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First Lady Eleanor Roosevelt wrote a book called it depends on the woman 1933, helping struggling American families cope with the Great Depression. Far ahead of her time, Roosevelt recognized that women were uniquely qualified not only to weather the worst economic period in the country’s history, but to be a unifying force out of crisis and back to prosperity again.
Finance and how agents are paid is at the heart of all the woes our industry faces, and with women grappling with the wage gap since they entered the workforce, it’s more important than ever for women to take control of their finances and jobs more important.
Women are the majority and driving force in real estate; from the boardroom to the executive desk, we have historically held down the fort. Even if women are not fairly represented in the industry, they are inherent in the early development of the field.
Here’s the best advice, skills and resources for hard-working women to help them build their best careers and go far beyond anyone’s expectations for the rest of 2024, and how they can help save a struggling industry.
Financial security must be your top priority
When the American Dream seemed to be in trouble at this point, I can’t help but be inspired by the courage it took for Roosevelt to write her book to lift the spirits and strengthen the hearts of the women of this country. .
Although Roosevelt wrote the book from a place of great privilege, she did her best to address the issues faced by ordinary American women who, like her, needed to take care of their families and keep their homes running smoothly.
The advice she gives in her book is both practical and motivational, but there’s a common theme that still holds true today: personal finances are key to staying afloat in any economy, especially during a downturn.
Step 1: Clarify your financial responsibilities
Women must be proactive about how they are paid and who pays them. While Roosevelt’s book is filled with money-saving tips and practical advice on bootstrapping, cutting an already tight budget won’t save your career. However, make sure every dollar you make is maximized to its potential.
Data shows that most women have a harder time maintaining wealth and financial security than men.
Why? The costs of being a woman, let alone an independent contractor, are too high. When you start counting costs, even though women make more money than men, their expenses tend to be more and higher.
Some of these female-specific expenses include mom/mother penalties, child care, health care, the pink tax, and the ever-present wage gap.
Unless you have a good grasp of your expenses and responsibilities, you won’t be able to figure out how much money you need to earn to have a stable lifestyle.
What’s the biggest deal killer for your financial stability? Unplanned Financial Surprises As a woman, you know how devastating an unplanned financial setback can be to a budget that is already on life support.
Take action: Write down your expenses and make sure you have a plan to pay for each expense. Having an emergency fund can protect you in the event of a shutdown and create security for yourself.
Some of my favorite financial resources for women:
Mentality changes: Stop spending your energy on how to cut your budget to make it work. Start investing in earning more to close the gap.
Step 2: Make a commitment to yourself and your customers
In the spirit of change and in any competitive market, there are two things you can count on: your ability to get the job done, and your heart to provide authentic and reasonable customer service to your clients and customers.
Every client should take the time to understand their options and consider them during a transaction. This is the secret to overcoming committee discussions.
There are three actions you need to take to prepare for future changes.
Action one: Give yourself a raise – Meet with your agent to make sure your bonus is fair and there are no junk fees. This is also the time to evaluate how much impact your “base” has on your ROI. I have met several brokers who, after switching brokerages, increased their bottom line by 15-30k (specific volume) simply by giving up outdated and inflated split fees and brokerage fees.
Action 2: Educate yourself with the best practical advice and insights from the industry’s leading female experts. Supporting women who run businesses similar to yours will help you find your own path and your voice when advocating for yourself and your clients in commission negotiations.
Action 3: Document and disclose everything. The best agents I know keep solid records and receipts of the education provided, discussions with the client, and essentially create a receipt schedule to show that not only was education and options provided, but consideration was acknowledged and documented and acceptance.
Documentation will save your spirit and build sanity and accountability in your business practices. I feel strongly that every transaction and client you help will be a customized experience, and this variable alone requires documentation. This can also help you create actionable accountability in all aspects of the transaction.
Mentality changes: Most women don’t need empty sales training; they just need resources and tools that actually work, and a support network that believes in them and removes the pain points and roadblocks that are holding them back.
Almost every woman I know wakes up on a mission to seize the day before it seizes them. Generally speaking, what women need most are words of encouragement to keep going despite the setbacks and unfair, unfair realities that life continues to throw at them.
Step 3: Amplify your voice through marketing
The final step is the hierarchical step with the most action. Women need to start taking up space, talking about financial, legal and social issues and creating educational content to build their professional portfolios. Can this be fun? 100%.
Does this require an investment of time and discipline like you’ve never practiced before? Unfortunately, yes, 100%. To change the conversation about the value agents bring, we have to talk about it, we have to engage our communities, and we have to take on leadership and executive roles so that we can contribute real change.
Across our industry, many women have come forward to share information about bad and worst behavior by men in leadership roles, and these stories show that there is still plenty of room for improvement.
In 2020, Freddie Mac released a report called Women Leaders Reaching the C-suite of Financial Services. The report discusses the lack of women in leadership roles and strategies to help more women carve out these roles.
What’s the secret? We must help remove barriers to women entering these positions, and women must push themselves outside of their comfort zones to get there. Ladies, if you want to see real and meaningful change in our industry, you have to take an active role and be a changemaker.
Knowing how to market yourself, your brand, and your message is critical to figuring out what changes you can or want to make as you strive to take on more leadership roles. What would you like to see happen? What improvements would you like to see for consumers? What can we do together to improve the overall experience for everyone in the industry and preserve and promote fair housing?
Become a marketing major. Forget the TikTok dance and focus on your message and how to get it across to your current audience and build new ones.
Mentality changes: I have a responsibility to myself, my clients, and the future of my industry to share my message and help create the change I want and need to see in real estate.
final thoughts
If you know your mission and purpose, it will change your life. Here’s my stance: The conversation is ultimately about compensation, and if you want to make it a little less chaotic and a little more orderly, you have to be willing not only to carve a path for those who are confused, angry, and afraid of change, but also to be willing to carve out a path based on pay and representation The complexity requires changing direction at any time.
Our former First Lady has many memorable and popular quotes, but a personal favorite is as follows.
The pressure on women to take control of their personal finances and well-being is more important than ever to their careers, personal success, and the well-being of their future selves. Women in our country are under tremendous pressure to remain vigilant about their safety, health care, and caregiving responsibilities.
Take a stand for your career, change your mindset, and ask what can I do next, not what I have to do now. Stay ahead of change, and if you’re in need of inspirational speaking engagements, just know that Inman has an entire team of women dedicated to bringing you the best, brightest, solutions-oriented content to help grow your life and business through any market.
Rachael Hite is a former broker, business development professional, fair housing advocate, copy editor, and currently perfecting her long-term game of selling forever homes at a retirement continuing care community in Northern Virginia. You can chat with her about life, marketing, and business on Instagram.
