Real (Estate) Talk -- Fair Housing Month and the Elephant in the Room: The Color of Professionalism

  • Black pros are underrepresented: Less than 6% of real estate pros are Black, making a whopping $32,700 less in median real estate sales income 
  • Most historically Black colleges and universities have not had the support of the real estate industry to offer competitive real estate majors unlike neighboring predominantly white colleges and universities
  • Women (who make up 65% of the REALTOR® industry) are woefully underrepresented in firm leadership (sidebar: the NAR 2021 Profile of Firms had an opportunity to track and update this needed information along with People of Color representation but did not; hopefully it will include such demographics going forward because what gets measured, gets awareness, and gets changed)
  • The Law of Supply and Demand dictates that if demand remains unchanged for Black and/or women (and other underrepresented) real estate pros and supply increases, a surplus occurs, leading to a lower equilibrium price. In other words, we cannot simply add more underrepresented real estate pros without improving demand, or earning gaps will only increase!
Demand for inclusion, despite a clear need, is foremost to diverse representation. Getting the Elephant Out of the Room: More Attention to Underrepresented RE ProsHow can we improve inclusion as an industry? Some businesses like Amazon have committed to giving money, which is needed and a good start. But, rarely does solely throwing money at an issue end that issue. The Mott & Chace Sotheby's International's Blackstone Team recently announced The Black Real Estate Agent Scholarship & Mentoring Program that will begin accepting applications at the end of 2022. And, remember last year, when I shared DreamTown Realty's InspiRE Mentorship Program? These are outstanding sleeves rolled up, hands-on initiatives yet we need "all hands on deck" throughout the real estate industry.In this video, hear from dynamic real estate pros (Kim Scott and Christian Ross) that share their experiences along with their recommendations. I hope their stories spark ideas that help you too.Sound off - I would love to hear from you!  Give me a shout on Facebook, Instagram, and YouTube, or by visiting LearnWithDrLee.com.  Download today your complimentary (aka NO FEE but for a limited time so hurry) copy of my new book, How to Be an Anti-Racist Real Estate Pro. Want more tips from fellow real estate pros (like Leigh Brown, Kim Hayden, and Sarah Johnston to name just a few) to help you become even more resilient in real estate? Grab our new book, Resilient Real Estate Women, by clicking here.Want more of the best practices of our nation's top producers? Grab your copy of the short read, Profit with Your Personality and, the classic, 5-star rated workbook, Plan to Win, to transform their real estate sales game plan. Or, get your "training on" with these on-demand classes.  Here's to your success! #LearnWithDrLee