The Impact of Hybrid Work on Real Estate Agents

Throughout the pandemic, many companies and employees had to adapt to a new way of working, and one of the most popular ways was the hybrid work model.

Hybrid work, if you did not already know, is a combination of remote and in-office work where employees have the flexibility to work from home for some days of the week and go to the office for others. This model has not only changed the way we work, but it has also impacted different industries, including the real estate industry.

In this blog post, we will discuss the impact of hybrid work on real estate agents. Read on to find out more!

Demand for office space

(Photo from KniverPoint Business Village)

The shifting need for office space is one of the most significant effects of hybrid work on real estate agents. Many real estate agents are struggling to defend the need for a large office space as hybrid work becomes the norm. Real estate agents used to view having a large office as a status symbol. It was regarded as a symbol of achievement and a crucial element in creating a prosperous real estate business. However, the need for a big office space has diminished because agents can now work from home or a co-working space thanks to hybrid work.

Changing nature of client meetings

(Photo from AllianceBernstein)

The changing nature of client meetings is another effect of hybrid work on real estate agents. Client meetings used to typically take place in person, either at the agent's workplace or the property that was being sold. But with hybrid work, video conferencing platforms have allowed clients and agents to connect virtually for meetings, which have now become commonplace. This change has widened agents' reach and improved their productivity by enabling them to connect with clients from anywhere in the world.

Collaboration and communication

(Photo from Great Place to Work)

The way that real estate agents collaborate and communicate with their teams has also been impacted by hybrid work. In the conventional office model, employees would share a workspace, which facilitated collaboration and communication. However, with hybrid work, agents are no longer physically present, which can make it difficult to effectively collaborate and communicate. As a result, virtual communication tools like Slack and Zoom are being used more frequently. These tools allow agents to collaborate and communicate with one another in real time, no matter where they are located.

Flexibility

The requirement for flexibility has an impact on real estate agents as well. Due to the flexibility of hybrid work, agents can now work from home or a co-working space, which has made it simpler for them to juggle work and personal obligations. Because of this flexibility, agents have been able to work with clients at various times throughout the day, which has increased their availability and productivity.

Marketing and selling

(Photo from Avail)

Finally, hybrid work has also impacted the way real estate agents market and sell properties. Agents would typically rely on in-person open houses and property viewings under the old office model to market properties. Virtual tours and 3D property models, however, have grown in popularity with hybrid work. This has enabled agents to showcase properties to clients from anywhere in the world, which has expanded their reach and increased their sales.

In conclusion, hybrid work has had a significant impact on real estate agents. From changing demand for office space to the need for flexibility, hybrid work has forced agents to adapt and evolve their way of working. However, with the use of virtual communication tools, virtual meetings, and 3D property models, agents have been able to expand their reach and increase their productivity. As the world continues to adapt to the new normal, it is clear that hybrid work is here to stay, and real estate agents must continue to evolve and adapt to remain competitive in the industry.

As always, we here from Transactly would like to thank you guys so, so much for taking the time to read this blog post - your continuous support is always appreciated! For all the latest real estate content, latest news, and more to fuel your daily digest, stay tuned: we'll be getting new blog posts up every Monday, Wednesday, Friday, and Saturday.

We'd like to give credit where credit is due and list down the following websites that provided the inspiration behind this blog post - go give their articles a read!

Forbes: https://www.forbes.com/sites/forbesrealestatecouncil/2021/07/19/the-impact-of-a-hybrid-work-environment-on-real-estate/?sh=55c2137e2058

CX App: https://cxapp.com/blog/impact-hybrid-work-corporate-real-estate

Jefferson Group: https://www.jefferson-group.com/tips/the-impact-of-work-from-home-and-hybrid-offices-on-real-estate-trends/

Space IQ: https://spaceiq.com/blog/3-hybrid-workplace-predictions-for-corporate-real-estate/

Benoit Properties: https://www.benoitproperties.com/news/how-hybrid-working-has-changed-real-estate/