The Virtual Real Estate Office - How to Support Agents Working Remotely

A virtual real estate office utilizes the combination of technology and an address to conduct business while reducing overhead costs.  Off-site services such as communications, tools, training and support reduce or eliminate traditional office costs.

The concept is gaining momentum in industries where outside sales associates can work remotely from their home offices.  The real estate, insurance and mortgage lending segments are primary examples of businesses offering virtual offices.  The company and agents are looking to control costs and increase profitability.  Many agents prefer to work from their home offices and are often referred to as “remote” agents. 

 In most cases, the company will operate one main office for a viable business address and may have little or no office space.  In the real estate industry, State Real  Estate Commissions and local board offices have guidelines regarding the “minimum standards” required to operate.

Company Benefits

The primary benefit to the company is the reduced costs of eliminating or reducing their “bricks and mortar" overhead.  With fewer fixed overhead expenses the company can increase investment in technology and support.  In addition, the virtual office concept allows for the expansion of the recruiting pool as office location is not as critical.  The net benefit of lower costs and more productive associates is greater profitability.

Agent Benefits

Agents that have the flexibility to work from home will have fewer expenses, save time and can be more efficient.  Many Broker/Owners may reduce fees to the agents who work remotely and do not require company office space.   Agents working from home require services and support which can be provided with a full integration of technology into the real estate sales process.

The following elements are necessary in operating a virtual office so that agents can work efficiently and maintain professionalism.

Communications

There are a variety of technology tools that offer solutions to the Broker/Owner in maintaining constant and immediate contact with the agents. The managing broker must be available to advise the agents on contractual issues and to answer questions. Customers and clients expect that their inquiries and requests be handled in a professional and timely manner.

• Company Telephone System – real estate laws require that all forms of advertising and marketing materials clearly identify the agent and the company they work for. An associated company telephone number is also required. If the calls are answered by an operator, a direct connect feature to the agent provides the best customer service experience. The caller is unaware that the agent may be in a remote status.
•  Voice Mail Alert – a necessary feature is the capability to provide voice mail with alerts of new messages to the agents. It should also offer the agent the flexibility of designating the “notification hours” in which the system automates the distribution of incoming messages.
• Call Forwarding - the system should also provide for call forwarding to an agent’s cell or home number with the agent determining the forwarding number.
• Instant Messaging – this online tool allows management, staff, agents and professional partners to “chat” online (with video) individually or in groups.
• Online Meeting – web based meeting tools for conducting webinars, demonstrations, training and reviewing documents.

Tools and Resources

Intranet – a company intranet is an important resource for management and agents that ensures immediate access to important information and documents. Important features include:

• Calendar – View and RSVP to events and trainings.
• Resources – Access forms, instructions, flyers, buyer/seller presentations, and more!
• Website Links – Links to commonly needed sites.
• Agent Files – A private folder for agents, staff and management to store electronic documents that are secure and backed up automatically. Files can be accessed from anywhere.
• Notification Forms – Quickly notify front desk, management, and/or bookkeeping of listings, transactions, vacation plans, etc.

E-Fax – an electronic fax service that grants a physical fax number with received faxes sent to email accounts and saved on the My Fax website. You may also send faxes via the My Fax website

Web Based CRM – online contact management system that provides automated distribution of web site registrations, auto responders, drip and blast email.

WiFi - Smart phones, wireless enabled notepads and laptops with aircards provide online access to the tools and resources to conduct business.

Virtual Homes Real Estate has operated virtual offices since 2005 and developed the system over time. One challenge to the virtual office system is the lack of social interaction between agents and management. We supplement the system with weekly "field" workshops and area monthly business meetings. Our goal is to support agents in their real estate careers on a professional level that "replaces" the features and benefits of the typical office.