How to Succeed in a Male-Dominated Field
ServiceLink Leaders Share Their Insights
Women account for less than 32% of the real estate investment market. While that number has slowly risen over the last decade, based on data from Zippia, there remains a large disparity.
Likewise, for those working in the space, the single-family rental industry is known to be male-dominated, with a system leaders say is set up for their advancement.
“It comes down to numbers: there are more men to choose from when it comes to selection for high-level opportunities. Therefore, women aren’t as represented in those higher ranks,” said ServiceLink’s president of default services, Miriam Moore, who co-founded the organization Women Executives in Business in 2006 in an effort to provide women leaders in the mortgage and servicing industry with a forum to freely knowledge-share, network and discuss leadership in an inclusive environment.
“I’ve found that women aren’t necessarily in the same social settings as men in terms of networking and relationship-building opportunities,” said Moore, who two years ago helped launch and co-chaired Women in SFR for the National Rental Housing Council. “In order to break through, women need to realize that only focusing on their work to show their worth is not enough. They need to devote time to building relationships with both men and women to be successful. They also need to be confident and less risk adverse when the opportunities for those high-level positions are presented.”
While the challenges for women working in SFR remain, there have been many strides made over the last several years, with more affinity groups and networking opportunities launching and women being promoted to coveted executive leadership positions.
Yet, “there is still work to be done,” Moore said.
In honor of Women’s History Month this March, several women leaders in ServiceLink’s SFR space shared their insights and advice in an effort to empower and encourage other women in the space. Through networking, mentorship and a lot of hard work, these women have found success in a challenging industry and enjoy the work they are doing.
Here are their thoughts:
What are the key skills that are crucial for the success of women in a traditionally male-dominated field?
Making connections and building their network is a key skill for women looking to excel in a male-dominated field. Having confidence, asking questions, working hard, being willing to learn and realizing your own worth, also are needed, industry leaders say.
Lorraine Perez, assistant vice president of REO title and single-family rental at ServiceLink, recommends that women looking to excel in SFR network across the entire real estate market, from investing and lending to valuation and renovation.
“Take the time to listen to their stories and learn from their experience,” Perez said. “Know how to take your experience and turn it into a commodity that could be applied to any position in SFR.”
She advises women not to shy away from opportunities to present themselves as experts in real estate.
“I think men have found that the experience of women in the field has provided a unique perspective which has led to them promoting women to challenging positions where they can become leaders in the field,” Perez said. “Working together has created a level of comfort and trust whereby each can bring their strengths to the table, allowing for a much more diverse and successful SFR market.”
Terri Hunter, vice president and national sales executive at ServiceLink, encourages women looking to excel in any male-dominated field to gain industry knowledge, have confidence, build relationships and show emotional intelligence. “Having a foundation of these diverse skills will yield success and empower women leaders,” said Hunter, who serves as membership chair of the National Rental Housing Council’s Women in SFR advisory committee.
What role do you think mentorship plays in helping women advance in their careers?
This year’s Women’s History Month focuses on the importance of mentorship, education and leadership. The National Women’s History Alliance theme of “Moving Forward Together! Women Educating and Inspiring Generations” recognizes the great work women have done to empower others.
Amy Daniel, senior vice president of title and close in ServiceLink’s default division, experienced first-hand the benefits of mentorship.
“I’ve been fortunate enough in my career to have mentors — both formal and informal — who have helped guide and shape me,” Daniel said. “These individuals not only have helped me think about situations in a different way, but also have been quiet at times to allow me to process on my own.”
Daniel points out that mentorship is not about age and even though someone might be younger than you, you can still learn from them.
Moore sees mentorship and sponsorship as an important part of career growth.
“Although the industry is slowing changing, when I was coming up through the ranks, there weren’t very many strong women professionals to mentor me,” Moore said. “The most impactful mentor in my life as I grew my career was my mother. She set the example of someone who was strong, confident and assertive. She was a Cuban immigrant and taught me the value of a strong work ethic, which together with her other traits, helped to shape me to be the woman and professional that I am today.”
What do you love the most about the industry?
“What I love the most about the SFR space is it is always changing,” Daniel said. “Each day is different and brings forth new opportunities and challenges. I especially enjoy the people I get the privilege of working next to each day and the ideas they bring to the table. This space is challenging and requires you to think on your feet; typically juggling a variety of items at the same time.”
For Perez, it is the ability to continue learning that she loves the most about working in SFR.
“Every new deal, every transaction, no matter the size brings its own set of unique challenges. Juggling the needs of each party, solving the problems each side maybe facing knowing that there is a looming deadline is exciting to me,” Perez said. “Knowing that I need to bring this all together to create a smooth closing experience for everyone involved keeps me doing it. I enjoy a challenge.”
Moore also loves the challenge and variety of work she does each day, but it is her team that truly makes this a great place to work for her.
“I’m proud of the work my team does for our customers every day,” Moore said, as she encouraged women to consider a career in the space “because the work is interesting and affords a professional environment with many opportunities for growth.”
What challenges do women face when trying to advance their careers in the SFR space?
There are a wide array of challenges that women face in a male dominated space and some of them come down to work culture.
“Work-life balance disproportionately affects women,” Moore said. “Women who are climbing the ladder, especially those who have a family or are starting a family, face added pressures: be fully devoted to work or fully devoted to their families. Anything less than complete devotion and 24/7 availability to a high-profile job further supports the narrative that women are not as committed as their male counterparts. To change this, we have to change the culture and allow flexibility in the work environment.”
Finding opportunities to network and find the right allies in the field can also be challenging for women in the space, said Perez. This is true for both women working in the SFR space and those looking to invest.
“Women looking to become investors in the SFR space may face challenges in gaining access to capital,” Perez added. “Securing funding or investment for ventures within the SFR space may be difficult, especially if you haven’t made the right connections through networking.”
What will make the housing market more affordable for buyers?
Affordability continues to be a challenge for homebuyers and that likely will not change in 2025, Perez said.
“People will be watching for a market correction or interest rate cuts,” Perez said. “Unfortunately, I do not think either one is promising this year, and I think 2025 is going to look a lot like 2024. I think if people see a drop in interest rates and jump on it, we may see some spikes through the year, but nothing that will last for months.”
Homebuilders could provide some opportunity for market growth, she said, as efforts remain to provide incentives for first-time homebuyers.
Low inventory also remains a challenge and is leading to affordability challenges, industry leaders say.
“For buyers to find ways to afford a loan, lenders have to be willing to invest in providing the right level of education regarding homeownership and the programs they offer,” Moore said.
From your vantage point in the real estate industry, what are potential solutions when looking at housing affordability?
“I think there are a few things that could happen to make the market more favorable to buyers,” Perez said. “Government incentives aimed at first time buyers such as credits, grants and down payment assistance programs.”
There are many variables that impact supply and affordability, Hunter said. “I think creating a supply chain of dynamic housing options such as accessory dwelling units and manufactured housing allows for more buyers to enter the market,” she said.
Getting creative and looking at other options is key.
“Homebuyers should explore options to purchase homes in lower-cost markets,” Moore said. “Potential homebuyers should also look at buying at auction as an opportunity to purchase a home at a more competitive price. Auction platforms make it easy to conduct a nationwide search and the closing process can be done completely online. Buyers may also want to consider purchasing a ‘fixer upper’ to enter the housing market at a reasonable price point and at a cost that is less than that of a move in ready home.
To learn more about ServiceLink’s investor offerings, visit: servicelink.com/investors.
