How Women in Real Estate are Shaping the Industry

Since its inception in the late 1700s, women have been a part of the real estate industry, but it wasn’t until the 1840s that it was established as a legitimate business. In those early years, a woman’s role was much different than it is today; her duties consisted of filling office and clerical roles while her male counterparts were out selling. Fast forward 40 years later and women began moving, albeit slowly, into the roles of agents or brokers.

According to the National Association of Realtors (NAR), approximately 67% of all certified realtors are women. But that wasn’t always the case, especially during the first few decades of NAR’s existence. Founded in 1908, membership was 100% male but by 1910, the organization saw its first woman member, Corrine Simpson. Soon after others began to follow in her footsteps although they were still in the minority during the first few decades. One of the reasons for the low numbers was due to NAR’s membership being restricted to brokers only, while women, at that time were primarily sales agents.

It wasn’t until 1973, when NAR opened up their membership to include sales agents, that those numbers rose and continued to steadily increase. By 1978, the majority of NAR members were women and in 1996, four years after the organization saw its first female president, did women represent the majority of broker licenses for the first time.

The real estate industry itself has transformed substantially, and each year the percentage of women continues to grow, bringing with them innovation and change. While women are leading the charge when it comes to the residential real estate market, commercial real estate, an area that has long had a history of being dominated by men is still lagging behind. While top-level positions have been maintained by men, improvements are being made to change those statistics thanks to initiatives in place to help address disproportions and develop women’s leadership skills.

Katherine Pontone, a Board Member of Brooklyn MLS, has been in the business since 1982 and can attest to the indifferences that existed between women and men. “In the past, the women took a back seat, they weren’t leaders,” says Pontone. “As time progressed, women became more vocal and present; instead of being agents, women are becoming brokers and business owners.”

Well respected in her field, Pontone has held multiple leadership roles throughout her years in the business, but admits, it was rare to see that happen early on. “I was fortunate,” she says.

Life as a real estate agent offers excellent earning potential and one of the most flexible schedules. It has long been an option for women looking to earn additional income, pursue a change in career, as well as work in a field where they can set their own hours.

When it comes to successful women in real estate, Barbara Corcoran, Founder of The Corcoran Group and currently one of the Shark’s on ABC’s “Shark Tank,” and Dottie Herman, CEO of Douglas Elliman, one of the nation’s oldest and largest real estate brokerage firms, have made an indelible mark on the industry. Both Corcoran and Herman have proven just how successful women can be in a field that was at one time male-dominated.

When Corcoran first started her brokerage firm in 1973, the real estate business was still a “man’s world,” but that fact didn’t hold her back. Building The Corcoran Group from the ground up, she grew her business into a billion-dollar enterprise, and in 2001 sold it for $66 million dollars.

Herman, recognized by Forbes magazine as one of “America’s Richest Self-Made Women” has created her own success and laid down the road map for other aspiring businesswomen to follow.

As women continue to dominate the industry, Barbara LaBarca, Chairwoman of Brooklyn MLS, has seen a growth in the percentage of women in real estate over the last 15 years. “It has gone from a male-focused world to the majority now being women,” says LaBarca. “Here on the Brooklyn MLS board, the past two presidents have been women, one including myself.”

These days, more and more women are working together to empower, encourage, and support one another as they continue to move the needle forward in the real estate industry. With March being Woman’s History Month, it’s only fitting that we continue to support, and celebrate, the many accomplishments of our fellow females everywhere.