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Empowering Women are increasingly occupying leadership positions and their representation is notable on a global scale. However, despite their prevalence in the residential real estate sector, women are still significantly underrepresented, with a mere 64% representation, in the commercial real estate industry, according to Wedin (2021).
The business ecosystem around the world is undergoing a transformation that involves integrating a gender perspective. In a similar fashion, the real estate sector is also embracing this change to create an inclusive environment. Women began entering the workforce in the mid-1800s, and since then, they have been rapidly transitioning into roles as realtor, investors and developer.
Women have surpassed men’s representation and dominance in almost all aspects of the real estate sector. This could be attributed to the sector’s high revenue potential and the opportunity it offers for women to become independent entrepreneurs. For instance, female agents constitute 67% and 48% of the real estate industry in the US and Australia, respectively, according to Jonsson (2022).
There has been a shift in the sales techniques used in the real estate sector due to the increasing participation of women. While the formerly assertive and dominant male style of negotiating deals may have worked in the past, clients today are seeking a more empathetic and collaborative approach, which is typically associated with female communication styles. In fact, market research suggests that clients are more comfortable discussing property deals with women than with men.
Wide Array of Professional Choices
Many companies are acknowledging the advantages of diversity and embracing the concept of the ‘she-economy’, which refers to the growing market of female consumers. This trend is evident in the real estate industry, where the number of female property buyers has increased from 70% to 80%. In addition, companies are taking steps to promote gender equality in executive positions by encouraging and empowering more women to assume leadership roles.
The recognition of the ‘she-economy’ has prompted firms to realize the importance of catering to female consumers and embracing gender diversity. As a result, there has been a significant increase in the percentage of female property buyers, rising from 70% to 80%. Companies are actively working towards gender balance by creating opportunities for women to excel in executive roles and encouraging their participation in decision-making processes.
Furthermore, companies are actively working towards increasing female representation in leadership positions and dismantling long-standing barriers.
The present-day real estate industry offers a expansive platform for individuals to enhance their abilities and cultivate new ones. It provides real estate advisors with the opportunity to engage with a diverse range of individuals, including property owners, developers, and customers. This not only boosts their self-assurance but also presents various opportunities that facilitate rapid skill development.
A significant number of women are now commencing their careers in entry-level and administrative roles within the real estate sector. Through dedication and talent, they are swiftly ascending the corporate hierarchy, paving the way for their success.
According to a study conducted by Deloitte, nearly half (46%) of companies prioritize diversity when selecting candidates for leadership and development positions. This deliberate effort aims to incorporate individuals from various genders, races, and backgrounds.
For example, in the United Kingdom, approximately 30% of senior leadership roles within the commercial real estate sector are held by women. However, a significant gender pay gap persists, with women earning 27% less than their male counterparts in the same field.
In developing nations, the situation is even more challenging due to factors such as low female labor force participation and policies not conducive to supporting women’s advancement in the workforce.
Nonetheless, as the industry becomes more structured and regulated, the government has implemented initiatives such as RERA (Real Estate Regulatory Authority) to enhance transparency and accountability. Technological advancements are also streamlining work processes, contributing to improved working conditions. These and numerous other factors are driving significant transformations within the sector.
Pros of Employing Female Workers
Enhanced Decision-Making Abilities
Teams with diverse members exhibit an impressive 87% improvement in decision-making abilities, owing to their broader perspectives, diverse skill sets, and heightened creativity (Larson, 2017). Moreover, these teams not only produce superior decisions but also demonstrate a faster decision-making process compared to teams lacking diversity.
Inclusive Culture and Talent Retention
A workplace culture that is inclusive and welcoming results in a remarkable 22% decrease in turnover rate and higher retention of talented individuals (Deloitte, 2020). The presence of diversity within the workforce fosters positive employee morale, leading to heightened commitment and engagement among employees. As a result, the costs associated with recruitment and hiring are reduced.
Driving Success through Diversity and Inclusion
Businesses that embrace diversity experience a significant boost in their competitive edge and financial returns. Studies reveal that companies that promote racial and ethnic diversity have a 35% higher likelihood of surpassing their competitors. Moreover, organizations with gender-diverse executive teams are 21% more likely to achieve profitability compared to their counterparts (Hunt et al., 2015).
Building an Inclusive Employer Brand
Organizations that prioritize diversity in their culture enjoy a stronger appeal to talented individuals. A significant 47% of millennials actively seek out companies that prioritize diversity when exploring job opportunities. Fostering a diverse and inclusive environment not only contributes to a positive reputation among customers and clients but also enhances the perception of your organization as an employer.
Empowered and Healthy Employees
Millennials thrive in diverse and inclusive work cultures, with approximately 83% reporting higher engagement levels in such environments (Smith & Turner, 2020). When employees feel supported, engaged, and included, they are empowered to make healthier decisions and experience a greater sense of well-being. This fosters a decrease in sick leave and a boost in productivity, benefiting both individuals and organizations.
Women’s Role in the Real Estate Industry
The real estate sector, traditionally dominated by men, has witnessed a significant transformation in recent decades. Business ecosystems, including the real estate industry, have experienced a paradigm shift towards greater inclusivity and the expansion of firms, welcoming more women into the field.
Today, women play a prominent role in property-related decisions, with approximately 30% taking the lead in such matters for their families. Furthermore, nearly 50% of women serve as joint decision-makers alongside other family members, illustrating their active involvement and influence in the real estate sector.
Within the real estate workforce, women have made notable strides. According to the NAR report of 2017, women constitute 56% of licensed brokers, 63% of full-time sales agents, and 69% of part-time sales agents. This growing representation of women demonstrates their increasing presence and contribution to the industry.
Recognizing the unique qualities that women bring to the table, many large developers, real estate-focused lending institutions, and private equity firms have elevated women to senior executive roles. Their ability to multitask, display empathy, provide valuable insights and exhibit assertiveness has earned them recognition and respect in the industry.
In a highly competitive market driven by substantial profit margins and revenues, professionalism has become integral to the real estate sector. Women’s participation has infused the industry with heightened sensitivity, intuition, and emotional intelligence, contributing to its overall efficiency, organization, and the trust of potential buyers and customers.
Women in Pakistan’s real estate market confront obstacles
It is not simple for women to succeed in Pakistan’s real estate sector. Women in this sector deal with a variety of difficulties and hindrances, such as gender prejudices, cultural norms, and societal expectations. They frequently have to put forth twice as much effort as their male counterparts to establish themselves and win their peers’ regard.
Access to financing is one of the greatest problems women in Pakistan’s real estate sector face. Many women lack the funding and support necessary to launch their own enterprises or make real estate investments. Due to this, they find it challenging to compete with men who have greater access to resources and opportunities.
Discrimination is a problem that women in the real estate industry also have to deal with. Men frequently receive more opportunities and accolades than women in the workplace, leaving women on the outside looking in. This can be depressing for women seeking to establish themselves in the field and might make it challenging for them to be successful.
Women in Pakistan’s real estate market are persevering despite these obstacles. They have courage, determination, and a never-say-die mentality, and they are working hard to overcome these challenges and flourish in this industry.
Success stories of women in Pakistan’s real estate industry
Women in Pakistan’s real estate sector are progressing significantly and succeeding greatly despite the obstacles they face. These ladies, who range from stay-at-home moms to high rollers, have fought the odds and surmounted many challenges to realize their aspirations. Here are some role models for women who have succeeded in the field:
Ayesha Aqeel Dhedhi
Ayesha Aqeel Dhedhi is the youngest female CEO in real estate sector in Pakistan. She is currently working as a CEO in Creek Developers (Private) Limited. She has got 11 years of work experience. By qualification she holds a Master of Business Administration.
Hira Naeem
Chief Marketing Officer and Lead interior designer at Abbasi Associates. Abbasi associates is known for providing high quality civil, electrical, mechanical and interior designing solutions to corporate and residential clients over past 32 years . Hira Naeem has been playing her role in the business development and marketing of this company since past 8 years , brought about many changes in the company to keep up what the technological advancements and requirements of the changing era.
Naz Malik
Naz malik is Pakistan’s first woman to be running an organization in real estate sector of Pakistan thus enlightening and encouraging women empowerment. Not only she is a strong woman but also a tactical entrepreneur.
These are just a few of the numerous Pakistani women who are succeeding in the real estate sector. These women are demonstrating that they have what it takes to excel in this industry despite the obstacles they confront.
How women are changing the real estate industry in Pakistan
In Pakistan, women are bringing a fresh viewpoint and method to the real estate sector, and their efforts are profoundly altering the sector. They are challenging the existing quo in the industry by bringing new perspectives, creative solutions, and fresh ideas to the table.
By emphasizing customer service and satisfaction, women are altering the industry, among other things. Women in the sector are renowned for their outstanding client relations abilities and customer service prowess. This is assisting in the development of a more customer-centric industry that is centered on satisfying the requirements and expectations of customers..
Women are also reshaping the profession by championing inclusivity and diversity. Women are removing obstacles and creating pathways for more women to enter the field and succeed. As a result, the sector is becoming more inclusive and varied and is better able to cater to the needs and expectations of customers from all walks of life.
In Pakistan, women have a large influence on the real estate sector, and their contributions are positively influencing the sector’s future.
The future of women in Pakistan’s real estate industry
In Pakistan, women’s real estate careers appear to have a promising future. The sector is become more diverse, inclusive, and customer-focused as more and more women join it and succeed. Women are bringing new perspectives, creative solutions, and fresh ideas to the table and are positively influencing the direction of the industry.
However, there is still a long way to go before women achieve true equality in the industry. Women still face numerous challenges and obstacles, including discrimination, lack of access to finance, and gender biases. These challenges must be addressed if women are to achieve their full potential in the industry.
Women in Pakistan’s real estate market are persevering despite these obstacles. They are doing it with tenacity, tenacity, and a never-say-die attitude because they are committed to overcoming these challenges and succeeding in this sector.
Conclusion: Empowering women in Pakistan’s real estate industry
In conclusion, the real estate industry, which has historically been male-dominated, has experienced a significant shift with the increased participation of women in various roles. The inclusion of women brings valuable diversity to the industry, as they contribute their amiable and creative perspectives to create a more enriching environment.
