By Tanuja A Akkannavar
Across all industries, there is an alarming lack of women in senior roles. The real estate business, on the other hand, might easily turn and become the model industry for representation. Women have always excelled in the sector, but statistically, they have never held positions of leadership. Men and women in real estate face extremely distinct problems, although the barriers to obtaining a real estate license are the same. Despite the apparent success achieved by women in the real estate industry, women confront specific employment hurdles that men do not. Real estate is tough and frequently necessitates significant personal commitment. Even in the early phases of your profession, late nights, long hours, and weekends are all part of the job.
Women who seek a career in real estate encounter specific hurdles in their professional development, following are some of the major challenges faced by women leaders in Real-Estate industry:
1. Lack of Leadership Roles –
Even though today even women dominate the real estate industry, they do not hold as many executive positions as males. Women make up 25% of the membership of the real estate and land use group, for example. However, according to the report, they only make up 14% of the company's CEOs.
Some people launch their enterprises to work in an environment that matches their ideals.
2. Pay Inequity –
According to research on gender equality, the salary difference favours men by 29.3 percent. Even more intriguing is the fact that seniority widens the income disparity between men and women. Others believe that experienced female real estate agents make less money than their male colleagues. Women in non-managerial roles, on the other hand, often earned 7.8% more than their male counterparts.
3. Career Advancement –
Women are frequently ignored for C-level and executive positions in real estate, despite working harder, putting in more hours, and selling more. Women in the real estate industry may find it difficult to advance. In many situations, the business is passed down from father to son. As a result, women are more likely to move up the corporate ladder by changing employment. In other words, in the early stages of their careers, women in real estate tend to advance quickly. Their career, on the other hand, slows down as they get older, and the income difference widens as they advance to management and executive positions.
4. Gender Discrimination –
Women face prejudice in a working culture dominated by men in a variety of ways, some subtle, some more overt. Many of the major brokerage firms are still dominated by men, making it more difficult for women to break into the male-dominated group. Many brokerages still have an antiquated work culture, which often clashes with a woman's priorities. Women who prefer a healthier work/life balance, for example, are frequently chastised by both men and women. For choosing to spend time with family or taking extended maternity leave, they may be overlooked for progress.
5. Lack of Mentorship –
Having a coach can be difficult for women who want to advance their careers in real estate. Beyond the business hours, scheduling difficulties might make it tough to engage in additional training and coaching. A mentor can be a valuable source of advice and responsibility. Most high performers attribute a substantial part of their accomplishment to a mentor who helped them early in their careers.
For both house buyers and real estate professionals who serve them, the real estate market is evolving. In the last 5 years, single senior women have invested in real estate at a higher rate than single men. Women are increasingly purchasing homes, and they often play an essential part in the process. They may start the search for an agent or a home, choose the search parameters, and put down a deposit. Team leaders, managers, and CEOs should aim to be well-informed so that they can help female employees flourish.