The idea of building equity—a fairness within processes and systems and the removal of barriers to participation—within our communities is one that has seen renewed emphasis as of late. Working against discrimination in all forms, both personal and institutional, is a top priority for any of us truly dedicated to creating a better world for all. However, change isn’t possible without education, which is why it is important to acknowledge and understand the history behind housing discrimination in the U.S; and how its echoes are still present today.
Most of us are now aware of the past practices of “redlining” and deed restrictions which worked against—and in many cases outright inhibited African Americans and other minorities from achieving homeownership and establishing the generational wealth that it grants. For a period of more than three decades spanning from the 1930s through the 1960s, the results of these practices meant that 98% of all home loans in the U.S. were secured by white families.
Though illegal for more than 50 years, the effects of redlining and deed restrictions can still be seen in 2022. A 2021 NAR report titled “A Snapshot of Race and Home Buying in America”states that “The homeownership rate for Black Americans dropped in 2019 compared to 2009, the group most affected by declines in homeownership rates before, during, and after the Great Recession.”
Over this period of time, how ownership among Black Americans has dropped to around 41%. Meanwhile, overall home ownership rates for white Americans has consistently remained above 70%.
So, what can agents throughout the KW The Virginias region do in pursuit of higher equity? Here are three steps to consider, as suggested by KW Head of Inclusion and Belonging, Julia Irshay Israel:
1. Embrace Diversity
“You first have to be willing to accept people’s differences, understand cultural differences, and be willing to incorporate those differences into your business,” Lashay Israel says. In order to do this, agents should foster a wide range of different backgrounds, experiences, and skills among their team members. This allows the ability to connect with and perform for a broader audience of clients. The best way to do this is ensure that job postings are spread across a range of media and platforms in order to reach the widest possible audience.
Establishing and committing to the same policies and procedures for all clients is another way to pursue equity. For example, requiring a pre-approval letter prior to any home showings is one way to do this; implementing the same standards for each client, regardless of how much buying power we may perceive them to have, will help eliminate any conscious or subconscious personal biases.
2. Revamp Your Marketing
“The key to success is inclusion, not exclusion,” Lashay Israel says. “Ask yourself, ‘am I doing anything that would violate Fair Housing laws, or worse—reduce my reach?’”
Be sure not to express preferences for certain characteristics or exclude individuals based on a protected class. A handy list of things to remember here can be found on the NAR website, and includes:
- Focusing on the property, not the buyer or enter
- Not making exclusionary statements
- Not limiting the reach of your advertising by targeting based on race, religion, or age
- Relying on imagery that is reflective of the population in the area you’re targeting
- Including the phrase “Equal Housing Opportunity” or using the Fair Housing logo in your marketing materials
3. Get Involved in Your Community
While you likely already know that people prefer to do business with those they know, like, and trust, an additional benefit to community involvement is gaining a broader understanding of the joys and challenges faced by those from all walks of life. In addition to embracing diversity within your team and opening your marketing efforts to a broader audience, there is also personal growth to be found in putting yourself out there and learning from others’ experiences. This last piece is essential to truly transforming into a more equitable mindset and business.
Finally, we encourage interested agents to become an Agent of Distinction in KW’s inaugural Diversity Certification Program. You can find information about registering below: