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Does a Physical Office Matter to Real Estate Agents or Consumers?: 04/12/2011

Does a Physical Office Matter to Real Estate Agents or Consumers?

Virtual or Physical Office Space - Changing with the Times?

5 out of 5 by (4) User/s
6 Comments

Jay Thompson Go to Profile Jay Thompson
Published: 04/12/2011
Posted by: Thompsons Realty

200px-dollars-falling-buildingYesterday Inman News posted an article, Real estate’s ‘unfranchise’: LeadingRE, an “Executive Profile” with Leading Real Estate Companies of the World (LeadingRE) President and CEO Pam O’Connor. (Unfortunately, the article is now behind Inman’s pay wall. Don’t get me started on that practice…)

What is LeadingRE? From the Inman article:

LeadingRE represents 600 local and regional real estate firms with a combined total of 5,000 offices and 150,000 sales associates worldwide. The network’s participants produced nearly $250 billion in home sales in 2009, according to its website. The network competes with national brands such as Re/Max, Keller Williams and Coldwell Banker.

. . .

LeadingRE is a "diversified brokerage services network," O’Connor said. "We’re sort of the ‘unfranchise.’  We do everything franchises do, but we’re not a franchise. We take a local brand and give them that global connection."

 


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Comments on: Does a Physical Office Matter to Real Estate Agents or Consumers?
by Victor Lund 2011-04-12 07:26:26
There are 600 Leading RE brokers - as you point out, they are some of the most successful brokerages in America representing more than 10% of all agents. Many of these companies wear the brand of fathers and grandfathers. Change is challenging for them, but they are a progressive group overall.

Taking a company like Shorewest REALTORS "virtual" with their 1300 agents would be a pretty challenging effort. Lets face it. Many agents like getting out of the house and going to an office with a desk, many do not.

There is no doubt that you are a leader Jay. I imagine that all of your agents are 100% committed to your real estate philosophy. But huge companies are more like entire cities. They have different subcultures that embody different views of how to conduct their real estate business.

So I pose this question - does Virtual Scale?

by Ellen Cerasuolo 2011-04-18 08:07:13
Victor, as an Independent Agent (Broker/Owner) of my own Real Estate Company in Maryland I have experienced no problem in dealing with clients out of my home. I do have a home office (not a spare bedroom, but a wing built onto my home with a private staircase, entrance). Not only is it a great tax write off $890. this year, 2011; but an extreme advantage to working in this business. We travel quite a bit while meeting clients at their hotels, homes, etc. So it's nice to have all my files and work within reach (no matter when I need them and even at 3 am, when I brainstorm). I also SAVE THE CLIENT MONEY!! As I'm able to reduce commissions or fees when the sale is very negative in a short sale. As well as maintain some sanity with my children; who come home from school and 75% of the time, I'm home!!! I do bring clients into my home and they are respectful by my work ethics! Most feel the importance of being a good parent, shows my priorities are straight!

by Jay Thompson 2011-04-13 05:59:35
"does Virtual Scale?"

Great question Victor. And I don't know the answer... Personally, I have no desire to scale to hundreds of agents. I
think
I could get the "virtualness" to scale, but I don't know if I could get the commitment and philosophy to scale. I'm not sure I could find hundreds of agents that fit into what I'm looking for...

by Victor Lund 2011-04-13 08:01:38
I bet you could get the "virtualness" to scale. Indeed, your industry thought leadership and willingness to share your secret sauce to agents at conferences proves that out. But the execution in your company is the real proof that it works.

I think that this is also true with @Properties where Performance Coach Matt Dollinger tirelessly coaches all of their agents each and every day.

The common thread is leadership and training. Which would make an argument that to scale, it would take the ability to have more than one Jay or Matt inspiring agents every day.

by Alan Shafran 2011-04-14 09:05:39
Victor, I think you nailed it on the head. The one component that sets agents and companies apart from each other is great and consistent training followed by accountability. Almost doesn't exist in our industry from top to bottom due to the nature of small profit margins combined with the desire of independence. Things are changing though......

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