RISMedia's Real Estate Magazine

NOV 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1042091

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Page 34 of 142

30 November 2018 RISMedia's REAL ESTATE In an official letter, Governor Brown states, "There have been numerous objections to this bill and serious legal concerns have been raised. I don't minimize the potential flaws that indeed may prove fatal to its ultimate implementation." He con - tinues, "Given all the special privi- leges that corporations have enjoyed for so long, it's high time corporate boards include the people who con - stitute more than half the 'persons' in America." How does this concern real es - tate? Publicly-held real estate com- panies in California are most likely to be affected by this new legislation, requiring female representation on their boards. This might be a produc - tive start for increasing the share of women in areas where they're greatly underrepresented, such as commer - cial real estate. A report by The Real Deal looking at top investment sales and leasing brokerages in Los Angeles, Calif., demonstrates the significant differ - ence in female representation be- tween commercial and residential real estate brokers. In the top com - mercial real estate firms in LA, the percentage of women brokers rang - es from 0 - 29 percent, compared to 42 - 60 percent in residential firms. At the executive level, the 2015 Commercial Real Estate Women Net - work Benchmark Study found that 17 percent of men surveyed held executive titles, while only 9 percent of women stated the same. Although residential real estate has a fair ra - tio of male-to-female agents, com- mercial real estate and leadership positions across the board are male- dominated. A common reason for why there are few opportunities for female ad - vancement in leadership positions is that the industry continues to be a "boys' club," where key players on the golf course often conduct busi - ness at outings and at retreats, where women aren't invited. Also, those who are able to climb the ladder rely heavily on connections and networking, since the industry is based on relationships. Corpora - tions and brokerages might find it costly to change their hiring process - es, but the results will likely increase their customer base and book of business in the long run. However, gender diversity shouldn't stop at just meeting quotas to improve the quality and longevity of diversity in firms. Other ways com - panies and their employees can ad- dress the gender gap at all levels of employment include mentoring and collaboration among both men and women employees, changing hiring practices, such as creating recruit - ing ads that emphasize women's strengths, and advertising recruit - ment opportunities at speaking engagements. Gender diversity and female repre - sentation at the board level requires a more rigorous and formal approach from top down. Corporations will have to embrace diversity and inclu - sion as a core tenet in their ethos and daily operations until it becomes a continual practice with long-lasting effects. RE Desirée Patno is the CEO and president of Women in the Housing and Real Estate Ecosystem (NAWRB) and Desirée Patno Enterprises, Inc. (DPE), as well as chairwoman of NAWRB's Diversity & Inclusion Leader- ship Council (NDILC). With 30 years of experience in housing, Patno is a champion for women's economic growth and independence. In 2017, Entrepreneur.com named her the Highest-Ranking Woman and 4 th Overall Top Real Estate Influencer to Follow. For more information, please visit www.nawrb.com. How the Passing of Bill SB 826 Stands to Disrupt California Real Estate Businesses Commentary by Desirée Patno C alifornia Governor Jerry Brown recently signed the SB 826 bill into law, a landmark legislation requiring female representation on corporate boards. Specifically, the bill requires that at least one woman be on the board of publicly-held companies in California by year-end 2019. Despite concerns over its potential efficacy, the bill is an important step in diversity and inclusion, as well as for the advancement of women.

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