Real estate is a fast emerging business sector that relies heavily on the efficiency and convenience of its workforce. For real estate start ups, in particular, determining the right size of work force and the best fit workplace is critical for the optimization of business endeavors and resource allocation. For this purpose, the idea of virtual workplaces and virtual workforce is fast grabbing attention.
Virtual offices are becoming increasingly popular. A virtual office is a workplace that exists in the virtual realm without any physical existence, but provides all the facilities and comforts of a physical office space. Advancement in technology has further boosted the popularity of virtual offices for real estate.
The most important trigger has been the COVID-19 pandemic that made social distancing and remote work an essential component of social life. With physical offices closed under COVID-imposed lockdowns, virtual offices came to the rescue of businesses, including real estate, to protect them from a complete collapse.
Providing a Hybrid Work Model
Introduction of virtual offices helps in adoption of a hybrid work model that seems to be the biggest requirement of the current wave of remote working. A hybrid work model is a work plan in which employees work in two ways with respect to their workplace: partly from their physical workplace, and partly from a remote location such as a home or on any other platform including a virtual office.
A hybrid work model is great in terms of flexibility it offers to both the employees as well as the employers. During these times of social distancing, realtors can decide when to work on a physical workplace in a week while the real estate owners can manage their real estate requirements.
Learn more on: The Ultimate Guide To The Hybrid Workplace.
Creating a Healthy and Work-friendly Workplace Environment
Coronavirus has forced many businesses to operate remotely. Now employees work from the comfort of their home. However, this may result in alienation of the workers from their work and disturb their social cohesion with their co-workers. In these areas, a virtual office provides great resilience to the traditional workplace values and norms to flourish in a hybrid work model. It can help to create a common culture, mutual trust and socialization in a workplace. This way, the long term benefits of remote working can be reaped while avoiding its harmful aspects.
Conveniences of the Digital Realm
Advancement in technology has made every aspect of life easier. The case of working is no different. Especially those working on a digital platform such as a virtual office have benefited greatly from digital advancements. Now everyone having access to an internet connection can approach a real estate agent by just a touch of a finger and consult him/her about the purchase, sale or rent of a property.
Moreover, customers do not have to travel a long way to visit a property as virtual tours and imaging have made it way more convenient. Unlike physical workplace models, digital or hybrid business models have no limiting boundaries or restrictions. Especially, in a virtual office, it is much easier to perform transactions, buy and sell properties, and avail customer service whenever required.
Data Management and Analysis Becoming the Key
Effective data management and analysis will be crucial for this hybrid work model to succeed. Every realtor will need to be equipped with digital skills especially in terms of data management in order to make smooth transition to and from the virtual office and physical workplace. Streamlining operations with coworkers will require effective communication and data management, even if they are working from miles apart.
Collecting and analyzing data about market trends, property values, and customer behavior provide great leverage in brokering more deals and earning greater profits. This data can then be used to maximize profits, resulting in making a business more flexible and responsive to real time requirements. Furthermore, digital data is more secure as it is protected by cyber security safeguards.
In conclusion, adoption of virtual office and hybrid workplace models has opened chances of reimagining the traditional workplace models. The trend in adoption of the digital workplace model gained a boost after the outspread of COVID-19. Likely, this trend is to stay or in fact to increase over the long term.
This is because people today prefer to save time spent on long commutes and work in flexible hours. The real estate industry, in particular, may adopt such a hybrid model with a chain of small physical offices, virtual offices and co-working spaces, all working simultaneously to provide its realtors as well as the customers greater convenience and flexibility.
This will allow customers to evaluate their preferred properties while sitting in their homes. It will also provide realtors to arrange meetings with their clients and colleagues without having to drive miles from home to office and to the clients’ places.