Diversity plays a big role in today’s corporate world. We have taken measures to make everyone feel accepted in every industry. However, progress has been slow in the real estate sector.
There are many reasons diversification is screeching to a halt, especially in the real estate industry. One contributing factor is that majority of key members of the industry are male.
A Male-dominated Industry
The real estate sector has been a male-dominated industry for quite some time, and it’s only recently when that has changed.
People are starting to change their views on how different jobs in the real estate industry works. One that’s being looked into is property agents. The reality is that a property agent can work regardless of their gender. Even some studies claim that there is increased creativity in a company with agents coming from all sorts of backgrounds. It’s a reality, and many companies are adapting to it. However, it’s different when we look into the key managerial positions in the industry.
Men fill key executive positions in the real estate industry, and there are many reasons for this. One main reason is that many people who work their way up in the industry years ago were men. It’s only recently that women have started to take executive jobs in the industry, and those who have just started are still making their way up the ladder to replace the men before them.
One key aspect to understand right now is that the industry is slowly diversifying executive roles in the industry, and it would only be a matter of time before gender has been fully taken out of the equation when it comes to productivity, efficiency, and effectiveness of a person in the real estate sector.
A Division in Housing
Sadly the practices of the past are coming to fruition today. Racism has been a serious factor in housing, especially during the 1960s and the 1970s. Residential zones were segregated by ethnicity, and this has led to problems in certain neighborhoods.
For example, particular neighborhoods grow faster economically than the rest. As a result, more opportunities tend to grow towards high-end and more developed zones, while some people get left behind. Real estate developers agree that today that this is bad business practice.
Slowly but surely, people in real estate are trying to get rid of the racial divide when it comes to housing. Simply put, more developers and real estate companies are creating more diversified neighborhoods, and it’s not just because of political reasons. It just makes more sense. Statistics have shown that racially diverse neighborhoods have better and balanced growth. It’s also much easier to build utility services for people. It’s also more economical.
Segregation in housing has been long abolished, but its existence is still seen today, considering that most Americans tend to live in homes they have inherited from their parents. However, the industry is working hard to diversify certain residential zones in the city, to give people access to the needs and wants of their everyday life.
How Can You Become Part of This Diversification?
Creating a real estate company that has is inclusive in nature can be tough. Still, it can be done through role-modeling and leadership. These are two of the different factors listed by Deloitte for companies that want to diversify their structure.
The first thing you should do is to become a role model to your employees. Try to take out personal biases when you’re working in your company. If you can’t do this, keep any political arguments outside work, and never discuss it inside. Additionally, think before you speak. Have a good look at the people around you and get to know them better before saying anything that might hurt them.
By doing these things, you can be a good role model to your employees, and it is certainly something that your employees will pass to others.
Coaches, mentors, and managers play a big role in diversification. They are the ones who choose who will be in their team, which can ultimately affect the team’s overall performance. If you are placed in this position, remember the statistics: diversified groups are more likely to perform better. This is the truth, and you should always optimize your group in such a way.
However, you must be not only diversifying your team just to reach a quota. As always, know the employees beforehand, and spend time with them before considering them as part of your team.
Diversification and inclusivity are two big words in the real estate industry. Thankfully, key industry members are making big changes that are making the sector more inclusive and diversified. As a result, experts believe that the industry can improve from its past mistakes and eventually become a diversified industry a couple of years into the future.