The Importance of Mentoring for Females in Property
It’s no secret that while many females fulfil administration, support and marketing roles within the property industry, many leadership positions inside the property scope remain largely male-dominated.
In recent years, our industry has seen the adoption and implementation of various strategies to achieve and nurture gender diversity within management and executive roles. The conception of mentoring programs is a particularly important initiative that assists the networking, upskilling and career development efforts of women in property. Property Republic has gathered some helpful insights on gender diversity in the industry and the benefits that mentoring programs pose for female career progression.
The state of female representation in the property industry:
Even though women fulfil more than half of non-leadership roles in the property industry, they are noticeably underrepresented in leadership positions. Males hold 68% of leadership roles, while females hold only 28%. This means that less than one in three leadership positions are held by women.
Women of all ages are over-represented in support and administration roles with restricted corridors to leadership positions in property organisations.
18-19 years – Females: 24%, Males 8%
30-39 years – Females: 20%, Males 4%
40-49 years – Females: 18%, Males: 2%
62% of women acknowledged ‘boys’ club mentality’ as the number one obstacle for women joining the property industry. – Results of a survey undertaken in March 2016 by EY.
Of 1,715 ASX listed real estate and development companies, only 499 female directors (6%) were identified out of a total of 8,360. – Deconstructing the glass ceiling: gender equality in the Australian property profession (2016)
Women continue to be considerably under-represented in senior corporate roles, filling only 9.2% of Executive roles and 2.4% of CEO positions. – Property Council of Australia (2018)
How can mentorship programs benefit women in property?
It’s crucial that women in the property industry have a channel of support to encourage career development. Mentoring programs help to provide this much needed guidance, support and inspiration for their mentees.
Particularly for females in the property industry, having a mentor who can open doors, empower and impart their knowledge can help you to build confidence and harness opportunities. At some point during our professional careers, we all feel inclined to confide in someone who can provide impartial advice and industry insight.
Mentors act as informed, objective and supportive individuals who are outside your immediate workplace and can assist in identifying and achieving career goals. Mentoring provides a two-way relationship, from which both the mentor and mentee can experience personal and professional growth, as well as develop skills and gain an understanding of an alternate viewpoint. Property Republic sees great value in empowering and advocating for women in property. Our Director, Judi Carr, recently began volunteering as a mentor for the UDIA Victoria.
Judi supports a small group of women at various stages in career development, imparting her extensive experience and invaluable knowledge of the industry.
The program includes a total of six monthly group mentoring sessions. These sessions strive to achieve the following:
To create professional connections and broaden networks for women in the industry
To empower women in property to find their voice
To build personal and professional confidence
To develop leadership skills
To impart industry knowledge from mentor to mentee
To maintain the connection of women in property
What mentorship programs are available?
UDIA Power Circles Women’s Mentoring Program – this six-month program is designed to connect groups of likeminded women with the aim of broadening their industry network, developing new skills, gaining knowledge and enabling progression as leaders in the industry. Participants benefit not only from the experience of their exemplary mentors, but from bonding with other peers who are at a similar level within the industry.
Victorian Property Council Mentoring Program – this 12-month program is available exclusively for Property Council of Australia members only and provides young industry professionals with the opportunity to network and learn from industry experts. The program involves interactive workshops, facilitated group discussions, one-on-one catch ups with expertly matched mentors and various group events and activities.
500 Women in Property – Property Council of Australia – this initiative involves a personal commitment from Property Council members to support women in their professional domain through sponsorship, enabling networking and career development opportunities. The goal of this program is to increase the number of women in senior property leadership positions.