The Roles of Work and Family in the Advancement of Women in Commercial Real Estate
The Berger Institute is currently researching the reasons for the discrepancies between males and females in the field of commercial real estate (CRE). Women represent only 15% of all commercial realtors, according to the National Association of Realtors. Also, those women who are employed in commercial real estate often reach senior levels, but are significantly less likely than men to hold top-level positions such as CEO, CFO, or president, regardless of their level of experience. Adding to the problem, males and females do not receive comparable compensation for equitable work, regardless of their age, years in the commercial real estate business, and field specialization.
Given the glaring inequalities between males and females in commercial real estate, our research interests concern why women are entering the field in such low numbers and how they are faring once they acquire CRE positions. We know the answer is not as simple as women prefer not to work in property trade, because they comprise the majority of residential realtors. In fact, we believe that there are characteristics unique to commercial real estate affecting how women perceive and experience their workplace environments. To begin, commercial real estate is risky, in that income is not salaried, but commission-based, and arrives only when the sale is finalized. It is also time-demanding, as it requires extensive training and full-time commitment along with frequent travel. We suspect that each of these features is less than desirable for a female who dedicates her income and time to raising a family. Similarly, family-to-work and work-to-family conflicts are regularly identified as critical factors impacting the success of females in high-powered careers, a finding that we expect to replicate in this project. In addition to the risky nature of CRE and interplay between work and family responsibilities, we presume that both access and quality of mentoring relationships will differ for men and women. In light of the fact that males comprise 85% of the industry, it is likely that they will have greater opportunities for learning unwritten rules for success from seasoned professionals, relative to their female counterparts. Our primary research will explore: What is keeping women from advancing at a comparable rate to their male counterparts in the field of commercial real estate?
