08 Mar Re-Shaping Real Estate on International Women’s Day
International Women’s Day is a global celebration of women’s achievements, aspirations, and progress towards gender parity. In recent years, the real estate business has been witnessing a remarkable influx of women entrepreneurs who are redefining the industry’s landscape. Many women in the industry are not just navigating but dominating, owning firms, leading independent teams, and achieving remarkable financial success.
This article aims to shed light on their incredible journey, highlight their achievements, and explore the ways in which women are shaping the future of the real estate world.
Women entrepreneurs in real estate
Over the past few decades, women’s representation in the real estate business has soared to new heights. Over 60% of real estate agents are now female, as reported by the Canadian Real Estate Association, showcasing a transformative shift in this highly competitive market. Studies indicate a significant increase in the number of women holding key positions in real estate companies, breaking barriers, and challenging traditional norms. The shift in attitude and the emergence of more women in leadership roles have contributed to the beginning of more diverse and inclusive industry.
Breaking stereotypes
Traditionally, the real estate sector was totally male dominated. However, today, there is a growing number of women who have shattered the glass ceiling and achieved remarkable success in the industry.
According to statistics, women make up 36.7% of the commercial real estate workforce in Canada. From property development to property management, women entrepreneurs are making significant strides in various sectors of the real estate business.
Women entrepreneurs inject a refreshing perspective into the real estate business, introducing innovative strategies to meet the diverse needs of clients. Their empathetic approach and understanding of the nuances in real estate transactions have established them as influential figures in the market.
Pioneering strategies
Over the last five years, the number of women brokers has gone up by 6%. Additionally, a study has highlighted a significant 5.4% rise in the representation of women, specifically those aged 39 and younger, in the real estate industry since 2015.
Women entrepreneurs are bringing a new outlook to real estate, using innovative strategies to meet diverse client needs. Their skill in understanding the varied requirements of buyers and sellers has made them essential players in the market. Additionally, women in real estate are increasingly focusing on sustainability and community development, leading projects that align with social responsibility and environmental awareness.
Challenges and aspirations
Despite the strides made, women in real estate sector still encounter challenges, including cultural biases and the persistent pay gap.
The pay gap widens further for women of colour in commercial real estate, with Asian women earning 86 cents, Black women 85 cents, and Latinx/Hispanic women 80 cents for every dollar earned by their male counterparts. This underscores the pressing need to prioritize equality for diverse women in the real estate industry.
Moreover, although women constitute a majority in the industry, leadership positions in real estate don’t always mirror this representation. A recent report indicates that women currently hold only 9% of C-level positions in commercial real estate.
Despite all, there is a positive trend, with approximately 32% of women realtors aspiring to C-suite positions. Over the past five years, there has been a 4% increase in the number of women aiming for executive-level roles, signalling a growing ambition of women for leadership in the field.
Way forward
Despite facing some hurdles, amazing women entrepreneurs in real estate are not letting anything stand in the way of chasing their dreams and making a big impact on the industry. By sharing the success stories, cheering each other on, and creating a supportive community, women are lighting the path for future generations. As we celebrate International Women’s Day, it is a powerful reminder of the incredible achievements of women worldwide.
In the real estate world, the women are defying odds, breaking down barriers, and giving the industry a whole new look. On this International Women’s Day, let us give a big shout-out to all the women in real estate, appreciating their countless accomplishments and keeping the momentum going to build an industry that welcomes and supports every aspiring professional.
Cheers to the unstoppable women making waves in real estate!