The rise of women in Malaysia's real estate industry
If the recent StarProperty Awards 2023 Realtor Edition (SREA 2023) serves as indication, then the real estate landscape in Malaysia is witnessing a transformative shift as more women are making significant strides in the industry. Traditionally dominated by male professionals, the sector is experiencing a welcome influx of female talent, contributing to a more diverse and dynamic real estate environment.
As of 2022, women make up 39.2% of the Malaysian workforce, with a labour force participation rate of 52.7%, compared to men’s 78.7% for 2022. While there isn’t a specific figure for the real estate industry, the fact that more women have ventured into this sector is undeniable.
Over the past decades, the real estate industry in Malaysia has slowly evolved, reflecting broader societal changes and a growing emphasis on diversity and inclusivity. More women are choosing careers in real estate, breaking through gender stereotypes and contributing their skills to various facets of the industry.
Traditionally, women in Malaysia were underrepresented in roles such as real estate agents, negotiators and property managers. However, recent years have seen a notable increase in the number of women pursuing careers in these professions. The stereotype that real estate is a male-dominated field is gradually fading as women demonstrate their expertise and capabilities.
Bridging the gender gap
Efforts to bridge the gender gap in the real estate sector are gaining momentum. Industry leaders and organisations are recognising the importance of a diverse workforce, fostering an inclusive environment that encourages women to thrive. This shift is not only about creating equal opportunities but also about leveraging the unique perspectives and skills that women bring to the table.
Beyond traditional roles, women in Malaysia are making their mark as property developers and entrepreneurs. The rise of women-led real estate development projects is reshaping the industry landscape. These women are bringing fresh ideas, innovation and a unique approach to property development, challenging the status quo and contributing to the vibrancy of the real estate market.
What is even more interesting is the learning curve of women in real estate. They have quickly adapted to the environment and are even able to identify the challenges ahead as well as their male counterparts.
Such is the case Tech Realtors Properties Sdn Bhd northern region associate director Selina Khoo, who identifies issues in the market rather than gender issues, stating: “The real estate market has undergone significant transformation, primarily driven by technology and shifting consumer behaviour. The adoption of virtual property tours, AI for property management and blockchain for transactions have made the buying and selling process more transparent and efficient.”
“Additionally, there's a greater emphasis on sustainable living, which is reshaping how properties are built and marketed. While these changes pose challenges, such as the need for realtors to become tech-savvy rapidly, they are largely positive. They democratise access to real estate information, streamline processes and promote environmentally friendly practices. The market is becoming more adaptable and resilient, which is a promising sign for the future,” she said.
While progress is evident, challenges persist. Women in the real estate industry may still face stereotypes, biases, or unequal opportunities. Addressing these challenges involves ongoing efforts to promote diversity, provide mentorship programs, and create a supportive network for women professionals. Opportunities for professional development and leadership roles are crucial components of empowering women within the sector.
Interestingly, the recent SREA 2023 gala event saw 15 women snatching their respective trophies, 31 out of a total of 100. That is an impressive 31% considering that the majority were male counterparts.
Impact on industry dynamics
The increasing presence of women in Malaysia's real estate industry is not only a matter of equality; it also has practical implications for the industry's dynamics. Diverse teams bring diverse perspectives, fostering creativity and innovation. This shift contributes to a more responsive and adaptive industry, better equipped to navigate the complexities of the modern real estate market.
As Malaysia's real estate industry continues to undergo a transformative period, the rising participation of women stands out as a key driver of positive change. The commitment to inclusivity and gender equality is not only reshaping the industry but also positioning it for a more sustainable and innovative future. The stories of women succeeding in various real estate roles inspire future generations and contribute to building a more equitable and resilient real estate landscape in Malaysia.
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