Real estate agencies can still have a strong local presence without a physical office. Find out if this approach is right for you.
It’s ironic to question whether or not a business focused on the exchange of bricks and mortar really needs to have a shopfront but the world is changing fast.
The answer is yes, it is possible to thrive without a physical office, but there are some things to keep in mind.
Can your real estate agency go locationless?
When you consider how little time agents spend in the actual office, going without one makes sense. After all, you have to pay the rent on an office whether you’re there or not, and this can take a big bite out of your monthly budget.
Going without an office can be successful if:
Your business is established and has brand recognition
You don’t need a high street presence if you have nicely branded signboards all over town. This will be enough to ensure you are noticed by the next round of sellers. However, you’ll be giving away the ‘stop and look’ factor of having an office with listings in the window. This can be a particularly effective strategy in rural and regional areas where people are visiting on holiday.
You have a comfortable space to work from home
If going without an office means trying to work at the kitchen table while your family operates around you, it’s likely you will struggle to focus and make phone calls.
Think about equipment too; you’ll either need space for a good printer or you will find yourself spending a lot of time at Officeworks.
Your staff can work from home
The same applies to your team; letting them work remotely can be a good option to offer flexibility and allow you to select from a wider hiring pool, but they need to have space to work from and a good internet connection. It may also fall to you to cover their internet bill if you don’t want to experience constant dropouts.
You have somewhere to meet with clients
Most real estate clients are happy to meet in their own home but if you go without an office you may find there are times when you need to hire a meeting room to get together with people.
The same may apply for your staff; if they are based locally, having a place to get together once a week can be helpful. This can be at a local office or cafe if you don’t mind your conversations potentially being overheard.
You have systems in place to create a collaborative working environment
Many Australian businesses have a completely remote or hybrid working model. The ones who do so most successfully have ways of tracking productivity and initiatives to help their team feel connected.
You don’t have to track every keystroke, but setting KPIs will help you identify an underperformer. It’s also important to catch up with people more regularly via direct message and video call as you won’t have opportunities for casual conversations in the office.
You’re still visible to your target audience
They may not see your office while strolling down the high street, but if you are strategic with your social media posts, use the right hashtags, and actively contribute to local groups, you’ll be able to maintain the recognition factor.
Think about strategies like holding an ‘Ask Me Anything’ session and inviting people to an informal evening at a community centre or a webinar. This will give you the opportunity to engage with potential clients, without having them knock on your office door.
You keep an eye on the competition
Sometimes it can work to ‘zig’ while others are ‘zagging’. If your competitors operate without an office, setting one up might give you a point of difference. On the other hand, if the population where you live still likes to do things in person, you may be shooting yourself in the foot by failing to have a shop front. It comes down to being aware of your competition and finding a way to stand out.
Office or no office?
It’s definitely possible to operate without an office. However, your decision will depend on your business, your preferred approach, the needs of your team and your clients’ preferences.