NAREB W.I.R.E PILLAR HOSTED EXTRAORDINARY ENGAGEMENT FOR BLACK WOMEN IN THE REAL ESTATE INDUSTRY

Photo provided by NAREB
Photo provided by NAREB

NAREB W.I.R.E PILLAR HOSTED EXTRAORDINARY ENGAGEMENT FOR BLACK WOMEN IN THE REAL ESTATE INDUSTRY

NEW ORLEANS, LA — The National Association of Real Estate Brokers (NAREB) Women Investing in Real Estate (W.I.R.E) Pillar hosted a dynamic, groundbreaking mini-conference for advancing women in real estate during the organization’s annual convention. The event provided a platform for women to gain valuable knowledge on investing, financial planning, and navigating the real estate market. It also offered interactive workshops and networking opportunities with like-minded professionals.

“There is a team who has worked tirelessly to curate a life changing experience for you today,” said NAREB President Dr. Courtney Johnson Rose. “So just know that you are already blessed for being in the room and being a part of this experience. We have designed it for African American women. We will start with the data to understand the power we possess as African American women. Then we'll glean from panel discussions throughout the day, from leaders, from entrepreneurs.”

The mini-conference, held on July 31, was further elevated by the presence of a special guest, the renowned actress Lynn Whitfield, who led the event as the moderator. Her presence added a unique and star-studded element to the event. The organization also took the opportunity to honor Lydia Pope, a founder of W.I.R.E and NAREB’S immediate past President.

“As a founder of W.I.R.E, I am particularly excited to share the vision of this initiative,” said Pope. “From that early moment of Inspiration, W.I.R.E evolved into a powerful movement and transformation that landscaped the real estate investment for women. W.I.R.E is more than just a concept. It's equipping us with knowledge and tools.”

Pope maintained that women entered real estate with knowledge, but lacked specific investment expertise. “To address this,” she said, “W.I.R.E offers tailored education and training.” She discussed the power of networking, saying, “Real estate investment thrives on connections and collaborations. W.I.R.E creates a dynamic community where women investors can connect. Our networking builds long-lasting relationships.”

Furthermore, Pope said that successful investments in real estate requires good decision-making and risk-taking. “W.I.R.E helps women build confidence and make bold investment decisions by sharing success stories,” she said. “…The journey in real estate investment is embarked by both challenges and successes. W.I.R.E is committed to recognizing and celebrating all our success and achievements.”

The authors of the NAREB’s W.I.R.E. Report, Dr. Vickie McBride and Dr. Sheri Smith, detailed the Black women's identity and economic influence. Their presentation analyzed Black women's unique experiences, challenges, and successes. They also highlighted the Black women's considerable economic power and potential, supporting their conclusions with comprehensive data and insightful perspectives. Their work emphasizes Black women's crucial role in shaping economic landscapes and offered a nuanced understanding of the contributions and aspirations of Black women.

Their data found that 45% of African American women are single, while 27% are married. Still, they calculate that Black women control more than 50% of African American households. These are the “bread-winning mothers.” The W.I.R.E. report also documented the economic gains paving the way for the success enjoyed by Black women, who are 6.3% of the nation’s population, 52% of the African American population, and 12.5% of all women. Further, 63.4% of African American women over the age of 16 are active in the labor force; 89.3% of Black women have graduated high school or its equivalent; and 48% of Black women are single and have never been married.

Black women are also making tremendous strides as entrepreneurs. Businesses owned by Black women grew 50% between 2014 and 2019, with Black Women accounting for 42% of all women who opened new companies during that period. In 2021, 17% of Black women were starting a new business - 7% more than White women and 2% more than White men.

The daylong mini-conference was graced by the presence of several successful Black women, whose stories of triumph and resilience left the audience feeling motivated and encouraged.

Teresa Bazemore, former president of the Federal Home Loan Bank of San Francisco, discussed the need for women to be better counseled on financial literacy, instilling a sense of empowerment and confidence in the audience. Responding, Telebah Wood, who oversees national strategic relationships at Bank of America, agreed that financial literacy needs to be advanced, reinforcing the sense of community and support among the audience.

“One of the things that I think we should do at this time to correct the course is education,” Wood said. “When you said financial literacy, that spoke to me about making our community, clients, and potential clients mortgage-ready. I would be remiss not to mention Bank of America has products, programs, tools, and resources to help folks. We also connect with community partners to educate and do homeownership workshops. But more important, affordability is sustainability. How can we ensure that once they get in the home, they can stay in the home? And so education, I think, is the foundation that we should be leaning into at this time.”

The discussion, which Lisa Haynes, MBA moderated, also included Rachel Sampson, who leads community lending initiatives at Key Bank; Sodi Nichols, who champions diverse markets and affordable home lending at U.S. Bank; and Dionne Cuello, who leads efforts in diverse market segments at Citi.

Another high-powered panel discussed the entrepreneurial journey, leadership challenges, and the strategies that drive success. The panelists shared their personal stories, professional insights, and the keys to thriving in the C-Suite.

“It was a candid conversation that delved into the realities of entrepreneurship, the importance of resilience, and the power of innovation,” said Dr. Rose. “The audience engaged with trailblazers and gained invaluable knowledge to fuel their entrepreneurial endeavors.”

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