Throughout history, women have progressed through all industries. In the real estate industry, women lead the charge as they make up 63% of full-time agents. Even though the real estate industry is predominantly female, women in real estate face the same challenges as their peers in other sectors. Here are three of the most common challenges based on research by the Urban Land Institute.
- Career progression for women in real estate can slow down. According to ULI, “Following a period of early-career growth with promotions achieved through success in challenging work assignments, some women have a sense that their momentum is stalling mid-career.” Due to a lack of mentorship, women in real estate have a hard time advancing their careers.
- Pay equality is another challenge women face. According to a survey by REINSW, the pay gap is 29.3% in favor of men. “A report has revealed there's a 29.3% gender pay gap between full-time employees in the real estate industry, one of the highest in any industry.” The wage gap only increases with seniority as experienced females in real estate earn less than their male counterparts.
- Gender discrimination is a problem for all women in the industry. Many large brokerages are male-dominated and this boys-only club can make it difficult for women. Because of this, women are more likely to leave a large brokerage and start their own. Star Grieff of Lyons Sullivan Realty explains how it can be hard to be taken seriously as a woman balancing work and family. “As a full-time stay home mother before becoming a realtor, I had to work harder than most in order to be taken seriously.”Women who try to have a healthy work and life balance can sometimes be overlooked for advancement.
While women have made huge progress in the last couple of decades, there is still work to be done in order for the real estate industry to be fair and balanced for all. #WomensHistoryMonth2023