It may come as a surprise, but real estate is one of the few industries that offer approximately the same rate to men and women. In fact, gender equality is so high that female real estate agents in the United States outnumber their male co-workers by a ratio of 2:1.
Since compensation is largely commission based, there are major variations in income among real estate agents. Agents with many clients and professional advertising can haul in seven figures annually, while others can earn as little as $12,500 a year.
Though men still earn more than women, it is by a very small margin, and considered very high when compared to other industries. Female real estate agents earn an average of 96 per cent of the salary of their male counterparts, compared to an average of 78 per cent in all other industries.
While statistics show that men tend to have more listings than women, the numbers also reveal that female real estate agents tend to list their houses $40,000 higher than men.
So what makes the real estate industry so gender equal, comparatively speaking? Since compensation is largely based on commission, there are certain skills more common to women that give female real estate agents an advantage in the marketplace.
Women tend to have a better ability to see a house and imagine its potential, as opposed to concentrating on its flaws. Where male real estate agents might see a dump, women are more likely to see a dream home missing a few details.
Women also have the upper hand at first showings, as it is typically the woman of the household who does the initial legwork, and women deal better with women. Instead of presenting the home as a financial investment and talking about how the appliances work, female real estate agents are better at communicating the “livability” aspect, especially when dealing with other women. Studies also show that women have a better ability to multi-task, an all-important skill when juggling multiple clients and listings.
Although on average male real estate agents still tend to earn more than their female counterparts, the ladies are not only holding their own but also closing the gap quickly.
To find out more about how to connect with your ideal agent online, check out this video and see how Bob & Carly did it.