With intense scrutiny from Silicon Valley to the White House, the topic of diversity and inclusion has been pulled into focus and entered conversations everywhere from the newsroom to the boardroom. Employers across all industries are increasingly seeking ways to create equal opportunity for employees regardless of their age, gender, ethnicity and sexual orientation. Some are faring better than others.
The uptick in media attention on the issue inspired me to look more closely at the real estate industry in this context. While I’ve always felt that real estate agents represent a strong balance across the most common diversity dimensions, I wanted to see what the statistics said. In my research, I realized that there are quite a few reasons the real estate business is uniquely positioned to be a leader on the diversity front.
The uptick in media attention on the issue inspired me to look more closely at the real estate industry in this context. While I’ve always felt that real estate agents represent a strong balance across the most common diversity dimensions, I wanted to see what the statistics said. In my research, I realized that there are quite a few reasons the real estate business is uniquely positioned to be a leader on the diversity front.
1. Women play a prominent role in residential real estate.
If you watch the male-dominated reality television shows about real estate, you may be surprised to learn that 62% of Realtors nationwide are female. And women aren’t just selling, they’re leading. In New York alone, women sit atop many of the most powerful firms: Dottie Herman at Douglas Elliman, Pam Liebman at Corcoran, Diane Ramirez at Halstead, Kathy Korte at Sotheby’s and Elizabeth Stribling-Kivlan at Stribling. When you look at other advisory professions such as law or wealth management (both about one-third female), it’s rare to see so many women within the top ranks of the industry. We should be incredibly proud of this.
2. Earning power x flexibility = An ideal profession for working parents.
The difficulty balancing family life and professional demands is often cited as one key reason for the lack of gender diversity at the top of many corporations. I know from watching my own mother, a single parent, pursue this career that parents can thrive in real estate, given the ability to secure a competitive income while maintaining flexibility to pick up the kids from school, attend after-school activities and sporting events, and be home for dinner and bedtime routines. Real estate is one of the few, perhaps only, careers that provides this opportunity for working parents.
If you watch the male-dominated reality television shows about real estate, you may be surprised to learn that 62% of Realtors nationwide are female. And women aren’t just selling, they’re leading. In New York alone, women sit atop many of the most powerful firms: Dottie Herman at Douglas Elliman, Pam Liebman at Corcoran, Diane Ramirez at Halstead, Kathy Korte at Sotheby’s and Elizabeth Stribling-Kivlan at Stribling. When you look at other advisory professions such as law or wealth management (both about one-third female), it’s rare to see so many women within the top ranks of the industry. We should be incredibly proud of this.
2. Earning power x flexibility = An ideal profession for working parents.
The difficulty balancing family life and professional demands is often cited as one key reason for the lack of gender diversity at the top of many corporations. I know from watching my own mother, a single parent, pursue this career that parents can thrive in real estate, given the ability to secure a competitive income while maintaining flexibility to pick up the kids from school, attend after-school activities and sporting events, and be home for dinner and bedtime routines. Real estate is one of the few, perhaps only, careers that provides this opportunity for working parents.
Patrick Kavanagh Chicago Property offers the following key benefits to all clients. Below Market Value Properties Properties are off-market. High Rental Yields Excellent capital appreciation.
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