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Although the real estate industry is working hard to gather its collective calm It sparked days of controversy after the National Association of Realtors settled most of its commission cases TikTok rantone thing no one seems to be talking about: Women will face the biggest impact of newly proposed council changes.
64% are women Most real estate industries And wages have been significantly reduced. According to Forbes March 2024 Gender Pay Gap Studyreal estate agents have the most important There is a gender pay gap among the jobs surveyed in the United States, with men earning an average of 60% more than women.
If commission compression does have the impact many experts predict, it will undoubtedly have an even greater impact on women, especially women of color, who are already struggling for fair wages. NAR data shows that women make up the majority of part-time agents, and overall, many experts believe that these pay changes will push female agents out of the industry.
Let’s break down new data on real estate agent earnings, hear what female leaders have to say about new proposed commission changes, and discuss how to break the glass ceiling with a hammer.
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women’s point of view
since $418 million Sizer|Burnett settlement According to an announcement issued on March 15, Brothers behind the microphone Breaking through the chaos, agents appear to be in trouble four factions get ready fight for one’s rights, reform or compromise For the future, courts, judges and the Ministry of Justice will play the role of referees.
Trying to cut through all the noise and get to the heart of the matter, I’d like to hear what the smartest people are female leadership Talked about what to expect next for women in our industry and how to prepare.
Attorney and popular Inman Connect speaker Kendall Bonner A panel of women leaders was convened last week. Together they expressed their thoughts and best advice for the industry, highlighting important points that all agents need to hear.
“I have always been passionate about encouraging women into leadership roles, and what our industry needs most right now is leadership and our perspectives,” Bonner, an attorney and team leader, told Inman.
Bonner and Veronica Figueroa and Kathy Helbig-Strike A panel discussion was held on March 20th detailing the new billing rules, various strategies and how to start building a foundation of confidence to prepare your business for this change.
“I think women have a real opportunity to lead these conversations and not only explain what might happen next, but also work in this new normal in a proactive way.
“Leadership will help others know what to do next and when. My goal is to help all agents recognize their value, communicate their value and deliver that experience,” Bonner said.
“Being a voice of reason, trust, and clarity allows our entire industry to thrive; bringing confusion, distrust, and confusion is not leadership and is not productive. I encourage others to speak out with facts, not fiction, and speak out with plans, Rather than being silent, it’s all about moving our industry forward in the next transformation.”
Yes, Buck, breaking the glass ceiling is “difficult”
Forget the noise and focus on what is being said. From now on, every broker must go on the offensive with their own revenue. Plenty of data shows that women must take control of their financial future now, not next week and certainly not by the expected July deadline.
Nar’s Buck Wargo Wrote an article on March 11, 2024 (can there be no female journalists writing this article?) about how difficult it is to be a female leader in the real estate industry, and how they need to work harder to support each other.
“Breaking the glass ceiling can be difficult. Whether it’s being a single mom, building confidence with male colleagues, or climbing the ranks at a male-dominated agency, there are many challenges that should unite women,” Buck Wargo said in “Women can help each other advance in real estate”.
Women also make up the majority of part-time agents. Unfortunately, 75% of agents who work less than 40 hours a week and have been on the job for two years or less (those part-timers most likely to be squeezed out of the business after settling in) are women. And then if you look at part-timers three years and above, women make up at least 67%.
This makes sense because “Part-time” flexible schedules are ideal for women who need a caregiver and need the ability to work flexibly within a busy and demanding life.
Much of the post-settlement talk about market tightening has revolved around part-time workers leaving the firm. There is a general consensus that these part-time agents are inferior to full-time agents.
But data shows that women account for the majority Part-time agent.
What’s not discussed is how hard it is to get fair compensation As a woman, especially a woman of colorwhich is consistent with data showing significant pay gaps between women of color and their white male counterparts in the United States.
women of color As racism and sexism remain embedded in our current American culture, we face a wage gap.
this U.S. Census Bureau The study found that, on average, Black women earned just 63% of what non-Hispanic white men earned in 2021.
NAR data shows 81% of agents identify as white, meaning there are even more barriers to properly representing minorities in our industry Member Profile The racial and ethnic distribution of real estate agents by age in 2023 in Exhibit 6-14.
final thoughts
I’ve recently written several articles to help female agents manage their finances and be proactive about their future.
It’s not just a matter of women supporting women. This is about ensuring we are represented in leadership, mentoring and industry, advocating for better unbundling and not backing down when it comes to protecting fair pay and space in the current climate and future prospects.
Take financial expert Tori Dunlap’s advice and talk about your income—and don’t stop talking about it.
If your current system is evolving, now is the perfect time to pick up the hammer and rebuild it from the ground up. Let’s enter this new era of real estate with a mindset that is fair and equitable to all parties involved.
Don’t give up; don’t quietly quit your career just because people say part-time agents are doomed. Ladies, your most important protest is to get involved and start making changes for yourselves and for future female leaders. So don’t compromise. Let’s work on real solutions.
Rachael Hite is a former broker, business development professional, fair housing advocate, copy editor, and currently perfecting her long-term home selling game in a retirement community in Northern Virginia.You can contact her about life, marketing and business at Instagram.
