Soroya Dempsey talks real estate
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Young Women in Business Toronto (YWiB) aims to provide our diverse community of young, self-identified women with genuine career advice, encouragement, and examples of local role models. That's why, for the next few months, we’ll be interviewing both career professionals and entrepreneurs our community can be inspired by and learn from.
Soroya Dempsey Talks Real Estate
Hi, Soroya! Tell us a little more about you and how you got into real estate.
I got into real estate fairly soon after I graduated from university. I did a degree in Psychology at the University of Ottawa. When I moved back to Toronto, I was on a job hunt. I ended up working as a part-time assistant to a real estate agent, and I loved the work. I found myself looking forward to my part-time job, even though I had a full-time office job at the same time.
I’ve always had an interest in real estate. When I was younger, I would beg my parents to take me to open houses on Sundays - even though we weren’t moving. I ended up taking the leap into selling real estate full-time because it allows me to pursue many of my interests: connecting with people, marketing, not to mention the beautiful homes and the flexibility I have with my time.
What are the best and most challenging things about working in your industry?
What I love about my job is helping people during a really stressful time of their lives. If you’ve ever moved, or looked for a house, you know how tough this time is. I like being able to ease some of that pressure, and make the process fun for them. So obviously, the social aspect of the job really appeals to me.
The most challenging part of this job is the uncertainty. Sometimes, you can be really busy, and other times, it’s very slow. The early days of the pandemic is a good example of this. Here’s where optimism comes in handy - it also means I have the time to deal with elements of my business that might get pushed to the back burner during busier times.
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What advice would you give other young women professionals who are considering a career in real estate?
If you have the passion for meeting people, putting deals together, and creating your own business, I would highly recommend it. I have learned so much, not only about what it takes to buy and sell homes in one of the hottest markets in North America, but also about who I am as a business professional.
Here’s what I learned about myself: I like autonomy, I like discipline, and I like the fact that I am building something. If that appeals to you, then I would say “go for it!”
Were/are there any barriers or challenges that you’ve faced in the real estate industry that they should be aware of?
My experience is through the lens of a person of colour. I am also a young woman. For the most part, that means I have to work harder and constantly prove my competence. Intersectionality can make it difficult to pinpoint where these challenges are coming from, but my experience has taught me how to confront it, deal with it, and continue to move forward.
How has the COVID-19 outbreak impacted your work?
At the beginning of 2020 my business was picking up, and I expected to have a busy spring season. Yet, during the beginning of the pandemic, I basically didn’t leave my house.
I did a handful of showings for clients who were very serious about purchasing, and we made sure to follow all of the COVID protocols (PPE, not touching surfaces, etc.). The risk of COVID means my clients and I will “vet” a property thoroughly before going to see it in person. This includes virtual tours, reading home inspections, touring the neighbourhood, etc.
Before the pandemic, both my clients and I were willing to view many more properties in person. Now that restrictions have eased up a bit, I am much busier. Clients who were holding off until things died down a bit are back in the game, and we are doing more showings than before.
The GTA real estate market has a reputation for being ‘hot,’ yet very unaffordable. Have you noticed this having any impact on potential buyers and their buying/planning decisions, specifically those who identify as young women?
Yes. Younger buyers who are just getting into the market generally need some sort of financial assistance from family members, and they have to save up for longer. Something else I have noticed is that younger buyers are more willing to leave the Central Toronto area in order to have more space for the same price further out of the city. Some of their preferred spots are Hamilton, Whitby, and Burlington.
“Young women are expressing more interest in purchasing a home on their own. I not only love to see this, I encourage it. I love empowering women. The way you manage your money and invest it is one of the most important paths to true financial independence.”
Similarly, what advice would you give young women who are dreaming about home ownership?
You need to make a plan. A dream is nice, but I am here to help you make it a reality. Break down the costs associated with buying. Figure out what you need for a downpayment, and how much it is going to cost to carry the property - then make a savings plan.
Sometimes young women put a lot of pressure on themselves to have certain things “done” by a specific time or age, but I think when it comes to homeownership, you just need a strategy. Be realistic. You don’t have to own a home before you’re 30 years old. Actually, many people don’t. First-time home buyers are getting older and older, so there is lots of time and lots of room in the market for you.
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Soroya Dempsey is a real estate agent in Toronto. Born & raised in Toronto, Soroya has developed a reputation as a committed, reliable, and knowledgeable realtor. She continuously analyzes the latest market trends and keeps herself up-to-date with the current state of the market. She enjoys cultivating contacts within the community, and prides herself on maintaining lasting relationships with all of her clients. It’s important to her that every need is met, any expectation is exceeded and that each step is taken with her clients’ best interests in mind.