Black women brokering their way in real estate

Black women are carving a leadership niche in the real estate industry, going a step further than being agents who show listings to brokers who own them. “Owning your own [real estate] brokerage firm is no small task. It’s a very big deal when you a

Asales agent shows and sell properties. But brokers manage and own the office, hire sales agents and collect sale proceeds. “When you are a broker you can make a lot more money but with more money comes more responsibilities.” Slaise, who founded the company with Sarah Ware, 37, added that unlike other brokerage firms, it focuses on the South Side.

“The South Side has long been ignored by big brokerage firms so we decided to concentrate on this side of town where a lot of Blacks live,” she said. “Sarah and I got into real estate as a part-time job. We both were working full-time jobs by day and working as landlords at night.” However, not all women are brokers and instead work as a sales agent.

“When an agent sells a house they receive a commission, which the brokerage firm collects and distributes to the agent,” said Alvia Baker, 65, owner of DuSable Realty & Appraisal Services in Chicago. “Basically, when you are a sales agent, you work for someone but as a broker you are the boss. But regardless, you can make a lot of money as a sales agent or broker.” Slaise and Ware both started as sales agents before they became brokers.

Before that, they were simply part-time landlords and full-time employees. Slaise worked as a consultant for Blue Cross/Blue Shield of Illinois and Ware worked as a retail-leasing agent for U.S. Equities Reality Inc. They both worked briefly as sales agents at a North Side brokerage firm before finally starting their own firm January 2007. “It just became too much for me to work an eight-hour job during the day and play landlord at night,” Slaise said.

“Now I can focus on buying property and developing it into a big investment.” Like Slaise, Ware quit her job to devote more time to managing her South Side rental properties. “I just felt I had learned all I needed to know to start owning,” Ware said. “I hate to see people spend their whole lives renting something instead of working toward ownership.” Just how many Black women own brokerage firms may depend on who you talk to.

There are no official statistics available from the government or any trade associations such as the Chicago Association of REALTORS. However, Renee Wilson, an executive consultant to the National Association of Real Estate Brokers, a Black association in Lanham, Md., said that of its 35,000 members in 2007, only 1,350 were women who owned brokerage firms. Even without statistics available some female brokers in Chicago said real estate is still a predominately white, male industry.

“Men get most of the large properties from clients especially commercial properties,” said Baker. “Clients may hire a white-owned (male) brokerage firm to sell or lease multimillion dollar properties while Black firms (woman-owned) get far less. I also feel white women get special treatment over Black women in this industry, which is no surprise,” she said.

But some investors dispute that race determines their decision who to hire. “I do not look at race but the rate of return I can get on a property and the best suitable firm capable of making that happen regardless of color,” said Todd Fields, 54, a white investor who owns several rental properties in Chicago. “My properties are located on the North Side and it is important that I hire a firm familiar with the area,” he added.

“From my experience most Black firms are not too familiar with the North Side, only the South and West Sides.” However, some brokers dispute the notion that their firms do not know the North Side market. “As a broker you have to know the entire market, not just certain parts,” said E. Jean Webber, owner of Dawn-Webb and Associates, a Chicago brokerage firm.

“Historically speaking, though, there is not a large concentration of Blacks living on the North Side so it’s not unusual if some Black brokerage firms do not cater to that area,” Webber added. Baker, a broker for 23 years, added that Black agents and brokers are well versed on the city and note that one disparity between white men and Black women is the number of sales agents and brokers.

“I don’t have exact numbers but I’m sure there are far more Black women that are sales agents than there are white brokers,” she added. Patience and a good understanding of real estate are the two things Baker recommends to Black women contemplating a career in real estate. “You cannot expect to start making tons of money immediately. It takes time to get to that point so that’s why I say patience is important,” she added.

The real estate industry offers a lot of flexibility when working as a sales agent, which may explain why it has become so attractive to so many Black women, said Joyce Gibson, 60, owner of J.A. Gibson Realty, a Chicago brokerage firm. “I have seen a lot of women come and go because some enter the business thinking they will make a lot of money right away and when that does not happen they get discouraged and leave,” said Gibson, a broker for 16 years.

One reason for the up and down cycle of Black women entering and exiting the real estate industry is barriers such as locations and property types Black women could show, Webber explained. “Earlier limits were placed on locations where you were able to work and show properties,” recalls Webber, who entered the industry in 1978.

“The residential market is more accepting of women. Commercial sales and property management is a bit more challenging for women.” But not all women have difficulty staying in real estate. Denise Waters, 34, said real estate has worked out well for her so far. She works as a part-time sales agent for Coldwell Banker. “As a single mom of three, it is important that I have a career that will not take time away from my kids.

“Real estate was the perfect fit for me because I can set my own schedule and utilize my customer service experience,” Waters added. “Even though I do not work for a Black firm I am learning a lot and making decent money. Within the next five years I hope to be ready to become a broker so I can be a boss, not an employee.” Porchia Taylor, 38, worked seven years as sales agent and now plans to open a brokerage firm on the West Side.

║“I picked the West Side because I see a void there among Black brokerage firms. And besides, the South Side is well represented already.”