Black Women’s Guide to Succeeding in Commercial Real Estate
The commercial real estate (CRE) industry is a lucrative $1.2 trillion market in the United States, offering vast opportunities for financial success.
However, the underrepresentation of Black women in senior CRE positions highlights the pressing need for change.
Less than 1% of senior CRE executives are Black women, revealing a stark inequality in access to this lucrative field.
In this article, we explore strategies and insights to empower Black women to break barriers and thrive in commercial real estate
Breaking Barriers to Entry:
Entering the CRE market can be daunting for women of colour, who may face self-doubt, lack of resources, and limited access to industry knowledge.
Finding a trusted mentor who has navigated similar challenges can be invaluable. While the scarcity of Black women in CRE makes mentorship challenging, these mentors can offer guidance and help overcome obstacles.
Access to Capital:
Capital is the lifeblood of CRE, enabling property acquisition, management, and business expansion. Unlike some with privileged backgrounds, many Black women do not have access to substantial startup capital.
Recognizing the wealth disparity, Black female entrepreneurs must become resourceful and innovative in wealth-building.
Some mentors and venture capital firms in the Black community are emerging to support aspiring entrepreneurs.
However, it’s often the responsibility of the CRE entrepreneur to raise the necessary capital and build their property portfolio.
Create a Niche:
To establish oneself as an expert and overcome equity barriers, consider specializing in a particular market niche.
Whether it’s restaurants, historic properties, revitalized Main Street areas, or undervalued properties, niche expertise can set you apart.
Demonstrating success within your chosen niche, such as delivering impressive returns on investment or leveraging networking for growth, elevates your industry standing.
Additionally, it positions you to mentor and inspire other Black females in the CRE field.
Pride and Prejudice:
Being part of the “less than 1%” of the CRE community is a source of pride. Your success can inspire others and contribute to closing the gender and racial gap within the industry.
Assertiveness is a key attribute for success, as advocating for yourself is crucial in overcoming obstacles.
Black women in the CRE industry face unique challenges but also possess the resilience and determination to succeed.
By finding mentors, seeking innovative funding solutions, specializing in niches, and demonstrating assertiveness, Black women can carve their path to success in the commercial real estate world.
In the words of Shirley Chisholm, “If they don’t give you a seat at the table, bring a folding chair.”
Black women in the CRE industry are not only pulling up those chairs but also making deals and shaping the future of commercial real estate.
With a long-term mindset and unwavering determination, African-American women can become integral to the new generation of commercial real estate success stories.