Gender Diversity in the Real Estate Industry
One much-touted National Association of Realtor’s statistic from May 2018 stated that 63 percent of all realtors are female. However, this indicates that women dominate this field in a way that may not be all that true.
In May 2019, KMPG published a study called “Women in real estate: Building the blueprint for change,” and the results didn’t reflect that NAR statistics whatsoever. It showed that “Men still outnumber women by large numbers in nearly all subsectors of real estate, a traditionally male-dominated space.”
The bright side? It’s unlikely to stay like this forever. Today’s real estate leaders know there are benefits to hiring and empowering women at all levels. KPMG Women in Alternative Investments Report showed that 72 percent of real estate industry professionals agree that achieving gender diversity is a business imperative. We may not be to where we want to go just yet, but we’ll get there one day.
Let’s look at how we can begin to build the bridge for women in the real estate industry.
How Can We Support Women in Real Estate?
- Expand recruitment
Recruitment is one of the main flaws of the current process. KPMG notes that 69 percent of all funds do not require a diverse slate when hiring and 70 percent of funds do not often hire diverse candidates. Without having diversity throughout the process, how can you expect to have a diverse result?
Expanding the recruitment process and seeking out nontraditional candidate pools can help bring in fresh talent. If you’re struggling, collaborating with nonprofits and universities focused on women’s career advancement can often be a great place to start.
- Support them in their roles
While there may be some women in the industry, not all of them have the support they need to succeed. Mentorship and sponsorship can make all the difference. Did you know that 85 percent of funds do not ensure women have access to sponsors?
Creating opportunities for both of these to occur and giving women ways to connect with people who can add value to their career is powerful.
- Embrace the “new” elements of the industry
The industry won’t stay the same forever. It’s time to be open to new ideas. Diversity sets companies apart. Don’t be afraid to welcome someone who thinks differently than you do.
- Reduce barriers
Women often encounter barriers in the workplace. Whether it has to do with workplace culture, sexist policies, or leadership training, you have the power to reduce barriers that keep women from wanting to work at your company. How can you make leadership roles more accessible to everyone?
- Formalize diversity initiatives
Companies have skirted around diversity for years but having informal practices – not policies. Put your money where your mouth is and formalize your diversity initiatives. Make your promotion criteria objective and your leave policies strong. Only 51 percent of funds provide parental or adoption leave – what kind of position does that put women in?
Final thoughts
The time for women in real estate is now. Don’t be a firm that talks a lot about gender diversity but doesn’t do a lot for it. The majority of the industry (61 percent) doesn’t feel the sector is doing enough to recruit, retain, and advance women. Join the conversation and learn how you can do more.