Women Leaders Of Real Estate: Tansey Soderstrom of Orlando Regional REALTOR Association On The 5 Things You Need To Succeed In The Real Estate Industry
An Interview With Jason Hartman
The real estate industry is unpredictable. You can’t always tell when prices are going to rise and fall, or what supply and demand will look like. Professionalism is another concern of mine. Agents need more than just skill to do this job, but also good judgement and polite behavior. Disruptions are what concern me the most — nobody was prepared for COVID-19, for example, and that completely changed the buying landscape. To reform our industry, we should focus on improving mindsets, skillsets and actions.
As a part of my series about strong women leaders of the Real Estate industry, I had the pleasure of interviewing Tansey Soderstrom.
Tansey Soderstrom has been a licensed real estate practitioner for over 40 years, receiving her real estate license in 1981 while she was still in high school. She is the 2022 president of Orlando Regional REALTOR® Association (ORRA), having also served as the organization’s treasurer and secretary. Soderstrom is also the founder and owner of The Real Estate Firm of Orlando, which specializes in the luxury home market.
Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Real Estate industry?
Thank you for having me. I am honored to be recognized!
My name is Tansey Soderstrom, and I am the 2022 president of Orlando Regional REALTOR® Association (ORRA). I have been a licensed real estate practitioner for over 40 years, receiving my real estate license in 1981 while I was still in high school.
As a real estate professional, I am passionate about taking responsibility and advocating for my community. I dedicate a lot of my time as a National Association of REALTORS® (NAR) trained mediator for the Association. I also contribute to the REALTOR® Political Action Committee as a major investor to help the community with homeownership rights and more. I am also a board member of the Orlando Regional REALTOR® Foundation (ORRF), which works to make home ownership a possibility through the development of affordable homes, education, and community engagement.
Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or take away you took out of that story?
There are so many stories from my real estate career, but here’s one you may find interesting. One day, a couple stopped in our office looking for a rental. They had been turned away from other real estate companies because they had two large dogs. Although we do not do rentals, one of my agents helped them out. My agent placed them in a rental, and one year later they called to let her know they had purchased a million-dollar home. Two years later, they called her again to tell her they sold their previous home and purchased a two-million-dollar home. Turns out, one of them was a doctor just starting out. To be part of their journey and witness their growth was special.
Are you working on any exciting new projects now? How do you think that will help people?
Yes — right now, I am looking to purchase another office that will be centrally located. I am excited to continue to build out my team and help Cental Florida residents find their perfect home. My goal is to help people realize they don’t need to put 50% down to purchase a home.
What do you think makes your company stand out? Can you share a story?
Personally, I started my first real estate office in 1989. My current office is about to turn 10 — a career-goosebump-moment for sure. I poured my blood, sweat and tears into making my office not only a successful business, but also a place my agents would want to work. Putting my agents first has carried over to ORRA. My theme for this year has been trust, respect and communication. I am passionate about the association and giving our members a purpose. Those in leadership should never forget we are a member-driven association.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
While I was born in Texas, I have lived in Orlando since I was 10 years old. As I grew up, my overriding goal was to have a career that I was passionate about. Real estate has been my guiding light. I have been fortunate to have had a number of mentors to help guide me on my professional journey — including my mother. My mother was a REALTOR, so I was inspired by watching her work when I was a child. I was so inspired that I received my real estate license in 1981 while I was still in high school. You can say that being a REALTOR runs in the family, because my son, Roger, has also chosen real estate as a career!
OK. Thank you for all that. Let’s now jump to the main core of our interview. The Real Estate industry, like the veterinarian, nursing and public relations fields, is a women dominated industry. Yet despite this, less than 20% of senior positions in real estate companies are held by women. In your opinion or experience, what do you think is the cause of this imbalance?
Diversity and inclusion are ongoing efforts that real estate practices and associations should be prioritizing. Implementing diversity workplace initiatives are a great way for companies to start this conversation. I am proud to be part of an association that puts diversity and inclusion at the forefront of its business practices.
For example, this past March, ORRA coordinated an Unintentional Bias Training and Workshop where the association encouraged ideas from the staff in which they know they all are welcome to participate in ORRA’s inclusion efforts. In 2019, all staff participated in a Diversity Certification called “At Home With Diversity,” certifying 100% of staff. This was an initiative started by NAR that I challenged our Board of Directors and our members to complete, as well.
ORRA has also made an impact in its gender demographics. In 2020, for the first time in ORRA history, the association had an executive committee comprised of all female board members. Previously made of mostly white males, ORRA now has a Board of Directors with women and racially diverse board members.
What 3 things that can be done by a) individuals b) companies and/or c) society to support greater gender balance going forward?
Culture is key. The tone, starting at the top of the company, sets expectations for all other employees. Other areas of support are in education and mindset — both of which need to be explained early on and reinforced continuously.
In your opinion, what are the biggest challenges faced by women executives that aren’t typically faced by their male counterparts?
In certain industries, there can be a competitive tone for women who are trying to earn their way to promotions and overall career growth. Especially in male-dominated industries, it’s easy for women to get competitive amongst each other when going for a certain position. Instead of having this mindset, women need to support other women executives. Men always support one another; women need to do this as well.
Can you share 3 things that most excite you about the real estate industry?
- You are in control of your success
- Your successes are extremely rewarding
- The industry is always evolving
I learned from an early age that real estate is unlike any other business in that you can make as much or as little as you want — you control the throttle. Our industry is constantly evolving, which is exciting, but there are only two elements of this business: doing the business (sales) and generating the business (listings). You need to actively focus on both to be successful.
Can you share 3 things that most concern you about the industry? If you had the ability to implement 3 ways to reform or improve the industry, what would you suggest?
The real estate industry is unpredictable. You can’t always tell when prices are going to rise and fall, or what supply and demand will look like. Professionalism is another concern of mine. Agents need more than just skill to do this job, but also good judgement and polite behavior. Disruptions are what concern me the most — nobody was prepared for COVID-19, for example, and that completely changed the buying landscape. To reform our industry, we should focus on improving mindsets, skillsets and actions.
What advice would you give to other leaders to help their team to thrive?
Success starts with helping others without expecting anything in return. Put in the work because you are passionate about it, and lead with that passion to serve as an example to your team. When you selflessly put your team first, they will recognize that effort and do the same for their clients.
OK, here is the main question of our interview. You are a “Real Estate Insider.” If you had to advise someone about 5 nonintuitive things one should know to succeed in the Real Estate industry, what would you say? Can you please give a story or an example for each?
These are five numbers anyone who hopes to succeed in the real estate industry needs to know:
- Employment vs. unemployment (leading financial indicator)
- Value appreciation (Is it slowing down or speeding up?)
- Supply and demand of homes in area (location and price)
- True affordability (true cost of housing including related costs such as insurance, mortgage interest, etc.)
- The supply of new homes vs. resale
Because of your position, you are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. :-)
I have always lived my life with the three Gs: gratitude, grace and generosity. I encourage all to embrace and demonstrate these qualities every day. If you can do that, you are on the road to being successful in business.
How can our readers follow you online?
I am active on LinkedIn. Feel free to follow or send me a message! https://www.linkedin.com/company/orra-president/
Thank you for your time, and your excellent insights!
About The Interviewer: Jason Hartman is the Founder and CEO of Empowered Investor. Jason has been involved in several thousand real estate transactions and has owned income properties in 11 states and 17 cities. Empowered Investor helps people achieve The American Dream of financial freedom by purchasing income property in prudent markets nationwide. Jason’s Complete Solution for Real Estate Investors™ is a comprehensive system providing real estate investors with education, research, resources and technology to deal with all areas of their income property investment needs. Through Jason’s podcasts, educational events, referrals, mentoring and software to track your investments, investors can easily locate, finance and purchase properties in these exceptional markets with confidence and peace of mind.
Starting with very little, Jason, while still in college at the age of 19, embarked on a career in real estate. While brokering properties for clients, he was investing in his own portfolio along the way. Through creativity, persistence and hard work, he earned a number of prestigious industry awards and became a young multi-millionaire. Jason purchased a California real estate brokerage firm that was later acquired by Coldwell Banker. He combined his dedication and business talents to become a successful entrepreneur, public speaker, author, and media personality. Over the years he developed his Complete Solution for Real Estate Investors™ where his innovative firm educates and assists investors in acquiring prudent investments nationwide for their portfolio. Jason’s sought after educational events, speaking engagements, and his popular “Creating Wealth Podcast” inspire and empower hundreds of thousands of people in 189 countries worldwide.
While running his successful real estate and media businesses, Jason also believes that giving back to the community plays an important role in building strong personal relationships. He established The Jason Hartman Foundation in 2005 to provide financial literacy education to young adults providing the all-important real world skills not taught in school which are the key to the financial stability and success of future generations. We’re in a global monetary crisis caused by decades of misguided policies and the cycle of financial dependence has to be broken, literacy and self-reliance are a good start. Visit JasonHartman.com for free materials and resources.
