Nationwide, women overwhelmingly outnumber men, in almost every aspect of residential sales. And it’s not just in real estate. According to the country’s Bureau of Labor Statistics, women now exceed the number of men in the American workplace. Historically, females have represented a lower percentage of the labor force. But boy, oh boy, how times have changed.
That said, female domination in the housing market didn’t just happen overnight. It’s been a slow and steady climb. The business of real estate officially began in the 1840s, with ladies taking more administrative roles. By 1908, the National Association of Realtors was founded without any women as members. Almost all local real estate boards prohibited female enrollment or serving on their associations.
Women finally become NAR members
Still, it took more than ten years till women could join local boards and even then, only female brokers were admitted. Finally, in 1938, the Women’s Council of Realtors was created to fight these barriers. It wasn’t before 1973 that NAR opened its doors to female agents. And, by 1978 the majority of membership belonging to the National Association of Realtors were women.
Who knew the impact of the changing dynamics of gender in real estate would open so many opportunities for equality and advancement? In spite of the obstacles, women currently make up 56% of all licensed brokers and 65% of all licensed sales agents. In addition the number of female brokers has risen in the last five years, by 6%. Talk about an extraordinary comeback, from zero inclusivity to dominating the real estate industry!
Despite the overrepresentation on the residential side, the lucrative commercial market, as of 2022, is only comprised of 36.7% women — proving there are other hurdles to face. In addition, a significant pay gap exists between the sexes.
While the average female Realtor barely earns $60,869; their male counterparts earn $97,188 annually, as was recently reported by Data USA. Furthermore, the gender-based wage gap is even wider for women of color.
Research also reveals that female salespeople offer stellar people skills such as being powerful empathizers and attuned listeners. Their strength lies in building stronger relationships whilst keeping a real-time pulse on the changing face of real estate.
In fact, women are natural salespeople, and their greatest super power is multitasking. As reported by NAR, the majority of all female members hold a college education. Whether they’re selling part-time (67%) or full-time (71%) flexibility is key, for these driven professionals. Economic empowerment and career advancement are just some of the reasons why women choose a career in real estate.
It’s difficult not to be inspired by women’s accomplishments in the real estate profession. There is power in their numbers. More than ever, women are helping light the way for future agent’s success and achievements. By elevating each other, we all rise together, succeeding in property sales and the industry, as a whole.
Fiona Finn is the managing broker of Royal Shell Real Estate Inc. in Florida.
This column does not necessarily reflect the opinion of RealTrends’ editorial department and its owners.
To contact the author of this story:
Fiona Finn at fiona@royalshellsales.com
To contact the editor responsible for this story:
Tracey Velt at tracey@hwmedia.com