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Women in Real Estate

Since 1978 women have accounted for the majority of realtors who hold membership with the National Association of Realtors. Today 65% of all realtors are women but somehow, women are still under-represented in executive roles in the industry. Changing these leadership demographics will require commitment from everyone and every organization within the industry. 

As reported in Forbes, 30% of executive-level managers and 43% of mid-level managers were female in 2007. Those numbers were 30% and 45% in 2017; in 10 years there has not been much progress for women in the industry. Today with so many female empowerment movements, this is unacceptable. Workplaces and the workforce in general, are still struggling to achieve equal female representation. With a commitment to developing and promoting female talent in organizations, there will be a shift in female representation within the industry.

Women are particularly attracted to real estate for the flexible work hours and the limitless monetary opportunities to help their families. Could it be possible that this is the same reason we don't see more women in leadership roles? Do women put off their career goals and aspirations in order to have more time with their families? According to Commercial Real Estate Women Network (CREW) 20% of women say that family or their marital status has negatively impacted their career in CRE. The change we are seeking must come from the foundation of your family, organizations are not the only source of issues when we take a look at these numbers. We'd like to believe modern families are more progressive and domestic duties are shared equally in all relationships, hopefully in the next 5 years we will see a major change in female representation in leadership roles and a change in the pay gap.

In commercial real estate, women make up only 36.7% of the workforce AND they earn 23.3% less than men! You may have heard female realtors complain about not receiving the same trust or respect for commercial opportunities. This unconscious bias is the main reason women are underpaid in CRE. 

Organizations like the Women’s Council of Realtors (WCR) are helping promote women’s career development and professional networking opportunities for women. What Moves Her, is an initiative launched by Realogy Franchise Group President Sue Yannaccone to develop leadership skills in real estate. They use workshops, conversation series and many other events to empower women. Programs like these are the future for women in real estate.

Most importantly, women in real estate must stand up for themselves and support each other. It’s 2022, women in your brokerage are not your competition but your allies. It’s time to support one another and lift each other up, because when SHE wins, YOU win! And ladies, do not EVER feel like you have to fit a corporate mold or act like your male counterparts to earn anyone’s trust or business. Use the pink marketing material, wear that over-the-top dress to a showing, and don’t ever change your personality for business because that is not sustainable long term or if you want to be happy.

In this week's The Pocket Network podcast, guest Tara Krach discusses why she founded the RealtHer Society and what exactly her organization provides for women to feel safe and empowered while staying true to themselves. Tara shared that she too was told to follow a certain path to achieve success in the industry, she was told what to do and what to put out in public. She soon realized she wasn’t happy and this wouldn’t work for her. As soon as she started creating content she loved and doing what made her comfortable, she started to be successful in her career.