With the increase in the number of women workforce, there will be a rise in the percentage of women buyers in urban areas and women professionals in the broking and client servicing can be more empathetic to the needs of the buyer.
A close look at the Indian real estate industry and its various stakeholders reveals that this sector, which was once a largely male-dominated sector, is gradually waking up to the need for gender diversity. Indeed, many large developer groups, real estate-focused lending institutions and private equity firms now have women in senior executive roles and the difference these women are making in the real estate sector is spectacular.
The Indian real estate sector is slated to be a 180$ billion opportunity by the end of the year 2022. This also proves that there is a massive need for human resource in real estate to build the Government Development. The participation of women in real estate sector is less as compared to men, especially at the top management. Women who make it to the top are ambitious, passionate, determined and voracious for growth. Companies who offer equal and broader opportunities to women and men alike attract more talent and finally, have the better talent pool than others. How then can we shape this sector into a stable industry, if we alienate a large portion of the women workforce?
Since many decades, the real estate industry is witnessing the immense talent and hard work of women at all levels. It is the scarcity of these unique qualities that qualified and determined women bring to the table that is lacking in the sector. Women can bring out empathy, acumen, fierceness and determination which work brilliantly for this sector.
With the introduction of RERA, a number of homemakers who typically functioned as informal real estate brokers are reluctant to become RERA certified brokers. There should be initiatives to empower women to become RERA certified and become professionals in the sector.
Women are actively looking to take roles in marketing, sales, as entrepreneurs through brokerage businesses, real estate finance, in HR, administration, as well as architects and designers, to name a few. There is a growing trend where the senior leadership of real estate companies, whether professionally run or family-owned having women professionals or the next generation of women taking the reins, although this percentage is less as compared to men. With qualities of empathy and persistence present in the DNA of most women, client relationships are honed to a larger extent. Women are more nurturing, more sensitive and more patient towards client’s needs. Another aspect that women tend to bring into the business, is a more balanced and rational outlook.
The real estate industry has traditionally been a male-dominated industry due to the perception that it is a tough industry to work in. It involves a lot of physical hard work, long hours at sites, dealing with contractors and workers and a lot of travel. It also comes with its own bag of perceptions and is therefore associated with male traits such as strength, boldness and survival. However, on the other hand, the real estate industry has much to do with aesthetics, art and design, as well as an emotional connect and empathy to the buyer’s needs while buying a house, especially women buyers. Buying a house is not a one-time interaction, a good client servicing professional provide end to end service – right from the purchase decisions to assistance in doubts about home loans. A good client servicing professional answers the queries related to buying even before a customer approaches to ask a question. Gradually, the number of women working in a real estate workplace is increasing with the development of Indian economy and consumer lifestyle.
Women influence most home buying decisions. Financially independent and single women are also looking for their own homes. With the increase in the number of women workforce, there will be a rise in the percentage of women buyers in urban areas. Women in the broking industry and client servicing can be more empathetic to the needs of buyers.
With the new norms by SEBI Securities and Exchange Board of India (SEBI), about 33 percent of the top 1,000 listed companies on the National Stock Exchange will have to appoint a woman as an independent director. This is a positive initiative to increase the representation of women on the board of Directors and at the top management level.
The future will certainly see the emerging need for women in real estate sector and women taking the lead in many roles.
Disclaimer: The views expressed in the article are solely of the author and may not represent 99acres.com's opinions on the subject. 99acres.com does not take responsibility for any actions taken based on the information shared by the author.