Why Women Real Estate: A Brief History and Appreciation For Women’s Contribution To Real Estate

As Women’s History Month comes to a close, we wanted to take a moment and reflect on the impact women have had on the real estate market and what challenges they face as the market continues to evolve. We’ll look back at some of the important milestones that have shaped the industry and we’ll look forward to the future with insight from women in real estate.

The History Of Women And Real Estate

Women have played a pivotal role in the development of today’s real estate market through their dedication to the fight for equality and the right to control their own assets for the last century. We’ll begin our discussion with the 1700s.

Early Property Rights For Women

Prior to the 1700s, the traditional English common law of coverture was a standard practice. Women and their assets were considered under the protection and control of their husbands. A women could not have a bank account or enter a legally binding contract without the consent of her husband or a male relative. In 1718, Pennsylvania granted women the right to control their property if their husband became incapacitated. Prior to this, American women had no right to own or manage property.  

In 1771, 53 years later, New York passed the Act to Confirm Certain Conveyances and Directing the Manner of Proving Deeds to Be Recorded. This important piece of legislation required a husband to obtain his wife’s signature before selling her property. This was the first time in American history a woman was given control over her assets. It would be another 77 years before additional rights would be granted in New York.

In 1848, New York passed the Married Women’s Property Law, which allowed women to own property, earn and keep their wages, and enter into contracts with out consent from their husband or a male relative. This provided women the freedom to explore earning an income outside of the home, allowing women to experience full independence and autonomy.

The Last 100 Years Of Women In Real Estate

The 20^th century brought in more positive change for Women. Finally, in 1920 Women were granted the right to vote. Then in 1939, World War II began, and many women were called to contribute to the war effort. Women who never worked outside the home were given the opportunity to hold positions traditionally only given to men. This pivotal moment in history showed the world that women were no longer just domestic support, but economic powerhouses.

Life was different after World War II. Household technology eased some of the burdens of homemaking and the service sector opened thousands of opportunities. Jobs like telephone operator and retail salesclerk brought women into positions serving the public and changing the face of the labor force.  

By the 1970s, women were earning wages but were commonly refused mortgages and lines of credit. So, in 1974 the Equal Credit Opportunity Act was passed, which made it illegal for banks and financial institutions to deny credit based on gender or marital status.

In 1973, the National Association of REALTORS^® allowed females to join the trade organization. In just 2 short years, NAR’s membership increased from 118,000 in 1973 to 435,500 members in 1975. By 1978, women had become the majority of NAR’s membership. Since then, the number of female real estate professionals has grown tremendously. Because of the hard work of women in the past, women today can be found leading successful real estate teams, on a roof as a home inspector, or at the closing table as an investor.

How Women Lead Today

Women dominate the real estate industry today and represent 65% of licensed professionals, according to NAR’s 2021 Member Profile report. Women who work in the field of real estate come from varying backgrounds and levels of education. Like their male counterparts, today’s female real estate professionals are contending with a challenging economy, rising interest rates, and a low inventory.

We spoke to a few women working in the field of real estate to get their perspectives on the current market and how they plan to reach their business goals in 2022.

Real Estate Broker

Caroline T. – “I’ve been licensed a very long time and I can remember when women were just starting to gain the confidence to purchase their own home. I was young myself when I started in real estate and helping those women inspired me to follow in their footsteps. I now own several rental properties and my real estate team is thriving. This job has been more than an income for me. It’s a lifestyle of learning and adjusting to adversity. Throughout my career I’ve seen interest rates rise and fall, no inventory, and tough economic times. I know that providing good service and working hard wins every time.”

Licensed REALTOR^®

Allison S. – “I can’t let fear run my business. I’ve never experienced such low inventory in my 10-year career. It’s hard when your client’s offer isn’t accepted because it isn’t a cash offer. In previous years it could take a few weeks and 5 – 10 home tours to find a home and get under contract. I have current clients that have seen 30 or more homes with no accepted offers. It’s mentally and physically exhausting, but I stay focused on the end goal: finding the right house for my client, in their price range. I have worked hard to build up reserve funds, so I don’t have to stress about my personal finances while trying to help my clients. Newer agents in my office are really struggling to make ends meet. I do my best to mentor them and invite them on listing appointments and showings. We have to keep each other motivated and remember our core values in everything we do.”

Business Owner

Lindsie Wisor – “State Farm stepped up to the plate early in the pandemic and provided the tools to work safely and securely remote. I spent a lot of time talking to clients and listening to their concerns so I could help where I could. I stay active in the local Chamber of Commerce and try to stay top of mind in my community. I care about my clients needs and I do my best to help them protect their family and property. My biggest challenge this year will be growing my team. Owning your own business is tough, but I am excited to embrace the challenge and I’m really optimistic about this year.”

Commercial Broker & New Homeowner

Jennifer P. – “As a commercial real estate broker and head of household, people assume buying a home would be easy for me. My husband and I put off buying a home because it seemed like too much of a hassle buying and maintaining a house. But when my son was diagnosed with autism at age 3, we knew we needed a home to meet his needs. It wasn’t easy buying a house during a pandemic with our very specific needs. I chose a female REALTOR^® who specializes in residential real estate and had experience with renovations. Owning our own home has allowed us to build a safe space for Henry to grow and explore, something we couldn’t do as renters. Being able to work from home and be present for my son’s important formative years is priceless.”

The Bottom Line

It’s been a long journey to financial independence for women. For centuries, being a woman limited a person’s ability to build wealth and take care of their family. Over time, strong-willed and determined women used their voices to create change and establish equal footing in real estate.

Are you ready to build your own legacy? Learn more about the home buying process at the Rocket Homes^SM Learning Center.