Real estate could be a viable career alternative for women hit by pandemic job losses – Financial Post

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Rapidly escalating housing prices have grabbed much attention during the pandemic, but the real estate industry could be notable for another, less-publicized reason: it’s provided stable employment for tens of thousands of Canadians during the past year.

Deemed an essential service, the real estate sector was a source of stability in an otherwise faltering employment market. Over the years, women have made tremendous progress in the sector, where their numbers as agents, brokers and even franchise owners have steadily grown.

That success is in marked contrast to some of the other sectors such as tourism and retail where women are more often employed than men. Almost half-a-million women remain unemployed, according to Statistics Canada’s latest data. Another 100,000 working-age women have left the labour force entirely as they are no longer searching for a job.

As thousands of women wait for employment opportunities, they could be wondering whether they should try to rejoin the same economic sector that offered inadequate compensation, limited growth opportunities and no tenure security, or switch careers into other industries that have fared better, at least during the pandemic.

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Some professions such as engineering, health care and law require specialized training that might take years of full-time schooling. Others like real estate are not that prescribed, so individuals can pursue licensing even while working elsewhere. Indeed, real estate leaders believe women have a competitive advantage in the industry, making it a viable and exciting career path.

Julie Gaucher, owner and co-founder of Sutton Quebec, where 40 per cent of the 1,500 agents working under her umbrella group are women, has tracked agent productivity over the years and found women to be stable performers year after year, whereas males exhibit highs and lows.

She believes real estate is an ideal career for women because it offers the flexibility that few other professions offer. “You decide your schedule, and if you are a structured person, you will succeed,” she said.

The use of technology has undoubtedly helped, since it allows agents to email listings to clients, respond to messages, make calls, search for comps and prepare contract documents from pretty much anywhere, even from a car parked outside an arena or field, where their children could be playing hockey or soccer.

Gaucher believes women are better at multitasking, and, hence, they can simultaneously be with their families and do their work as a real estate professional.

Another veteran industry leader is Vivian Risi, broker-owner and chief executive of Royal LePage Your Community Realty, with more than 1,300 realtors operating under her banner in the Greater Toronto Area.

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Risi has seen women realtors succeed even when they work part time, at times outperforming male colleagues working full time. This, she believes, is due to their inherent traits of being multitaskers and nurturers, and their ability to build trust with clients.

Real estate also offers other opportunities than just helping clients buy, sell or rent properties. Realtors gain first-hand knowledge of investment-worthy properties that may not have yet hit the market, allowing them the opportunity to move first.

“What other profession offers you a job and the opportunity to become an investor?” Risi said.

What other profession offers you a job and the opportunity to become an investor?

Vivian Risi, broker-owner and chief executive of Royal LePage Your Community Realty

There’s no doubt women have come a long way in the industry. Today, more women than ever are in leadership positions in real estate companies, local MLS boards, and provincial and national industry associations.

But the road to success for women has not been easy. In the past, systemic roadblocks prevented women from joining the industry or assuming leadership roles. Before the 1970s, one needed a broker’s patronage to even apply for a licence to practice, which prevented women, who were not connected to the broker network, from entering.

The Toronto Regional Real Estate Board (TRREB) only elected its first female president in 1981. Back then, it took three attempts before Sadie Moranis (Stephen Moranis’s late mother) was finally voted in as the first woman president.

Sadie Moranis was a trailblazer who challenged the status quo, not just by breaking gender barriers, but by being an innovative professional who steered the industry through some tough times. Her innovations included helping Canada Mortgage and Housing Corp. list its foreclosed properties on the MLS system directly, enabling these transactions to be widely marketed to the public and ensuring higher prices for the federal government.

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Today, TRREB is led by Lisa Patel, long recognized for promoting community leadership, entrepreneurship and diversity. On March 10, Stacey Evoy, a Royal LePage broker in London, Ont., was appointed president-elect of the Ontario Real Estate Association (OREA). Since 1988, eight women have been successful in securing the leadership of the Canadian Real Estate Association.

The pandemic provides an opportunity for women to take stock of the employment markets and reorient their careers in sectors that offer flexibility, stability and potential for growth. Real estate is one such alternative.

Murtaza Haider is a professor at Ryerson University. Stephen Moranis is a real estate industry veteran. They can be reached at the Haider-Moranis Bulletin website hmbulletin.com.