Although a growing number of women can be counted among top producers and brokers of record, brokerage ownership remains preponderantly male-dominated.
“When it comes to brokerage ownership, I don’t think we’ve seen a trend in the direction we need,” said Kathleen Black, president and CEO of Black Coaching & Consulting. “We’re still underrepresented in those areas, and when it comes to top team leaders expanding to the size teams are capable of, we’re also underrepresented. There are many more expectations when it comes to women leaders and they’re much harder on themselves. Sometimes it’s difficult to do what you need to do to scale your business effectively.”
The paucity of women is even more pronounced in the commercial sector where most agents are men—never mind brokerage owners.
“The commercial world is totally male-run,” said Erica Mary Smith, broker of record and co-founder of Stomp Realty. “Women who try to make it in that industry have a hard time. In residential, you’re looking for homes, for condos, there’s an emotional aspect you have to manage with your client, but commercial is mostly numbers. If the numbers don’t make sense, the deal doesn’t make sense.”
Smith, however, added that, while brokerage owners are overwhelmingly male, there’s a growing number of female brokers of record.
Black, a real estate consultant and coach, notes that women excel as sales representatives, and, given the chance, can do so much more.
“We coach a lot of women in the industry and we coach a lot of men,” she said. “Eighty percent of our team coaching clients are top 1% nationally in their brand, so we’re trying to impart to them a vision to expand their brands. In real estate right now, team leaders are able to have massive innovations because more and more brands are being bought out by larger corporations, and they have bigger franchise models, so team leaders are able to be more impactful in their communities, and that’s something women really care about.”
Black will be speaking at Women in Real Estate on November 15 in Toronto about the demands of entrepreneurship.
“We’ll be talking about what it takes to run a business and how committed you need to be,” she said, “and how to have full immersion in your business, because a lot of people make small changes expecting big results. We’re looking to support people to be world-class and expect to make massive changes to garner great results back. I want to support them to be confident enough to build the lives they want.”
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