There was a time when the National Association of Realtors was a men’s club. It can be hard to imagine today, but such was the way of things in 1908, when what was then called the National Association of Real Estate Exchanges formed to “unite the real estate men of America,” according to the organization’s stated objectives at the time.
Fast forward 116 years, and women Realtors in the U.S. outnumber their male counterparts by more than three to two, reveals the NAR’s most recent Quick Real Estate Facts, published in October. Out of 1,578,077 members at the time, more than a million Realtors, or 64% of all Realtors, in the U.S. were women.
This shift has its genesis in the formation of the Women’s Division of the national association in 1938, when 37 female real estate agents locked arms to ensure they could receive the education they needed to maintain their licenses. Most local boards dropped the gender restriction by the early 1950s, and in 1973 women flooded the NAR’s roster when the organization opened up membership to sales agents, many of whom were female.
Yet membership in the local women’s network of Realtors falls short of the national ratio, notes Bill Panebianco, 2024 president of the Women’s Council of Realtors Chattanooga and the vice president of sales and marketing with Pratt Home Builders.
Of Greater Chattanooga Realtors’ more than 2,700 Realtor members, only 49 also are members of the local Women’s Council, which has existed since 1967. This includes both female and male members, as the national Women’s Council of Realtors and the local network embrace every aspect of diversity, including gender. (Hence, Panebianco’s current stint as president of the local chapter.)
Realtors who have chosen to not join the network cite a variety of reasons when Panebianco queries why, with the most common explanations centering on time and money. There are only so many hours in a day, they say, and Realtors already pay a laundry list of dues and fees to keep their businesses running.
As a Realtor, Panebianco is familiar with these and the other challenges and obligations his colleagues face. However, the Women’s Council of Realtors is worth the investment, he says.
At the top of his list of why is the ability to tap into a network of like-minded professionals.
Networking
Several times each year, the members of the Women’s Council of Realtors Chattanooga have an opportunity to gather together at the Walden Club for what appears to be lunch.
However, the Women’s Council doesn’t do lunch, Panebianco says, it serves lunch as part of its efforts to open the doors of communication and collaboration between its members.
“We’re called a council, but we’re actually a network,” Panebianco explains. “Our mission statement identifies us as a network of successful Realtors who are advancing women as business leaders in the industry and in the communities we serve.”
Panebianco doesn’t toss the word “successful” into sentences like it’s an ingredient in a salad he’s making. Rather, he points to specific Women’s Council members who have scaled the heights of the Chattanooga market as examples, including past Greater Chattanooga Realtors president Kim Bass, former Women’s Council president Susan Stout, and current Keller Williams Realty Greater Chattanooga managing broker Jennifer Grayson, who oversees more than 300 agents.
“Our numbers tell the story,” Panebianco continues. “When you look at who’s been a member of the Women’s Council, you can see the level of success that membership can help to unlock.”
In addition to face-to-face networking opportunities such as luncheons and after-hours events, membership grants Realtors access to www.wcr.org, which includes a digital space where members can make referrals.
“I receive more referrals from the Women’s Council than everything else I do combined,” Panebianco claims. “I do 12 transactions a year based on my connections within the Women’s Council.”
Here again, the numbers tells the story, with the average commission income from network member referrals totaling $15,000 annually, and 54% of the council’s members referring business to each other every year, Panebianco reports.
“In recent surveys, the ability to network has been the top reason members cite for joining the Women’s Council, as member referrals provide connections to high-level business leaders,” Panebianco adds. “When you blindly refer a client to a Realtor in another state, your reputation is on the line. But if you refer someone to an active, respected member of a local Women’s Council, then you can rest easy and know they’re going to take excellent care of your client.”
Networking is related to a second reason why Panebianco believes membership in the Women’s Council is essential for all Realtors: the social benefits.
Connections, camaraderie
There are many kinds of friends in the world, all of which are important, and all of which have their place. However, when it comes to putting money in your pocket and food on your table, business friends are the most important, Panebianco says.
The Women’s Council is fertile soil for growing these relationships, he adds.
“You can make true business friends through the Women’s Council. Let’s say two council members are selling a home. One is representing the buyer and one is representing the seller. The transaction will likely go smoothly, and if it doesn’t, then you have two Realtors who know the other side will represent their respective clients fairly and honestly and take care of any issues in a proper manner. That’s the value of a business friendship.”
Of course, friends enjoy spending time together. When it comes to the Women’s Council, a great way to bond is to volunteer together, Panebianco suggests.
Voluntold
Like molding clay, the Women’s Council can help to shape a member into an informed and confident leader in their industry and community, Panebianco says. One way the organization achieves this objective is providing ample opportunities for its members to volunteer – or as Panebianco says, be “voluntold.”
“When you’re a member of the Women’s Council, you’re often ‘voluntold’ to be of service,” he laughs. “One of the ways we help people grow is we place them outside of their comfort zone. If someone stays in their comfort zone, they’re never going to grow into the leader they could be.”
While members can eventually serve on the Women’s Council’s board, there are always chairs needing to be filled in its committees and subcommittees. Examples include a subcommittee for a membership drive and a charity event.
“There’s a place for everyone to serve,” Panebianco continues. “That’s important to their leadership development. Of the last 13 presidents of Greater Chattanooga Realtors, eight of them have been a member of the Women’s Council.”
While the committees provide a hands-on environment for professional growth, the Women’s Council also offers traditional instruction that can be equally beneficial, Panebianco says.
Business leadership training
Each year, the board of the local Women’s Council determines a set of objectives for the coming months. This year, that mission is training and empowerment. In a nutshell, the network wants its members to receive as much training as possible in 2024, states Panebianco.
The speakers at the monthly luncheons will stand front and center in this endeavor. Upcoming presenters include nationally renowned real estate educator Robert Morris, Jr., and Hamilton County tax assessor Marty Haynes. Tennessee Realtors has named Morris, who’s spoken internationally, its educator of the year twice.
“We secure phenomenal speakers with a connection to real estate for every meeting so the information is pertinent and the hour is well spent,” Panebianco says.
Other traditional learning opportunities include continuing education (CE) courses and out-of-town training sessions. Panebianco says the Women’s Council is hoping to schedule at least one free CE course for its members in 2024, and adds that the network will make a limited number of scholarships available to its members to help cover the costs of out-of-town training.
“Those things aren’t free, and people can’t always afford them, so we provide ways to help them attend.”
Ultimately, Women’s Council aims to play a vital role in the success of its members, in both their work and in their communities, Panebianco says.
“We want to ignite their passions and help them achieve their goals. That’s been our mission since the beginning, and it will be our mission moving forward.”
Contact local membership director Julie Prescott at 423 664-1600 or [email protected] to inquire about becoming a member of the Women’s Council of Realtors Chattanooga.