Why more women are finding success in commercial real estate
The industry of commercial real estate (CRE) is sometimes difficult for women to pursue due to the fact that it has traditionally been male dominated.
There have been many barriers of entry for women into this industry including education/financial training, knowledge of this industry and opportunities, along with lack of mentoring available for women in CRE. There has been a significant change in recent years as this industry is seeing an influx of many more women pursuing CRE as a career.
CRE is much different than residential real estate, requiring different skill sets. Whether clients are leasing, purchasing or selling, there is a heavier focus on financial analysis and feasibility studies. There is some evidence that women are starting to close this gap on education, with reportedly more women going to college than men and a stronger focus in math and science.
Additionally, there are several female organizations providing support and networking for women in CRE. The premier organization, Commercial Real Estate Woman (CREW) has been very instrumental in "transforming the commercial real estate industry" by helping women advance their careers. CREW has over 12,000 members globally, and founded in 1989, this organization has grown into the leading business network organization and leader worldwide with "business networking, leadership development, industry research and career outreach."
The three of us, your SVN Suburban Next Level Team, represent a good example of an all-woman CRE brokerage team with SVN Chicago Commercial. Our primary focus is leasing, sales and investment sales of office, industrial and retail property in the Chicago Suburban Markets and have 55 combined years of experience.
The Next Level Team's greatest challenges as female brokers is the difficulty and length of time it has taken to become established as respected brokers in CRE. It has always been challenging for women brokers to get their foot in the door requiring a significant amount of time to gain the confidence of their perspective clients as compared to their male counter parts.
Regardless of comparable or stronger skill sets, creating an excellent reputation and being allowed access to work on higher profile properties/clients has taken many years. The team's professional expertise, knowledge and tenacity has proven successful for them in the suburban market.
There are many positive characteristics women brokers bring to CRE. Women have the ability to create long-standing relationships with clients. Women tend to be more detailed oriented and better at multi-tasking. This is a definite advantage in this industry and allows women to work very competitively with their male counterparts.
An example of the Next Level Team's recent successes includes the sale of a four-building, multi-tenant office portfolio in Schaumburg during the height of the pandemic. The team sourced a buyer within six weeks of listing, sold the property within 3.2% of the asking price and closed the sale in December 2020. Our client was very happy with the results admitting it was quite an achievement especially during the pandemic.
This assignment required many hours of discussion, financial analysis and review of sale's strategies with the client, who had been using a male real estate team previously. Convincing the owner that the Next Level Team was the best choice to sell this asset started with a leasing assignment and eventually led to the sale assignment. The dedication, tenacity and hard work of an all-female brokerage team truly stood out in this sale.
Women will continue to change the face of CRE in very positive ways. The unique nature of women's abilities including attention to detail, multi-tasking and most importantly, always doing the right thing for their clients, provides a significant advantage for women in CRE. The Next Level Team is looking forward to making continued positive impacts on this industry and continuing to mentor other women in commercial real estate.