After almost two years of lockdowns, is it time for bricks and mortar real estate businesses to reimagine their futures?
The rollercoaster of #lockdownlife has put real estate agencies and many other businesses through their paces over the last year and a half.
Empty streets have made shopfronts feel redundant and it can be tempting to take your business away from the office and go fully online.
Here are some of the key considerations for shifting to a completely remote-working model vs finding a balance between having an office and working in part from home.
There is a middle ground
COVID has shown us different ways of working and how it is possible to stay productive while working apart.
However, not everyone appreciates being physically disconnected from their peers each day. A middle ground could be a rented coworking space with a meeting room so your team can still get together. You could also consider downsizing to a smaller office so you can still meet with clients but your team ‘hotdesks’ and each member only comes in a few days a week.
Eventually, foot traffic will return to the streets and you may find it is still valuable to have a physical presence so your brand is more recognised. With so many agencies withdrawing from this strategy, you could even use having an office as a differentiator in the market. Create a premium experience with barista-style coffee and make your clients feel special when they come to see you in person.
Going digital comes with its own challenges
Being physically disconnected can lead to the dreaded ‘Zoom fatigue’, with employees zoning out during meetings. This can be particularly challenging for anyone who is managing a large team. One way to keep everyone engaged is to keep asking questions and having people respond in the chat box so you know they are paying attention.
If you notice productivity dropping, you may need to implement some form of task manager and assign jobs to people with deadlines and reminders so they continue to manage their workload.
There is also the question of digital security. Setting up accounts across several productivity platforms and payment gateways then using ‘password1!’ to log into them all is a recipe for a cyber-attack which can be very damaging to your reputation.
You need to educate your team about using effective passwords, updating them regularly and not leaving their devices unlocked, even at home. What’s more, if there is a communal password for any software or shared social media accounts, they must be updated every time someone leaves the business.
Being without an office does present challenges for meeting with clients. One option is to hire a professional meeting space when the need arises. There are plenty of these in and around Melbourne, which charge by the day or hour.
Creating strong relationships can be harder when you don’t have the chance to meet face to face. Consider strategies like sending promotional gifts to your clients, staying in touch via text or encouraging video calls to help them feel good about working with you.
The benefits of remote work
Having people work outside the office gives you the opportunity to tap into an entire world of talent.
Yes, you will always need people who are physically on the ground to manage properties and host open homes, but you can now hire administrative assistants, marketing teams and HR operators who are based anywhere in the world.
Many real estate agencies have successfully built entire teams in The Philippines, which operates on a similar time zone and is home to qualified English-speakers who can support your business for less than AUD10 an hour. This is a very acceptable rate and often includes benefits such as health insurance as well as paid holidays and comfortable office conditions for your overseas workers.
You are also saving your local staff from spending each morning and afternoon battling traffic. They have more flexibility in their day and get more time to spend with their families. You can still encourage connection and camaraderie by having regular catch-ups and using a chat platform like Slack which allows for friendly banter (when appropriate).
Finally, there is the opportunity to save on the cost of leasing or owning a physical office space. Make sure to do some due diligence to figure out how this will benefit your business. You may need to trial going digital for a few months to figure out if the lack of a shopfront impacts enquiries and new business.
There are plenty of real estate agencies which operate without a physical bricks and mortar presence. Connect with some of the brands which don’t compete with yours to find out more about their experience. It may also be worthwhile to chat with someone who values real estate businesses, to find out how going digital will impact the value of your asset.
BDH Solutions are rent-roll agents with over 40 years experience in connecting the right vendor with the right purchaser. Download our information booklet on the new Victorian Minimum Living Standards Legislation