ResMan Attends Multifamily Leadership’s Women’s Summit
Leaders from across the property management industry, gathered in Scottsdale, Arizona last March to celebrate the nation’s first-ever event for women in multifamily: The Multifamily Women’s Summit.
The annual Women’s Summit provides a setting to help women with leadership aspirations to advance their careers. The two-day event featured networking, educational programming from female leaders in multifamily, and leadership training.
Attendees included those who wanted to understand the role women play in the workplace and their role as residents and customers of multifamily. As the industry continues to rapidly transform, the Women’s Summit provides an important platform for the ever-evolving roles women play in multifamily organizations.
As an advisor for the Women’s Summit, ResMan President Elizabeth Francisco had the privilege to host a panel discussion on women’s role in driving culture and innovation in the workplace. ResMan is also an annual sponsor for the event.
“I am happy to see a forum like this that allows us to invest in women in the industry so that they can grow professionally to meet the changing landscape in multifamily,” Francisco said. “In addition, this event is a wonderful opportunity for men and women to come together and learn how to leverage their diversified teams for peak performance.”
Diversity and Inclusion in Multifamily
In the multifamily industry, on-site staff represents a much more diverse reality than its leadership.
- The percentage of women in leadership roles at multifamily and commercial real estate companies remains well below 20%. For minorities, it’s in the single digits.
- Women account for 17.2% of all REIT board members.
Another reality, many of multifamily’s residents are diverse too.
The numbers represent an opportunity for industry-wide improvement. Multifamily leaders can address the career trajectory disparity for women and minorities by expanding their networks and establishing diversity and inclusion practices in their recruiting efforts.
For on-site staff and other professionals looking to further their careers, try mentorship.
“As women, we sometimes struggle with asking for help,” Francisco said. “If we want to advance our careers, we would benefit tremendously from having a mentor or sponsor. Asking for someone to mentor you is not a sign of weakness, but a sign of inner strength that will help build your confidence.”
The Value of Diversity for Property Management Companies
At the end of the day, improving diversity and inclusion efforts have a direct correlation to your bottom line.
A 2018 study of S&P 500 companies found that American firms without female executives missed out on $567 billion in revenue annually. The study also found that companies in the top 25th percentile for gender diversity within their executive teams experienced above-average profits. The impact on profitability goes beyond just gender diversity. Furthermore, companies with culturally and ethnically diverse executive teams are 33% more likely to see better-than-average profits. At the board of directors’ level, that number increases to 43%.
Keep the Momentum Going
The Women’s Summit is over, but the push for a more inclusive multifamily industry is not. First, mark your calendars for next year’s Women’s Summit on March 18 and 19 in Scottsdale. Second, there are great resources available through Multifamily Leadership’s website on these topics. Finally, subscribe to ResMan’s blog where we will continue to dive into the diversity and inclusion efforts in multifamily.
“There is an abundance of talent in the multifamily industry,” Francisco said. “If we can achieve diversity among senior leadership, the board level and investors, the industry overall will be better served.”