Real estate can be an extremely lucrative field of business for Black entrepreneurs, yet often goes overlooked as they enter it for themselves. Real estate agents differ from medical doctors or lawyers in that they must be affiliated with an agent broker to operate.
Black agents report experiencing discrimination that threatens their livelihood. One agent reported being forced by a white client to display a lawn sign without her photo on it.
The Peebles Corporation
Peebles Corporation is the nation’s largest Black owned real estate development and ownership firm. Their development portfolio features luxury hotels and high-rise residential projects; additionally they possess an expansive multibillion-dollar investment portfolio with projects located throughout gateway cities such as New York, Boston, and Philadelphia.
Born and raised in Washington, D.C., Peebles quickly made the real estate industry his own after his mother worked as a real estate appraiser after her divorce – his early exposure came through her work as an appraiser herself and helped develop his business acumen. Rutgers University offered pre-med studies, but after one year he dropped out to become a property appraiser/real estate agent which caught Marion Barry’s eye who appointed him chairman of his city’s real estate tax appeals board in 1984.
Experience has reinforced his belief in real estate as a path to wealth and opportunity, using his influence and funds to support candidates and causes that he believed in, eventually serving as staff aide for Congressmen Ron Dellums and Charles B. Rangel before starting his own firm. Furthermore, political connections allowed him to secure financing and land deals for his projects.
Peebles has spearheaded numerous notable projects, including redeveloping Miami Beach’s 1930s Royal Palm Crowne Plaza Hotel into what became the nation’s first major hotel developed and owned by an African American. He also designed and oversaw NYC urban planning initiatives including designing a monument commemorating Africans enslaved as slaves at Manhattan’s African Burial Ground National Monument.
As with other top black real estate agents, he is an unwavering champion for diversity, equity and inclusion within his field. He encourages his peers to take steps towards increasing Black real estate agent representation by initiating mentorship programs or affinity groups; additionally, he shares photos of his victories via social media as well as buying real estate courses–such as Groupon deals–to entice his friends to enter real estate as a profession.
Thompson believes that expanding the ranks of Black real estate agents will help bridge the income and racial homeownership gaps that affect neighborhoods, families, schools and generational wealth. That is why HomeLight launched the Black Real Estate Agent Program that offers financial support and business advice for new Black real estate agents.
Tenisha Williams of Elite Realty Partners
Tenisha Williams is an award-winning real estate agent who assists families with their homebuying, selling and investing needs. She strives to educate her clients throughout every step of the process to ensure their best interests are protected. Furthermore, Tenisha strives to make an impactful contribution to her community – co-founding the Tulsa Real Estate Fund together with her husband as a means of helping working-class communities become financially independent.
Tenisha Williams began her professional journey as a public servant in Tallahassee, Florida. Following success as a county worker, she decided to follow her passion and create Elite Realty Partners; since then it has become the largest Black woman-owned brokerage firm in South Florida. These accomplishments speak volumes for Williams’ tenacity and determination in meeting her goals.
One key reason behind Elite Realty Partners’s success lies in their focus on supporting newer agents, assisting them in building their businesses, and mentoring newer agents to succeed. This strategy has paid dividends: over $535 Million has been sold since its formation without needing extensive recruiting efforts or major hiring initiatives from outside agents.
Additionally, they specialize in distressed properties, short sales and BPOs – offering homeowners help and providing exceptional customer service.
The company holds an array of commercial and residential real estate investments across various cities in the U.S. It has also invested in hospitality assets like hotels, restaurants and shopping centers as well as boasting a strong balance sheet and revenue growth.
Lisa Phillips is another top black real estate agent who specializes in helping Black professionals buy or rent properties in desirable neighborhoods. She works closely with middle-income professionals to assist in understanding the process of purchasing or renting properties as well as offering financial advice – something she has written several books about!
In her free time, she enjoys spending time with family and pets as well as volunteering in her community. She believes real estate is the cornerstone of living a fulfilling life and has made it her mission to help others realize their dreams as well.
Lena Mason
Lena Mason was an early pioneer of Black real estate ownership in Los Angeles. As one of the first African Americans to do so, she also served as a minister and poet in her community AME Church where she often preached sermons to large audiences; one such sermon was “A Negro in It”, written as an emotional response to President William McKinley’s assassination.
Reida Doolin and Vaughn Doolin of Quincy, Illinois raised her with Christian values from an early age and she soon joined the African Methodist Episcopal (AME) Church. Her education included attending Douglass High School in Hannibal Missouri for core coursework as well as Professor Knott’s school in Chicago for additional training. Later she married George Mason and gave birth to six children of which only one survived to adulthood; Mason became active within the Colored Conference traveling throughout America with him.
After the American Civil War, she relocated to Minneapolis with her mother Geneva Smith and sister Frances. Initially she attempted to work as a hairdresser but that business soon went bankrupt; as an alternative she took up real estate despite its harsh racial discrimination laws; many realtors and neighborhoods made private agreements restricting home sales to Black people.
At first, she did not enjoy her work or income and was discontent with it; but over time she came to enjoy both and decided to make it her career. Additionally, she took on charitable endeavors including contributing to the YMCA and covering tuition for African American students attending Tuskegee Institute; additionally donating money towards NAACP anti-lynching movements.
Lena Mason passed away peacefully at 99 in March 2021, leaving behind two aunts: Charlotte Jean (Mason) Blanchard and Yvonne Mason McLeod as well as niece Harper McCreary. Lena was an active charter member of Christ the King Parish and Lincoln High Alumni Association up into her 90s, as well as gardening flowers at home while volunteering at Des Moines Botanical Center.
Don Peebles
Don Peebles is the founder, chairman and CEO of The Peebles Corporation – one of America’s premier black real estate firms specializing in large-scale real estate development through Public-Private Partnerships with projects focused on closing wealth gaps and creating change. Peebles has also served on President Barack Obama’s National Finance Committee while advocating mentoring underprivileged youth to introduce them to entrepreneurial spirit.
As is true with most other top black real estate agents, Peebles holds that having a strong work ethic and being able to overcome obstacles are the keys to his success. He hails from a small Pennsylvanian town but has amassed an empire worth millions due to hard work and dedication in real estate industry. His achievement speaks volumes.
Though Black real estate agents have achieved much, reaching their full potential can still be challenging. Racial discrimination remains an obstacle; for example, white agents reportedly make three times as much as their Black counterparts according to The New York Times; this disparity likely stems from years of housing discrimination keeping many Black people out of real estate market altogether.
Although racial discrimination can be challenging to overcome, these top black real estate agents are doing their part to create change within the industry. By breaking down barriers and providing guidance for other Black professionals to follow in their footsteps.
Black real estate agents who are at the top of their game are not only successful at their careers but are also giving back to their communities. Some are actively engaged with social justice movements and have even founded foundations dedicated to supporting various causes – these include Glitter and Gay Foundation, Broadway Arts Education, and Hell’s Kitchen Fund to name just a few.
The best black real estate agents understand both the financial aspects and client services aspects of real estate business, providing clients with exceptional services and expertise. Their industry knowledge enables them to assist their clients through the complex process of buying or selling property; additionally, they have access to additional professionals that they can rely on as necessary.