can impact your income. Part of building your personal brand is protecting it, so make sure you’re covered with small business insurance should any deals go awry.
Lead by example
Women face many challenges in the real estate industry, but seeing examples of other women in leadership can help change the status quo. Polly Watts of Sundae Homes stated,“Successful women inspire more successful women.” As more and more women blaze trails in the industry, examples of dedication and hard work can motivate women just starting out.
Adapt with technology
As a guest on CRE Success: The Podcast, Linda Day Harrison emphasizes the importance of technology in commercial real estate. She speaks about how online platforms can help you expand your reach in the industry. Using a platform like LinkedIn, she had the idea to create theBrokerlist, an online database for real estate brokers to find deals. Technology can be leveraged to adapt to the industry and promote your own success.
Successful women in real estate have been blazing trails since the industry began. Although women are taking over the industry as realtors and homeowners, much can still be done to improve gender and diversity gaps along the way. If you’re an aspiring woman realtor, make sure you’re aware of current trends, and look to other female realtors for inspiration on how to break barriers in business and pave the way for others.
Sources: CREW Network, Entrepreneur, House Beautiful 1 2, NAWRB, The Zebra
** This article was originally published by The Zebra. CLICK HERE to view the full article.