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As an agent in Los Angeles’ high-end real estate market for nearly 10 years, I have experienced the cyclical and constantly-evolving luxury real estate market up close, and watched excitedly as real estate trends emerge and evolve before my eyes. A field once dominated by men, women now take the lead on both the broker and consumer side. On the broker side, women sell and manage the multifaceted process involved with closing a real estate transaction and as consumers, they flip, design and redesign homes, and lead the charge for owning a broad array of real estate in some of the hottest neighborhoods in town.
In the decade since I’ve been an agent, men have galvanized L.A.’s real estate market with pricey quintessential California moderns. You know the ones—the white modern boxes with walls of glass and views from Downtown L.A. to the ocean. Men are taking these sexy bachelor pads, many with home theaters, auto gallery-style garages and even nightclubs, to a whole new level while paying the price tag of ‘whatever it takes’ to achieve the ultimate dream, the girl, the lifestyle or fill the void that was missing in high school. Much like yachts and exotic cars, these are ‘trophy’ properties that assert a certain status amongst the people who build and buy them.
Often cited by leading economists, and infrequently realized by clients and colleagues in the agency world, are the statistics that underscore the emergence of women as leading contenders. This includes real estate agents, brokers of all facets of the deal, and consumers (whether they are buying, flipping, or leading the design process of a home) in today’s marketplace. 60 percent of the American workforce today are women. In stark contrast to where the numbers were even 10 years ago, women dominate the real estate world as agents across the United States today. Looking at the lower end of the spectrum, there are about 48 percent more female than male agents in South Dakota and Nebraska. Meanwhile, on the higher end of the spectrum, there are 64 percent more women women working as real estate agents than men in Mississippi and Oklahoma. The numbers are markedly higher in markets like Los Angeles and New York.
Recently, however, women have begun closing in on the action of the dynamic L.A. market. Celebrity women such as Vera Wang, Sofia Vergara, Jennifer Lawrence, Ellen DeGeneres, and a slew of everyday businesswomen have been snapping up, and often flipping, the hottest properties in L.A.’s most elite neighborhoods. When Ellen DeGeneres purchased the Brody Estate on the illustrious Mapleton Drive in Holmby Hills for $40 million, only to turn around and sell it to Sean Parker for $55 million, people took notice. Women’s critical presence in the real estate world speaks to more than a passing trend, but a new normality and a leveled playing field. Realizing women’s earning potential and their ability to invest and trade in a market that was once predominantly male is happening here in Los Angeles, and is tantamount to an understanding of the real estate market as a whole today.
In a comprehensive study conducted by Trulia, a majority of U.S. states had higher average closing prices for homes sold by female listing agents than their male counterparts. In West Virginia, for example, homes for sale by a female agent are 63 percent more expensive. In this state specifically, this means there is a $40,000 difference in the average listing price and just shy of $100K in closing price for a home sold by a female. In Louisiana, the number is 53 percent, and Connecticut closely follows at 52 percent.
The median age of realtors has steadily increased in recent years from 51 years of age in 2007 to 57 in 2013. The majority of realtors, according to data collected by realtor.org, are women with a college education. Realtors frequently have had careers in other fields prior to real estate, the most common being in management, business, and financial professions, followed by sales and retail. Only six percent indicated that real estate is their first career. This data underscores my overall idea: That a leading lady with a diverse and distinct background, both personally and professionally, can seamlessly transition from careers in other fields to real estate.
The trend doesn’t stop at buying and selling luxury properties. Now more than ever, women have a heavy hand in all facets of real estate: design, architecture, fashion and all things related in the world of L.A. style. Today, the city’s landscape and aesthetic is significantly shaped by women’s influence and impact as tastemakers and leaders of industry. When I first got into the business, there was one female agent to every 10 male agents and a distinct ‘boys club’ attitude. I quickly found powerful women whose footsteps I could follow and modeled my career after them. A woman can negotiate and close deals just as a man can, while still looking and acting like a classy woman – a difficult feat when deals become intricate and stakes are high. It may often be difficult to maintain a soft feminine side, but the best can do it, and the reward and reputation are both a benefit from doing this with class and grace.
It’s a true testament of the state of the world today: Successful working women, not only in real estate, but in all industries, are a driving force behind the financial reboot of the markets and economy. Gone are the days of a ‘Mad Men’ male-dominated culture. Synergistic energy is more prevalent now more than ever as we work alongside our male counterparts, often exceeding them in numbers, to build on the energy necessary to take charge in the field of real estate.
Rayni Williams, A top grossing agent at Hilton & Hyland and co-founder of Williams & Williams, has been involved in more than $2 billion in transactions throughout her career.
To view the original article please see our magazine titled “Advancements for Women” Vol 4, Issue 3 by Clicking Here