In a typical patriarchal worldview, women are perceived as vulnerable and weak. While this view might be factual in the lines of physicality and in the face of danger, it’s false and discriminatory in the lines of leadership because creativity and skills are natural humanistic qualities irrespective of gender.
There’s been a long cultural bias that places women in a box, restricting them to domestic jobs alone; however, in recent years, women have ravaged the real estate sector, significantly raising the bar by taking space and stepping into roles typically known for men, driving innovation and rewriting the narrative. The hijacking of a male-dominated industry like real estate has spurred rejection from the male experts, where the women constantly battle with gender bias, work-life balance, limited access to networking opportunities, non-inclusion, and difficulty accessing capital.
“The hijacking of a male-dominated industry like real estate has spurred rejection from the male experts, where the women constantly battle with gender bias, work-life balance, limited access to networking opportunities, non-inclusion, and difficulty accessing capital.”
The International Finance Corporation reports that women occupy only 23 percent of board seats in Nigeria, indicating a significant gender gap in leadership positions.
This article is therefore poised to offer comprehensive exploration of the gender bias that exists in the real estate industry, uncovering underlying issues and proffering easy routes to ensure that the industry projects equitable grounds that would support the participation of women. In the grand scheme of things, through this piece, women would be empowered with knowledge on how to navigate the complexities within the real estate landscape, fostering real-time dynamism for growth and significant impact.
Cultural bias
In Nigeria, women are traditionally expected to be domesticated and caregiving, with roles such as home building, teaching, and nursing. Breaking this cycle can be seen as harmful to womanhood and betrays the cultural framework designed for women. In the male-dominated real estate industry, women face barriers to excelling due to heavy stereotypes and competition from male counterparts. This traditional gender bias perpetuates the notion that certain jobs are designed for men.
Stereotypes in the real estate industry often lead to doubts about the competence, commitment, and leadership abilities of female realtors. Women often face discrimination and are often portrayed as clerical assistants, highlighting the need for them to prove themselves worthy. This issue is exacerbated by the lack of female mentors and idols in the industry. The 2022 CREW (Commercial Real Estate Women) Network study found that only 9 percent of C-suite positions are held by women, indicating a significant under-representation of women in high-visibility and influential roles.
Despite this bias, women have achieved significant milestones in recent times through their impact in education, advocacy, and the push for legal reforms against the ongoing gender inequality; hence, the importance of understanding the root cause of the bias against women in Nigeria’s real estate landscape. This history highlights the importance of gender equality and urges the need to modify some social constructs born out of old cultural grooming.
Challenges and opportunities
The real estate industry presents both opportunities and challenges for women, but overcoming these challenges is challenging due to factors like gender bias and cultural misorientation. Women in the industry need to prove twice as much as men, and working long hours in demanding careers can be challenging. A Harvard Business Review survey found that 43 percent of women in demanding careers report balancing work and family as a significant challenge.
Women realtors face challenges in networking, financial loans, and access to mentorship. Men often prevent women from networking, limiting their opportunities and access to trendy real estate strategies. Financial loans are also difficult for women, as lenders often skew in scepticism, limiting their investment and development plans. In Nigeria, women face more arduous requirements when applying for business loans than men. Despite these obstacles, some women overcome them to remain powerful catalysts for change. Real estate offers opportunities for growth in leadership, property development, investment, and top-tier management. Despite bias, women continue to prove their expertise as professional property developers, investors, and top-tier managers.
Strategies for mitigating barriers
Promoting gender diversity in organisations involves promoting a culture of balance, consistent training, and policy revisions. Companies with gender diversity initiatives see a 21 percent increase in business performance. Mentorship and sponsorship programs can guide women in their real estate journeys, fostering a network for female entrants. Financial institutions should balance their resources to empower seasoned male realtors and create women-focused grant packages. Successful grant programs have increased women’s access to business funding by 30 percent, as highlighted by the World Bank Gender Data Portal.
Conclusion
Women in the real estate industry should be given equal benefits, including diversity, mentorship, and flexibility. Despite the challenges, women continue to push themselves and contribute to the industry’s success. Technology and education can help develop their skills, and societal constructs regarding gender bias should be addressed. A bias-free industry would triple the performance of a single male-dominated sector. Women should be encouraged, seen as partners, colleagues, and learnt from to make their real estate journey exceptional. This includes promoting respect and inclusion for women’s contributions to the industry.
Oladipupo Timothy Clement is a highly accomplished Real Estate and Business Coach with a career spanning over two decades. He is the Founder and CEO of Lifepage®️ Property & Investments Limited, a leading real estate company in Nigeria.
