The Covid19 pandemic quickly took Virtual Offices from a nice-to-have to a need-to-have thing. Virtual home tours, smart contracts became some of the most used tools of 2020. Although the situation is improving because of work-from-home, study-from-home, much of the society has now become quite tech-savvy.
From December 2019 to June 2020 only, the Zoom User base grew from 10 million to a rapid 300 million as school classes, business meetings, and social gatherings shifted to the virtual world. In the rapidly growing businesses market, not adapting to the new changes can be a death sentence for any business owner.
What is Virtual Real Estate Brokerage?
A virtual Real Estate brokerage is a virtual company without a physical presence. A virtual brokerage provides all the services a brick-and-mortar company would provide. Because of having no physical location, virtual offices save on utilities, office space, purchasing cost etc yet having the perks of physical offices like a virtual business address.
Virtual Office VS Physical Office:
Virtual Offices obviously have a lot of benefits like costs and operation reductions. Still, there is another side of the coin too. Operating from virtual Offices requires you to be a self-starter and motivate person if you actually want to succeed.
Also, if you’re entirely new to the real estate industry, getting your shoulders rubber with other experienced agents might be helpful to you.
How does communication work in a Virtual Office work?
One of the most crucial things buyers and sellers want in the real estate industry is quick, effective communication and information whenever they need it. As a Real Estate agent, you can risk losing business if you’re not well-versed with using the new tools.
Familiarizing yourself with Customer management platforms, e-Signing apps like DocuSign instead of hand-written signatures, and communicating through video conferencing will ease your client’s journey. Which would, in turn, result in the growth of your business.
How can you provide a quality buying experience virtually?
Apart from good communication, you also need to be skilled at delivering an excellent virtual experience. The use of 3-D tours has increased remote sales, with buyers making offers without actually stepping in the property. Providing a great virtual home tour experience would increase your closings and enable you to expand your clientele to foreign buyers.
More Time Savings!
Virtually operating can save time for both the buyers and the agents. Rather than showing around the property to one client who might not even buy, you can dedicate your time to multiple prospects as a real estate agent. Buyers would also save time since they won’t be moving from one property to another the whole day.
Virtual 3D tours also make the renting process a lot easier. Rather than contacting the landlord for every minor inconvenience, tenants can simply go over the 3D tour and review his instructions again.
Virtual Offices can mean Higher Sales:
Having a physical Real Estate office limits your prospective clients to be of a particular territory. But with the internet, you will have global outreach that would enable you to have a bigger audience to expand your business and reach buyers worldwide.
In this way, you will be sending them virtual 3D tours of the house’s interiors and exteriors via emails. But the downside to this would be that some people are still hesitant to work with a virtual brokerage.
Marketing Yourself and Your Properties in Virtual Offices?
Having a solid online presence becomes more crucial when you open a virtual office. This would help you generate more leads, provide more exposure to your properties, and people would learn more about you.
People use the Google search engine to find real estate businesses to seek help. Having a fully optimized website with good SEO would make your company visible. If made attractively enough would give you a competitive edge, and people would want to do business with you.
Unlike the old days where you have to pay for print advertising in a newspaper or a magazine, you can simply create a listing on your website with good digital photography and detailed descriptions. These listings can be shared via links on social media platforms or other community websites and connect you with a larger audience.
Better splits and Fees To Your Agents!
The cost savings of a Virtual Office won’t always go to your pocket. These savings are likely to be passed to other agents in the form of lower splits.
These lower splits and fees can help you attract top talent and teams with their own staff and offices looking for lower brokerage expenses. But it can also attract part-time agents looking to cut costs on the few transactions they do each year.
Do we Still Need Physical Offices?
Before you decide to go 100% virtual, there are a few things that need to consider abbey brick and mortar offices.
If you’re planning to hire new agents or already have new agents, you need to know that they require more supervision, which is better provided in a physical office.
A physical office is much more than a place where you hang out or gossip around the water cooler. A well-placed office also helps to build brand awareness in your area.
And there is also something more professional and productive about walking into an office well-dressed, isn’t it?