Although society has evolved significantly by 2024, women still have to face unfair challenges in various professional fields, including real estate. Though more women are coming into the industry as agents, brokers, and investors, gender inequalities are still evident. Such barriers include lack of funding and financing and other forms of indirect barriers that include biases that may limit one’s chances of getting leadership and promotion opportunities. In addition, the struggle between career and family or other commitments might complicate the process even further. Knowing and tackling these challenges is vital to ensuring that women can work and succeed in real estate and create a better future for all.
- Gender Bias & Stereotypes
Gender stereotyping is still one of the biggest issues that affect women in the real estate industry. Even today, women are underrepresented in the industry and even when they are, they are often underestimated or not as seriously considered as the males in the industry. Women are often considered to be less informed about financial issues or incompetent to undertake complicated transactions, especially in the field of commercial real estate. This bias results in women getting fewer opportunities than men and this is especially so in leadership positions; it also hampers women’s ability to cultivate business relationships and clinch deals.
- Limited Access to Capital and Financing
The availability of capital is of great importance to anyone who wants to venture into the real estate business, be it to purchase property, develop it, or make an investment. But, women still struggle more than men in getting the funding they require. Research has also pointed to the fact that women entrepreneurs and investors are less likely to be provided with venture capital and fewer loans as compared to their male counterparts. This can be attributed to the fact that there is discrimination against women in the financial sector and women are not well represented in the banks and investment firms’ management teams. Additionally, women often face challenges in obtaining accurate property evaluations, which can further complicate securing the necessary funds. Thus, women may face more difficulties in expanding their businesses or joining the investment part of the real estate business.
- Work-Life Balance and Caregiving Responsibilities
The real estate business is tough, it entails working long hours, having to be in touch with people, and being available for clients at all times. Women, especially those who are also caregivers, may find it especially difficult to meet the demands of the field while also attending to their and their families’ needs as society puts unfair pressure on women to be primary caregivers to this day. Not being able to have a flexible schedule and the general expectation to be constantly at work leads to a lot of stress. This has the effect of limiting the women’s career progression, or in some cases, may cause women to quit their jobs altogether.
- Underrepresentation in Leadership Positions
Women constitute a large part of the real estate workforce yet they are still a minority in leadership roles. Studies reveal that women account for a very small part of executive positions in large firms in the real estate industry and the disparity is even more dramatic in the commercial real estate sector. This means that women are unable to see other women in leadership positions hence they have no one to look up to, no one to steer them and support them in their career path. This underrepresentation also means that women’s voices and perspectives are not heard at the highest level of decision-making, which can lead to policies and practices that do not meet the needs and challenges of women.
- Networking and Mentorship Gaps
Networking is considered one of the most important factors to success in the real estate industry; however, women still struggle to get the same networking chances as men. Most networking events are still very much men-only spaces which hampers women’s ability to build the relationships that can help them progress in their work. Furthermore, there are few women to look up to in this field which makes women lack proper role models and directions to follow within the work environment. The problem of lack of mentorship and networking also hampers women from getting access to important information, training opportunities, building relations and gaining visibility in the industry.
- Pay Inequality
While there have been improvements in other aspects of the real estate industry, the gender pay gap persists. Women are also paid less than men in the same positions within the industry even though they are working the same positions. This imbalance is especially visible in the roles that are based on commission, and men may have better opportunities to meet more important customers and close more valuable deals. The pay gap is also widened by the fact that women do not ask for a raise or negotiate their salaries and commissions as men do because this is considered a male-dominated world. For this reason, women can face a lot of difficulties when it comes to obtaining financial security and status in the industry.
- Discrimination and Harassment
Regrettably, discrimination and harassment are still prevalent in the real estate industry, especially for women. The industry is quite a competitive one and the pressure that comes with it can lead to unprofessional conduct from simple prejudice to sexual harassment. Female real estate agents have stated that they have been subjected to remarks based on their gender, not being considered for a higher position, and even being harassed sexually by other employees or clients. When people are exposed to these experiences, it may make the working environment unfriendly leading to stress and low morale. In some cases, women may be forced to resign or exit the industry due to such experiences.
Conclusion
Although women have been able to achieve a lot in the real estate sector, there are still various challenges that women face in 2024. Some of these challenges include; Gender bias and lack of access to capital, lack of women in leadership positions, and discrimination. These challenges call for the intervention of industry players, policymakers, and other stakeholders in the business world. Through gender equality, inclusion, empowering women in the workplace, and offering necessary tools and assistance, the real estate industry can guarantee women’s success.