BROKERS GO VIRTUAL TO RESPOND TO MARKET AND CONSUMER NEEDS

It has been said that there are only two kinds of real estate brokerages today; those that have proactively right sized their brick and mortar operations to reflect current economic conditions and thereby remained profitable and those that waited until after they filed Chapter 11 to downsize.

The “virtual office” concept has been utilized successfully in other business sectors for many years and is now being adopted by real estate brokerages. Technology supported by broker provided intranet services and mobile MLS service allows agents to operate effectively from anywhere.

Because real estate inventory by its nature is scattered about the marketplace, real estate agents have always spent much of their time away from their offices. But until recently, agents were tethered to the office when they needed to prepare and present documents and presentations or do significant market research. Affordable and efficient technology has eliminated that need for many.

Brick and mortar space still has a place in some company cultures, but the role of the office is changing. Conference rooms and communal meeting areas are being utilized differently and private offices and desks designated to specific agents are being occupied less. Shared common areas and private, but shared, meeting rooms appear to be trends in future office architecture.

Because this model better utilizes brokerage resources, support for agents and clients can be improved in other areas. Watch for things like web based transaction management platforms which are accessible to both agents and their clients to replace agent specific desk space. As brokerages evolve, agents will become much more efficient and their clients will be better served.