I stopped into Starbucks on Monday morning before heading to the office and seated inside were 8 of my Agents conducting business. – Broker, Austin, Texas.

The Realization

This one visit to Starbucks prompted this very successful Broker/Owner to go back and conduct an internal study. In his main office that was meant to house over 200 working Real Estate Agents he wanted to know how many came in on a daily basis. Over the course of the next 2 months, he was surprised to discover that the highest number of Agents that came in at any given time was 20 and the average was 12.

He subsequently studied his other 6 locations with identical results.

After nearly 40 years in business, this Broker was faced with a reality that all of us in the Real Estate space are experiencing.

No one can argue the landscape of the Real Estate business has changed and is continuing to evolve. The traditional large square footage location that houses agents isn’t viable. There is too much overhead under that model and technology has completely changed the way the business is transacted.

The Future

Smaller boutique, “café” style real estate offices are becoming more common. With Agents working from home and conducting business online (or at coffee shops), Brokers are forced to re-think locations and are looking at less square footage in high-traffic locations. Imagine a place for your Agents to collaborate, get online and meet face to face with prospective buyers and sellers.

A good example outside of the Real Estate Industry is in Banking; an industry that similarly has gone thru drastic changes with advancements in technology. Up In the Pacific Northwest, Umpqua bank changed the stuffy feel of the lobby of the bank with their “Branch of the Future” – just check out this video for a peek

If you get a chance, drop into an Umpqua bank. It’s inviting.

The Solution

Along with examining locations, there is no better time to re-invest in your technology solutions. Offering a paperless solution with e-signature capabilities can make it easy to service your busy buyers and sellers. Storing documents on the cloud will not only reduce office or offsite storage costs, but also serve to make for a more “green” office and make it possible for customers to transact with you simply and efficiently.

As this Austin Broker discovered, it’s never too late to reinvent your brand. You can create fun viral videos about your “Café” location and establish targeted recruiting campaigns thru Social Media outlets to attract the Millennial Agents looking for this collaborative environment.

Change is inevitable, but can be very exciting and one of these days you’ll walk through your lobby and be able to order that Tall Double Espresso with Soy milk.