Women are leading the charge in the real estate world. At least, that's what the current data from the National Association of Realtors (NAR) reveals. Particularly, there is a surge in female professionals in high-end property markets such as Dubai.
But every industry has its challenges. Sure, both men and women face hurdles in real estate. Though, it's important to point out that ladies sometimes tackle unique issues. This may be especially true for the Middle Eastern market. But they aren't letting these obstacles hold them back. Instead, women have demonstrated remarkable success, for instance in Dubai premium real estate.
As more women rise in the real estate ranks, employers should nurture and support their growth in this ever-evolving industry. So, read on to learn more about the role of female specialists in the real estate market. You will also discover what makes them particularly a good fit for the role.
The Role of Women in Real Estate Throughout History
Throughout history, women have played a vital role in the real estate industry. Although, their contributions sometimes went unrecognized. That was especially true in the early 20th century. Back then, women primarily worked as administrative assistants or property managers. They stayed in the background while men took center stage as brokers and agents.
Later, women began to break through the glass ceiling. They took on more prominent positions within the real estate sector. By the mid-20th century, ladies emerged as successful brokers and agents. These pioneers challenged the status quo and demonstrated that women could excel in this male-dominated field.
In recent decades, women have continued to make strides in the industry. Ladies took on leadership roles and diversified the sector. Today, women in real estate are not just agents or brokers — they are CEOs, investors, developers, and architects.
While women have undoubtedly made their mark in the industry, the journey toward equality still has a long way to go. According to the CREW 2020 Diversity and Inclusion Benchmark Survey, certain areas require significant improvement. For example, the proportion of female commercial real estate professionals remains at 36%, unchanged for the past 15 years. In terms of income, women face a 10% salary gap and a staggering 56% gap in commissions and bonuses compared to men.
How Women Are Impacting the Real Estate Market
Indeed, the real estate market has seen a remarkable shift as women take center stage. Their distinct values offer a myriad of advantages: improving work environments, enriching customer experiences, and motivating the upcoming generation of real estate professionals. Now, let's explore how their contributions are molding the industry.
- Women bring diverse perspectives that spark creativity and collaboration. This breath of fresh air helps drive the market forward.
- With excellent interpersonal skills, women build strong connections with clients. Their empathetic approach ensures personalized service, winning trust and loyalty.
- As more females join the real estate ranks, they create a more diverse and welcoming environment where teamwork is cherished. That's because ladies tend to be more inclined to collaborate than men. And they are also better at comprehending the requirements of their teams.
- Women champion sustainability in the industry, advocating for energy-efficient buildings and green materials. Their efforts pave the way for a greener future.
Real Estate Is a Perfect Fit for Ladies
The real estate market is a great place for women to leverage their unique traits. Thanks to them, they become effective professionals in this domain. These qualities undoubtedly benefit them in their day-to-day work and help them tackle work-related tasks easier and better. Not to be unfounded, let us give a few examples.
Women possess exceptional communication and listening skills. As you know, real estate experts need them for effective negotiations. Females' ability to empathize and understand others' perspectives allows them to find common ground and secure favorable terms for their clients. This skill not only helps build their reputation but also increases client satisfaction.
One more thing women excel in is property presentation. Their attention to detail and innate sense of aesthetics come in handy to show real estate in the best possible light. They can expertly stage homes and highlight their best features to make them more appealing to potential buyers. These efforts positively impact the property's marketability and ultimately its selling price.
And let's not forget that women are known for their adaptability and resourcefulness. From dealing with difficult clients to navigating complex transactions, their ability to think on their feet and find creative solutions ensures smooth and successful outcomes both for the real estate company and the client.
The Qualities the Best Female Realtors Demonstrate
While the real estate sector is dominated by women, only 3% of property brokerage firms have females in senior-level positions. So, it takes a lot of effort to be taken seriously in an industry led by men. Nevertheless, many women prove that they're worth it. Though, it required them to foster some of the particular traits.
One of the qualities top female realtors should demonstrate is resilience in the face of adversity. Barbara Corcoran, one of the brightest women in the industry, admits that resilience helped her build her business and made her rich.
Building a strong network is another skill that females should embrace on their way to leading positions. It means engaging with industry peers, clients, and other professionals. In the long run, this helps stay informed and generate new leads.
Real estate is one of the industries that constantly evolves. This suggests that you should stay updated on market trends, regulations, and new technologies. Successful female leaders continuously educate themselves to provide valuable insights to their clients. As they grow their expertise, many female senior experts admit that dedicate time every morning or night to study what is happening on the market.
It's not about getting checks. It's about what values you have and whether you stick to them. Top female real estate agents say that having high ethical standards and prioritizing their clients' best interests are always in focus for them. They are transparent, honest, and trustworthy in their dealings, which helps build a strong reputation.
The real estate industry is not for the timid ones. So, successful agents and top executives suggest that ladies should act fast and be fearless. Vickey Li once said that agents should not be afraid of rejection. Once they identify their desired property or understand market needs, they should seize the opportunity.
The Property Buyer Landscape Is Also Changing
As the real estate market inevitably changes, it not only impacts agents. The property buyer landscape also sees modifications. To be more specific, since 2016, single older women have increasingly invested in real estate compared to single men. More than half of households are now run by females. These are the findings of the Urban Institute.
This shift in buyer demographics creates a growing demand for women professionals in the industry. Their unique perspectives and understanding of the market cater to the changing needs of female buyers. Because who can understand a woman better than another woman? This one-gender approach fosters stronger connections and enables a more effective representation of female buyer interests.
The competitive real estate market has seen a surge in the number of women professionals. Their emotional intelligence, sensitivity, and intuition have enhanced the industry's progress. As multitaskers, women have emerged as the latest powerhouse in real estate, boosting efficiency, coordination, and confidence among clients and buyers.
In the future, women's roles in the real estate industry are likely to expand and become even more prominent. As the market continues to diversify, women will play a crucial part in shaping its trajectory.