The Virtual Real Estate Brokerage and Office of the Future Today! - WEB 3.0
What does the future Real Estate Brokerage and Office really look like? If you decide to read on, it may change your perception of what the "Virtual Real Estate World" could look like in the future. While Secondlife is the Internets largest user-created, 3D virtual world community, and used primarily for Social Networking, eXp Realty has taken this same concept, and created a Business Model where the Real Estate Brokerage and Office is 100% Virtual. They are using the invisible walls of the Internet as their "Brick and Morter" office.
Their Business Model is defined as "The Worlds First Fully Immersive WEB 3.0. Real Estate Brokerage."
Last month, while at REBarCamp in San Diego, I got to meet and spend some time with Dale Kreiser, eXp REalty's Washington State Broker. He shared what their company was doing, and how well it was working for them. When I returned to the office, I did some research on their company and their site. I was "Blown Away" at what Glenn Sanford - Founder and CEO and their team have created! Could this really be the Real Estate Office and Business Model of the Future for Brokerages and even the smaller Mom & Pop offices?
Here's a video clip from a discussion held at that REBarCamp in San Diego. The topic? What does the Real Estate Brokerage of the future look like? It's an interesting discussion with Tom Ferry, Stefan Swanepoel, Wendy Forsythe, Sherry Chris, Dale Kreiser and others. What is the "New" strategy or tactic? Here's a hint of what you're about to see; The future is HERE now!
I've a strong suspicion that these guys may be onto something here...
So I called Dale and asked him for a "Virtual Tour" of their "Virtual Office." He and Glenn agreed to let me share that tour with you via this recorded video. For me personally, this was really the next best thing to actually being there. I felt like I was there. Now anyone that knows me well, also knows that I love all the new technology that is being introduced to our Industry, but I am also a practical person and want to be certain that this stuff really works. Don't just tell me it does....SHOW ME!!
This video is a bit longer than I wanted, but I edited out over 40 minutes of some really great stuff I wish I could have shared with you all, maybe another time. I would encourage you to watch the entire thing, I'd hate for you to miss any of this one. Sit back in that comfy chair of yours, relax, and enjoy this first ever virtual office tour...
Is this the way some Real Estate Company's and Brokerages will operate in the future? Yes, here's one already. Are these guys way ahead of their time? Maybe, but after today's tour, I realized that just talking with them about it, and then visiting their website was no comparison and nothing like "virtually being there!" I had no clue how well this was all put together. It was nothing short of interesting, fascinating, and awesome!
The Virtual Real Estate Brokerage and Office - WEB 3.0 So tell me what you're thinking at this moment...
159 Comments
on The Virtual Real Estate Brokerage and Office - WEB 3.0
DEC
12
2009
I'm just about to go to bed and I am afraid these shades of "1984" will give me nightmares. I will bookmark to watch tomorrow. Should be interesting. BTW, I got the banner to work, but there is nothing you can do about the Title moving down. If you touch that, the banner moves up. Hope you solved your outside blog problem :) Nighty night.
I am an agent and team leader in the nations largest Virtual Brokerage - we may not have all the cool hi-tech tools you showcase - but Allison James is the best I have ever looked at - for a flat $2950 a year I earn 100% commission - and that included my first year E&O Insurance. Today, I am well into my 2nd year and leading my own team - loving every moment of it.
These guys look pretty good - I've looked their website over but don't see any specific split formulas - so there is the issue of transparency - is everyone getting the same deal? How do I know.
I wish them all the best, as your first video from BarCamp made it very clear - this is the business model of the future.
This is awesome! My base camp is my home office. I am affiliated with a traditional brokerage, which I only use to process transaction. I am currently looking for a virtual assistant and will outsource my technology requirements. This is music to my ears.
Brad, some people crave the social interaction. The virtual office will obvioulsy decrease the brokerage rent fees and can result in increased commissions.
Brad, this is very intriguing. It comprises some of what Active Rain offers in cutting edge information from cutting edge agents, similar to what you offer at BarCamp but in video instead of the written word. It takes what we have here and puts it in a more formal setting of a brokerage. Imagine if all 167,000 of us could be at the same brokerage! Hmmmm....
Thanks Brad! Also, thank you for the wonderful experience I had at RainCamp in San Francisco. I am a new member and found all of the content fantastic and very helpful. And last, but not least, I LOVED your family and the music you did. You guys are so talented, and your son really rocks on the guitar! Cheers from Sonoma, and Happy Holidays to you and your family!
I like how they incorporate their version ofa BarCamp. While I am a gamer their platform is not something that I would incorporate in my business. I state this because minutes can turn into hours especially for gamers and my client base is face to face with about 10% out of state residents.
It looks like they do not divulge their commission structure, fees, etc. One has to request info.
I like that it is an option for customers and agents. It looks like they are branching into Dallas and Nashville. Competition is good. So far it obviously works for them.
Virtual training, already packaged, ready for an agent to access when needed. No more "floor time" -- just meet for coffee with laptop will travel, execute documents, transmit, perhaps even present a buyer's offer, by video, to the seller and seller's agent....the last time I was this excited about technology was in 1993 when I went online and navigated to the art collection of a major university on the East Coast.
Real estate, dominated for a generation by big dinosaur franchises, is clearly in a new age: one where the agent is at the center. We see people leaving the big guys in droves because they no longer see value in the bricks and mortar ...or the big-chain branding ...or the comraderie ... or the bigness generally.
Thank you for the VERY useful information. It is amazing to see the current real estate industry evolving(very rapidly) around the computer-saavy public.
We have to be "riding" the technology wave our industry is going thru, not paddling after it. (Active Rain blogs like this one help with that...)
Two keypoints from the barcamp video for me:
1. I agree the Realtor organizations need to revamp the training and CE structures.
2. Dont get me wrong but...., I respect my past and present brokers but they have been totally "old school" when it comes to technology.
My father is in denial (He's a REALTOR, too) and thinks that we are all wasting our time on the internet, and Activerain..I know, Crazy, but that's how he feels. We have been planning an intervention, and I think that this post will help. Thanks.
Brad - I'll watch the video next. While I could only begin to grasp the concept of 2.0, I cant imagine how much more Realtors need to learn 3.0 now??
I must say, I'm proud of becoming a member here on AR. You guys educate so much and because of these information you guys so freely put out, I can become the front runner of implementation. For that I cant thank you guys (all members of AR enough).
This is great information. Having been on the leading edge of the creation of self-service applications for colleges I took a big step back in time when I came into real estate. Now I'm beginning to see the start of the evolution (wish it was a revolution) of RE to adapt technologies that have been in place in other industries for awhile.
I devoured all this information. . since I'm in the middle of creating my own company and I'm intrigued about the fact that my efforts can be multiplied many times over with the help of a virtual office. . .simply awesome Brad, I took a lot of notes
Brad, yes, the future is now. But only in some parts of the country still. Once again, I'm so glad I hire Emily 18 months ago to kick start my learning about Social Media. I would know nothing if I hadn't joined AR. I'm still scraping the edge, but at least when Nashville starts to catch up I won't be far behind!
Brad, Great presentation. I can imagine the use the the new Google OS working very nicely with this "type" of brokerage. Not just for broker-agent relations, but also transactions.
Well - if the time delay isn't bad, awesome. And if the learning curve is small, awesome. We are still dealing with Realtors {{chuckle}} I really like the "homey" feel of it all. With the advancement of online gaming technology for the PS3, XBOX, and Wii, setting up virtual offices like this might not be so hard as someone could have the dedicated hardware in the gaming console. Could you imagine if this company sold the software for these gaming consoles, and everyone could fire this thing up on thier 40"+ plasmas, while wearing headsets and even having live video? That's pretty exciting.
Brad, I experimented with SecondLife several years ago with this very concept. While I found it very interesting I found the technology too confusing for the average consumer. It was gimmicky. Buyers and sellers just want to buy and sell real estate. I have since taken my brokerage almost 100% online. We buy and sell real estate everyday to folks we have never met and with properties they have never seen. I just completed a transaction yesterday that was done almost exclusively by text messaging.
So I LOVE virtual real estate. It will be interesting to see how well they do.
Wow Brad this is awesome. Just when I am ready to throw in the towel......a sign of hope. I think any of us that have been in the business for a number of years can feel the difference in our Profession. We seem to be at a stand still and the technology and it's generation is rapidly on the move...at a face pace ( or even a race ) passing everyone else just standing still. Thank heaven for you and others on AR for keeping us knowledgeable about what is going on. My question is how will these Virtual Brokerages get around the MULTI List companies, especially the companies that are owned by the big Franchise companies?
Our MLS is owned by 3 Brokerages and tied up tight in their control....also who would hold your license....here unless you are A broker of record you can not practice RE without a brokerage holds your license. Thanks so much for all your dedication to AR and it's members. This post is fascinating.......
Brad, for my brokerage it is not truely cutting edge but the next step. I require (today) agents in addition to the final paper work of a transaction but the entire case be scanned and sent to the office. THis is truely more involved than I have thought of. I think all agents need to look at this concept and know that it is here and now. Why have the added expense of office space just to have a gathering place. My cost saving equals more comm to the agent.
These types of ideas are helping bring about change to my office here in New Orleans.
Beside new business which I have obtained with the help of AR, this is what I think makes AR the best thing I have done for my business.
Brad, As you know, I am working towards conducting our first virtual office meeting in Google Wave next month. I am bookmarking this to include in one of my meeting blips......
The WWW has been a game changer. It has not only given enormous opportunity for the individual to large large but still act small and personal, and it has opened more doors to change that it has closed. Just take education. I do at least three webinars a week, daily search Active Rain, take continuing ed for my license on line. I t will difficult to imagine the changes that will happen just in the next five years, especially since it is now predicted that half the world will be wired for the internet by 2013. But that is what ideas like this are all about, imagination, and the courage to risk failure.
Thank you for sharing. I have owned and operated a "traditional" real estate office up and until 2006. In 2009 I re-opened my company full-time as a "virtual" office, and it's the BEST thing I have ever done! I have five agents, we all work from home, and do both online and live meetings. To me, this is a win/win solution for the agent, broker and consumer. Thanks again for sharing your information.
Brad yes I remember when Second Life started up years ago and Coldwell Banker put a virtual office there. I have not been back in awhile simply because it started to get a little racy.
Very cool, but this is still 'bleeding edge' stuff as opposed to 'cutting edge'. The main difference being that the bleeding edge guys spend a lot of money and energy while not very many people know about them and the cutting edge guys use the same technology once it has become a bit more mainstream.
Brad - I've heard some talk about eXp Realty, but this was the first time I've actually seen it in use. I'm surprised to see most of the comments so far, as I was expecting to see a bit more of the "face time" and "belly to belly" style comments that seem to crop up whenever someone mentions a strong push towards internet based interaction.
My thoughts? The concept is there and I can see where this could be a strong pull to some agents. Like you mentioned towards the end - the savings in gas alone would be amazing. What I find lacking is any compelling reason to turn my daily routines into a virtual world. To me, it seems like it's just a giant database, with a sweet UI. I'm thinking there's more to their product and brokerage then just the meetings and training though, so in all fairness, I need more data. Most franchise brokerages have the same sort of content (in terms of training), just without a 3D interface. In the end, you're still just watching a webinar, which you can already do from home.
The collaboration aspect is cool, but once again - nothing new really. Between go2meeting, Google Wave, Skype, etc. there are already plenty of tools to facilitate these efforts, just without the 3D interface. I'd also be curious to see how well it holds up as they expand - you know how messy things like that can get - crashes, freezes, dropped audio (there was a bit of dropped audio right in the beginning of your video), etc. If they don't keep up with their infrastructure at a rate that's consistent or higher than their growth, this could quickly become a nightmare. Of course, (I would hope) they've probably taken all this into consideration. I wonder what the cost will be to the agent in terms of building that infrastructure as part of their splits or fees.
So far, it seems as if they've taken some of the best of the internet and just melded it into a virtual 3D world. I think it looks great, but I'm not seeing the advantage of using it over any of the tools I can use now. I definitely will keep my eyes out for developments as they come. I'm not a naysayer, I just don't see the value yet. If they grow the business right, I do think there is potential for them.
Of course, despite all my love for technology, I'm still an office kind of a guy. I like going to the office and even though sometimes that office is a Starbucks, I still feel the need for a separation of my home and office (although I do plenty of work at home too).
WOW!! Very interesting and futuristic concepts....love it! For an industry that has lagged behind for far too many years, the Internet is plowing through like a freight train and changing how business is being conducted...especially in real estate. Complacency will no longer result in a steady income.....time for new ways of doing business! Nice post--Thank you!
Technology is moving fast and we all need to keep up with it or be left behind. Our office has really been virtual for a long time, but this takes it to the next level for sure!
I've been working from a virtual office for over 7 years now. I go into a 4 wall office one or two times a month just to pick up mail, and that's all. I have everything on my computer.
Brad - If I had my own laser printer, copier and scanner ... I would not go into my brick and mortar offer at all. Once the rest of the world gets on board with providing editable pdf docs and stop screaming about Docusign ... we can all be working very effectively from our virtual offices.
I agree that the agent is out there finding what they need to make their business more effective. Manager are definitely the ones who should be getting ahead of this and bring as many agents up to speed on this.
I do like our weekly office meeting. We share face to face and can rub elbows which you can't do the same way online.
I work out of my home now and have for about the last 10 years. I take it upon myself to keep up with the new technology and updates to our real estate contracts and anything else that appears to be in the future so this would be an ideal situation for me. Unfortunately, I will most likely be retired before anyone in our area is brave enough to do this. Thanks for the info and the videos.
I think we're headed this way on some levels. Many agents prefer working from their home with no need for going into an office or paying for office space. With that being said there still is a need for personal interaction.
Fascinating stuff but my inner skeptic says "yeah they are selling franchises and picking up agents, but what about PRODUCTION? Are they actually selling REAL ESTATE?" As an early hero of mine, Bret Maverick, says "Money is how we keep score"
Brad thanks so much for always keeping us informed about technology and the effect on real estate.
I love virtual, but I suspect this will be a hard sell in some parts of the country and to those agents who like the social aspect of a brick and mortar operation.
The fact is, this approach will become more of a norm in the near future, especiallyfor those wanting an international operation.
Your post is very interesting. Agents receiving training from this type of office would amount to a significant cost savings. When agents need help after normal business hours they could
easily get the information that they need. Thanks for sharing!!!!!
The roadside to Progress is littered with the hulks of burned out concepts, crashed prototypes, and plenty of good looking vehicles that just ran out of gas. exp Realty seems to be driving that road, but I think it's too early to tell if they're going to crash, burn, run out of gas, or make it to the Web 3.0 future. Interesting idea, in any case, and I wish them well. Thanks for posting about it.
Hi Brad . . . very strange, woke up this morning and began to wonder what web 3 would be like. Having done a lot of innovation in web 1, I've pretty much sat it out on web 2, but have been doing thought experiments on real estate in web 3 lately. . . got pretty far this morning and then opened up AR to find your post . . . thank you . . . a lot is in the works and that is great . . . but (I feel a post coming on) the human element is still key in using any tool set. Thanks again, and keep the info flowing.
Yes, this or a version of it is the future.. To bad for those poor greedy unsupportive brokerage owners stuck with brick and mortar in a crashing commercial market...
Reality is those brick and mortar guys are so greedy and so slow to adapt that names like Coldwell, Alian Pinel, Cashin, ReMax, Intero.. will all bit but a memory for old timers, sort of like the dial telephone!
Your post was very interesteing and informative. Our brokerage is doing many of the same things and is recognizing the benefits of smaller offices combined with virtual services. We actually made money last year and are opening our second physical office in Orange County, CA.
We believed ourelves to be way ahead of the curve, but now realize everyone seems to be discovering technology at the same time for the same reasons. It's more efficient and less costly than the old models.
We have traditional agents, referral agents and eagents, each paying a different split for a different type of real estate service. Our files are all electronic and transmitted over the net. Our broker files are scanned to shared (internet) folders and our trust log is done the same way. We're saving trees and loving it.
There are several document storage web sites we have tried over the past couple years and that seems to be the one shortcoming in ebrokerage. We are in the process of creating our own system because we couldn't find an upload site that was both affordable and fast enough. Anyone have any ideas?
A scanner in every agent home, at a cost less than $150 saves agents a ton of money. We are showing them how they can own their own hub and share in the operating profits.
We keep our costs low and services high. We are setting up 24/7 training on the net. This is the future of real estate, perhaps even the today of real estate. We either embrace it or get left behind.
Well I can`t agree completely with the new attitude of total 100% virtual, when you take away the meetings, training and office cooler you take away the motivation, the coaching and that management push to make one more phone call.. to knock on more door.
Also getting the agents to listen to a training video at 11:00 is like giving them a sleeping pill remember you are not talking to a computer nerd wanting more technology, you are talking to a salesperson that wants face to face interaction. Check in your own office--how many agents have made changes to there website, used facebook wrote on a blog and now you want to add advanced topics like seo to there work day and evening?
nothing really new there. we've been working out of fully equipped home offices for decades. the cost of outfitting an office now is so low as to be inconsequential. i could do it for less than $1,000.
real estate agents are the earliest of adopters for information technology and exchange. from the MLS, to faxes (remember them), to 800 numbers, to cell phones, to the web, to scanners/PDF's and electronic signatures...we've been there first, for longer. i was around when pagers were still legitimate technology.
the issue that remains is will the consumers get on board. i think they will, the benefits are equally theirs and the agents. even as long as ten years ago i've done entire transactions while out of town. now it can be done even more easily, more efficiently and with no regard to distance. the race will be to he who delivers the best blend of technology and touch. after all there is still a property involved, and the emotions that attend the deal are very real.
dave, #43, is quite right, i wouldn't presume to guess which elements of the new social media will gain traction and become integral parts of the process. i suspect most will not...but some will be as integral as email. and will change the business as completely. glad i'm not the post office...
I told my son this morning that I bet his children (my grandchildren) will attend school this way one day.
If you consider all the applicable ways this could be used for learning, sharing, collaborating and at the same time saving money, travel, time, and expenses, there's really no limit to which industry's, company's, businesses, and even schools could benefit from the virtual 3D world.
It's not just fascinating and entertaining technology, it can be very useful and effective. Count on seeing much more of this in our future. Next it will be our grocery stores, you'll walk down the virtual isles, click on the virtual item, pay the virtual cashier, then go pick up your groceries, or have them delivered.
osh I guess I should have attended rebar camp in SanDiego hummm? Hope all is well up there and you all are staying dry and warm! Greetings from Tampa FL
Katrina
This is amazing! I think as we go forward into the future more people will work from home or from co-working type locations. I am one of those people described in the video who doesn't have a home environment that is conducive to a home office. I think as me move to a paperless workflow and as computers and smartphones allows us to be connected everywhere we can find a quiet place, open our laptop, and login to our office. We could do this from a coworking space, a coffee shop, a park, or on the train on the morning commute.
I am so happy to see things like this taking place and I can't wait to see what the future looks like for the real estate business.
Brad Thank you for this information. Very informative. I have been trying to improve my online presents and become alot more online effective. You have given me several dozen more things to look into.
Brad
As a Broker/Owner I find this all intriquing and something I have felt for awhile. Real Estate as we know it today will not be the same in five years!
I presently have a brick and mortar posture and have been leaning toward a virtual office and gradually learning and fine tuning.
Thank you for the timely post
Ty
Brad,
I would love to see the entire business done on a virtual office basis, but as the broker-owner of two brokerages since 2002, I have found that state regulations throw up a big roadblock to the 3.0 concept.
For instance, here in PA, the minimum requirements for a brokerage office mean you must have a brick and mortar office with a private space (i.e. conference room) to meet clients. The state even inspects your office before issuing the license to operate. They feel they are "protecting" the public.
And our Florida company only meets the state requirements by renting a nameplate space in a building that has a conference room. That way we can show that we have a "private" space to meet customers. But your office address can only be in your home if there are not local zoning ordinace preclusing that.
Makes it very difficult for a broker.
Brad, How very exciting and a bit overwhelming. One of the very techie Realtors in our Masterminds group told us about Second Life. I am just happy I found blogging, this is going to take me a little longer to sink in. I do love that your comment about loving new technology, but checking out the practicality of it. Thanks for keeping us informed. All the best, Michelle
Very Interested. Our brokerage is up and running in California with a very similar program. We offer our agents a small transaction fee and they keep their commissions... we are able to do this due to virtual offices. We also offer small agent/client meeting offices for agent convenience, alhtough most training, legal information and help is available online via our agent log in website. We are hiring agents throughout California!
This is truly an interesting concept...reminds me of "concept" cars that come out of the auto industry. It's entertaining, futuristic, and has a lot of validity in its approach to the future of real estate.
A lot of time and effort has gone into the model and presentation. www.Galveston.com has used SecondLife as a marketing platform for local tourism. They've won numerous awards for their design and concept....but, it has not gained in popularity among the consumer/public as much as anticipated. In viewing the video above, I found myself distracted by the rooms and the movement of the "avatars." I kept thinking..."A lot of this "stuff" is already available to agents and Brokers, if they'll just use it...Will the public really embrace this, or do they still need a certain amount of the "human" element?" People here in the South love the "relationship" side of real estate. I'm not sure they'll ever give that up...no matter how convenient the web makes things.
Kudos to eXp for thinking outside the box and being so creative. They've certainly given us a lot think about...and the begining of something to look forward to. I wish them continued success!
I work out of my home, totally, a home office, have always believed you do not need a downtown office anymore although there are sitll some customers out there that feel the "stone" building gives a better presence, I don't believe it....thanks for the blog.
The Web 3.0 in the headline made me think about Y2K that was all the buzz as the century turned. You don't hear much about Y3K. Another thought provoking post to map out the direction the real estate industry is headed.
This AR University is the place to be on the cutting edge of the way the real estate winds are blowing. Learned today about hcard microformat and citations for google maps. Not exactly cocktail talk with the general public. But part of the keys to survival, or making more income from the ever changing industry most of us do not consider a job. Rather a day to day passionate sport.
This is some great feedback, thoughts, and comments, thanks for taking the time to read, watch, and comment on this post!
Much of what we covered in the tour, and the many answers to the "Many" questions I had unfortuntely were not included in this 9 minute video. The entire footage recorded was nearly an hour. Maybe we can get some of the folks at eXp to pipe in here at some point.
Their 3D virtual office is not so much an interactive 3D world for the consumer, (though someday it might or could be) nor was it to demonstrate a replacement for Agent/Broker/Manger human interaction in person. This was a tour of their office showing and sharing how they and their agents use the tools and platform to conduct many aspects of their business, training, collaboration, virtual meetings, sharing of information etc.
My understanding is that they do still meet in person on a regular basis. I don't think A virtual world, office, or classroom will EVER replace the need for Human Interaction, but it was interesting to me how easy it was to navigate and use their Virtual Office in a very practical manner, and still feel like I really was there in their office.
Funny thing is...When we were done with the tour, I had no desire to shave, get dressed, pack up my laptop and phone, fill my car with gas, jump into Friday traffic, pay the bridge toll, and drive over to their office only to find that they had locked up, and gone home for the weekend. lol~ :-))
We've been working on building our virtual office for a very long time. I love it and so does BB. What has surprised me is how unreceptive folks are to virtual offices. I'm hoping that as our industry changes these people don't get left behind. That's not a good place to find yourself. I was left behind. Once :)
Hi Brad, thanks for this great post, I love hearing about my company from the perspective of my fellow agents in the community! I am the eXp Realty team leader for Seattle and the surrounding East Side, and have been up to my eyebrows in the future ever since we launched our new virtual offices. In fact I teach a class (virtually!)Wednesday mornings on "Converting Internet Leads" since one of our benefits from a strong commmitment to SEO is a #1 ranking website in Seattle (check us out at www.seattlepowersearch.com) which makes it an added benefit to us as we meet clients who also are on the "future" side of the curve when it comes to thinking "technology".
The great thing about our virtual format for me is that I can invite any agent in the country into my offices and show them around, invite them to our Monday Morning Virtual XCamp with sessions on social media, blogging, listing presentations, new technology, etc. I am meeting new people I would never have had occasion to meet until now, all from the relative comfort of my armchair in my home virtual office!! Let me extend the invitation to any of you who would like to visit, email me and let's chat.
I also work from a home office with no "real office". In addition, I do not meet my clients in my home office. I meet them at their home if it's a listing appointment or at the houses I'm showing if it's a buyer appointment.
I do a lot more work on the phone, by text messaging, and on the web than ever before. It's been just over a year now since I broke the umbilical cord. I like it.
OK, I'll be one of the few people here who still wants a brick and mortar office to go to. I do work primarily out of my home office, and have all of the technology I need here. I don't even have a desk at my broker's office. However, I need the broker's office for meeting with clients, interacting with other agents face-to-face and actually attending the sales meetings in person. It helps to get me out into the real world, and keeps me more human.
I do love technology and all the wonderful tools that it provides, but I really think going to the office a few times every week helps my spirit and my business.
My brokers have a lot of wisdom about this business, and I am glad to hear it in person. I have built a relationship with my brokers. Their experience is invaluable; and they have helped me tremendously during some very difficult transactions. No online broker could have done what they have done in those situations.
I think we are going to see a lot of newer agents, without any experience, simply decide that they don't need a broker at all. In California, all they need is a Bachelor's degree and to successfully pass the broker's exam to become a broker. Then, without any mentoring in person, or any experience, they are out in the real estate world, with their own one-person brokerage, thinking they know enough to protect their clients' interests because they watch HGTV and have a website.
Hi, Brad. It wasn't that long ago that the "conference call" was cutting edge! It's really mind-boggling how fast technology is developing and how fast change occurs.
I've been totally home and web based for a number of years now.
I'm a licensed independent agent (called a broker in some jurisdictions) with no salespeople licensed under me. (And at this stage of my career in real estate I have no desire to employ any. Though I don't mind mentoring other independent agents / brokers.)
I promise undivided loyalty to my clients, I represent them in single agency and I never ask them to agree to dual agency.
In my opinion if you are skilled enough to succeed while licensed as a salesperson under a "virtual" agency/brokerage, then the next logical step is to get your agent / broker license and be on your own.
By the way I'm always on the lookout for licensing jursidictions that issues a license to a salesperson that says "agent" on it. Please let me know if anyone knows of any such licensing jurisdiction in North America.
"People buy people before they buy a product or service..." Not sure where the virtual office provides that. The closest thing we have to virtual real estate in New England is ZIP. And agents are voting with their feet that they would rather work for an office with four walls and meeting rooms, and offers personalized, instructor led training.
I left a large national franchise broker to go with a small broker who has been very focused on a virtual office. I love it! As a result, I have focused more on "virtual tools" - I signed up for activerain and I am a rainmaker now.
Excellent job! I have been mobile/virtual based for the last 4 years. The only reason I go into the Brick & Mortar office is to say hello to my Broker when there is a check for me to pick up! I am excited to see the progression and advancement in this area.
This is very interesting. But I would still like to have both a brokerage office and human being indside that office versus just a virtual brokerage to talk to me via computer. Maybe a hybrid of both? The virtaul broker can get me in the door to their company and then a live, local agent can help me the rest of the way.
I agree this is an easy way to get information fast and feel like it's valuable information, but I see some limitations to it. I mean, we have seen that you can buy a house completely over the internet via sites like Ebay, but the personal care and support of a real-life homebuyer's agent isn't there. Maybe in 2025, we'll be so virtualized that computers will be our in place of all our jobs, including the virtual tour guide's job. Not thrilled about it, obviously, but it is the future and it is ever-changing.
Great videos. I think these guys are right. This or something like this is just what agents NEED. I sent your post to my broker and I look forward to seeing what he thinks.
It was great to show you around the office yesterday! Thanks for putting this fun and informative post together. I will be commenting on various questions and concerns throughout the weekend.
In response to John Occhi, our split is 80/20 with no cap and low $50 monthly technology fees. That is for the Real Estate side. The Revenue Share is very exciting, where the whole 20% can be paid back to the sponsoring agents. It's just a marketing strategy John, need something for agents/brokers to call on.
This isn't "bleeding edge" technology, but it is "cutting edge" as it's being used by many fortune 100 companies. We are the just the first to embrace these technologies in the Real Estate industry.
Brad - Times are changing fast and if you don't keep up, then you will be left behind! It is exciting and I think that utilizing technology is one way to really ramp up business. I know many aren't comfortable with it and still just say NO! But those will all be retired soon!
My 11 year old daughter saw the video over her shoulder and said that "Its like Club Penguin for REALTORs."
On a more serious note, it would appear that the platform for truly reaching the Gen X and Gen Y is coming to a reality. If executed correctly and supported by everyone, these platforms can bridge the communication gaps and match the knowledge and experience of a previous generation of agents with the buying habits of the buyers entering the homebuying market.
The evolution of technology has come full circle. In the olden days, the computer was in the office and transformed to the home and children. Today, the games that were developed for our children are being adapted to the office environment.
I have been reflecting recently on the year coming to a close and looking forward to the next. All the while I have been considering the value of my office. What does the office do for me in my career? Why do I waste my efforts on floor time? Why, when I do almost everything at home, do I need to be connected to an office environment.
Your post raised the hair on the back of my head. I can see this will be my future at some point. The only question for me is, now or later.....
I'm intrigued. It reminds me of Apple's on line world they tried about 12 to 15 years ago. It provides an on-line environment that resembles traditional office to make it familiar. I think what it might be best for is getting to know clients. They might feel safe being on the Internet; but it is still personal.
Thank you for exposing us to this wonderful post. We have friends who are operating as virtual agents. This is the new paradigm, and it is exciting. All the best.
I can't wait to find time to watch this. I have subscribed to your blog so I can find it easily later. As always, you provide us with great, in-depth information.
I must say, our Washington Tuesday morning meetings are fun, entertaining and informative to say the least. I really don't miss the drive to the office!
There are so many versions of virtural office. I haven't had an real office for 2 brokers now. I like the idea -- its here already. Some are just a little more sophicated than others. This one is way ahead of (cost) and technology. I am sure there is some real big cost associated.
Brad:
I see fewer and fewer reasons to have to go into an office to conduct real estate and this presentation is a shining example of that. I particularly welcome the idea of on-line and virtual training that you can watch and listen to whenever it fits into your schedule as opposed to having to sit in a classroom.
I really enjoyed all of this information.
Thanks for the post. My partner and I in Charlotte, NC were just brainstorming this idea. We want to expand our offices(virtually) to the beaches and mountains of NC. We will be researching this more closely in next week. Expect a call.
I've been working in my home virtual office for about 5 years, but until 3 years ago I still went in to a brick & morter office for meetings & agent chat. I finally realized that I didn't need to drive somewhere to get interaction with other agents because I have all my "virtual friends" here on AR, and on Facebook, Twitter, etc.
Brad, We have operated a Virtual office business model for the past six years as RE/MAX Innovations in Boston, MA and recently transitioned to an independent brokerage firm in five New England states as Virtual Homes Real Estate. We provide a complete Internet marketing system including lead generation, lead qualification, notification and management systems (all web based) allowing any brokerage firm to successfully operate a virtual office.
It is is the future. Profitable for the Broker and the agent, The key is the integration of technology, training and support.
Brad, boy you got some great comments on some really great information. I left one of the big franchises about 9 months ago and joined Allison James Estates and Homes, which is the largest nationwide virtual brokerage. They are only a little over a year old, and so far, I am not one bit sorry I switched. I didn't see anything in the video about commission structures, but other than that I think the concept is right on. I hated sitting through an hour to hour and a half meeting before caravan every Wednesday. I work from home, and Allison James has a relationship with Bank of America so that we can use any of their conference rooms as we please to meet with clients. OR there's always Starbucks.
Sorry I haven't responded back here as promptly as I would have liked to. I ended up in an impromptu "virtual" meeting! :-))
It was nice to stop by and thank these guys in person (well...virtually") for having me over to their office yesterday for the tour. They were very warm, sincere, and welcoming. My stopping by their office today to share with them my gratitude ended up with us sitting at a conference table in a room that they have now named... "The ActiveRain Conference Center!" How cool is that?
Thanks again Glenn, Brian, and Dale.
Now I'm off to visit with my "Virtual" Interior design artist and office stager! lol~
Hi Brad, This is great and I think this is going to touch off of awful lot of people re-thinking the confinement of old "out of the box" and creating a whole new environment. Thinking out of the box does not even exist in this new realm. The REBar Camp had some exceptional presentations and certainly this gathering was a hallmark of excellence . The contributors have taken custody of this information and you certainly captured it here. This post warrants revisiting and spending some time not just observing but of shifting your thinking and better understanding how we will need to ultimately fit into these new models and what we each bring to the table.
With the expense of technology and the new resources beginning to level out, there are certain tools that are a must have , no longer luxuries for the virtual agents. But there are efficient ways to participate that are not being fully realized ( part of the new training to bring people on to the same platform).
I put this link to your post on my tool bar to review these videos ( especially the Virtual Office) again. Time is speeding by and I don't see a great deal of change as would be expected in the brokerages , though the agents by and large have embraced the changes but these changes are not yet being fully corralled by the brokerages.
Perhaps it will take other stimulus for the brokerages to get here.
This is fascinating and I just had to re-blog. I currently work at my home office 100% and my Broker is the "man behind the curtain". It has saved me so much time in commuting and dressing up and office politics. I know there are many Realtors that still trudge into the office and do floor time and company meetings. But I do believe the virtual office is the way of the future...and the future is here now.
Do you think the real estate office will still exist? Most agents that i know already work primarily out of their home and have little use for an office other than for staff meetings. Clients want to be out looking at homes and not sitting in a fancy conference room. Escrow companies provide a place to meet and sign docs when that is necessary. Pen and paper signing itself may not be here much longer.
Brad - I think the concept of a virtual office makes a lot of sense, especially for younger agents, who are used to a lot of social interaction on Facebook. I found exp Realty's 3D office to be sterile and depressing. There has to be a better web-based solution for the virtual office. I'm sure one will be developed and I can see myself working for one someday.
As mentioned in a few of the posts above, for a lot of agents there is no need for a physical bricks and mortar office. The challenge for the virtual real estate company just like their physical bricks and mortar counterparts is relevance. Larger brokerage firms to date have used Education as a main differentiator. With platforms similar to what eXp Realty is using as well as events like the upcoming Virtual REBarCamp, the education playing field has really been leveled. In addition the legacy firms tend to be run by broker/owners who became agents before the internet had any traction. The result is that bricks and mortar firms generally speaking really don't know how to coach in an internet world. Phrases like Meetups, Wikis, Fanpages, Blogging, Social Networking, and Web 2.0 (not to mention 3.0) are totally foreign concepts which is one of the reasons by ActiveRain is such an amazing place for likeminded agents to collaborate. Certainly there are going to be other companies who approach the business in ways that are different, as effective and maybe more effective then what we are doing for agent engagement, involvement and effectiveness.
Wow. Very cool technology. I think what resonated more for me is the idea of being virtual and not dependent on the Brick and Mortar. Although I love "belly to belly" collaboration, I find that if you are speaking with the "old school" during these sessions than nothing really happens because the depth of knowledge is just not there. Nor the desire for change. I like this a lot!
Thanks for this great post about eXp Realty, we are the future of real estate, I like Edy love hearing about my company from the perspective of my fellow agents in the community! I am with eXp Realty in Bellingham WA
We welcome visitors to our virtual world and to our Monday Morning Virtual XCamp with sessions on real estate and tech topics like social media, blogging, listing presentations, new technology, and more, all from the comfort of home. If anyone would like to learn more or attend one of our Xcamps drop me an email or give me a call.
This really is an amazing concept. It may be ahead of it's time, but can you imagine what things are going to look like in twenty years. The future is now.
This is exactly what we need today and our clients will soon demand. While in CA 10 years ago, I was already working in a "virtual" office using cell phones, faxes, and direct MLS access - only visited the bricks and mortar once or so per week, office meetings once per quarter. Now on the east coast, we so need firms in this area to embrace this thinking. Thanks for the great video demonstration.
Speaking from experience..like the country song said... I have been virtual before virtual was cool. The cost of physical space for a desk and the cost of paying for a mail box at a physical office is a big difference. It makes total financial sense to be a virtual.
The operative term on the video is Collaboration.... I think there is an opportunity for a virtual "generic" training company... the video talked about the some of the brokers having no clue about social media, SEO, Longtail, facebook groups etc. This IS a serious problem.. imagine a "pay per view" set up for the generic training.. listing presentations... buyer agency disclosure.... could be NAR and the State Associations take some of the dues and work with a "generic" training company so all the companies do not have to create the same wheel... Somebody needs to do it!
In response to a comment above.... there are virtual rebar events going on... where they have different speakers every hour of the day.. so you physically don't have to be there to hear some of the speakers...
Activerain is so progressive.. you can learn how to do anything on a search of the posts... The world just seems to be smaller by interacting here... Brad, you post a video.. and in the video is someone who posts on activerain.. I just friended Sherri Chris on facebook and I saw Luetta from Phoenix asking a question live.. wow..
The new world..... starts with the Brokers knowing what is going on and how to help the agents!
What is the world coming to? Seriously, these guys are blazing trails. Just following what's going on over here so I can do something similar on my side.
Thank you for putting together such a nice presentation about our company eXp Realty. Like many of the agents responding I began to learn new technology, information and training through Activerain. In fact Activerain was the reason I am with eXp. I was blogging and interacting with many agents here.
Many are excited with what they viewed, but also realize that we are all still in the people business and need to have interaction. I understand that concern since I would say that I am a people person and like to have that banter now and then. With this platform you can have that, but you can also get ready for your showings at the same time. It is a great platform for collaboration since you can put things on the wall and work on it together or when your schedule permits.
A couple of folks were worried about commission and I believe Dale addressed that. I guess they are used to paying large franchise fees and wonder if it would be the same for all this technology and training. Go ahead make that call you will be pleasantly surprised.
This was very good and thought provoking. I believe most of this will be the future for our industry, but trying to get some of the "veteran" agents to embrace this will be difficult. Some agents are not disciplined enough to work from home and some don't want to.
I think the virtual training is great, especially when it is combined with interaction from others. I am not a particular fan of our current online training methods.
I work out of a virtual office myself and would definitely love to incorporate this new technology ideas into my business. It's very interesting and somewhat overwhelming when it comes to getting to understand it. But I guess we gotta' keep up with the Jones' or the eXp's! LOL!
I woukd love to see the entire video. Is that possible? I am certainly agree with the new way of doing business. We have just opened a new "Starbucks" type offfice. It is very hard to get our agents on board with Web 3.0.
WRONG !!! If it is wrong to want to offer all things to all people, then we are wrong!
It took me a few days to get to this blog post but man, it was worth the wait
I am in. I want it now! After speaking to Chris about it over coffee this Sunday morning, we see it fitting into our vision of what we'd like to offer our agents. Though we just opened up a real brick and moarter office with fabulous views I might add, the reality is that 3.0 is knocking at our door. Be it a real door or virtual one.
Hi Brad - Fascinating post. In our area, which is a vacation area, we will still see Brick & Mortar. I literally have Buyers & Sellers just walk into the office occasionally. However, perhaps like retailers we will see a complementary blend of office & online.
This is exciting to see. There is so much waste in the traditional practice of real estate: wasted gas driving to homes that may be of no interest, wasted power, water, redundant equipment that becomes obsolete every few years, and the endless reams of paper! We have been working toward a virtual office for the past two years. Most of our transactions are paperless, and much of our marketing and client communication is online/email/text. We are even making some progress with the Title Companies toward providing us closing packages in an electronic format. Our one stumbling block, as a previous poster noted, is our state laws requiring a brick-and-mortar "presence". We currently have a friendly business accomodating us, tho none of us actually goes there. I'd be interested in how others are handling this issue.
Very interesting stuff. I watched the whole video. I certainly work from home. I just see the software 3-d environment as being a tactic to execute a strategy.
Yes to the virtual concept. As a broker/owner it is clear the mortar and bricks business model has its drawbacks, HOWEVER, as presented, the virtual office concept is merely dressing up an old horse in a new shiny saddle. There needs to be a redesign to the ethos behind real estate. The virtual model is an invitation for new agents and some older agents to escape the one-ob-one transaction oversight provided by traditional brokers and which keeps most agents in line with regulatory agencies. Face to face is still where the business eventually ends up. A little virtual is good, but goes a long way, too.
Well coming from a technology industry. I have seen this before actually 20 years ago, and it still has not been fully implemented. Now it does have some merit, but I have to agree with Matt Stigliano, I do not see the value as an agent to me. I can see where a broker can save money by not having a brick and mortar office, but i also believe this has some drawbacks. We can all shop online for cars, shoes, and clothing, but how many times do we still go to the store to purchase the items? I can see this working with transactions and electronic signing. Clients could sign doc's and close on their computer and never have to go to an office for a closing. The other question is how much will the broker spend to keep up with technology with the virtual office. Yes, technology does get cheaper, but by the time the technology is cheap, it is old technology and not worth much. I like the concept, but I do see it will take many years for this to succeed. Agents and clients still want to know there is an established business with an office. Something on the internet can disappear too quickly.
Yes many states do require a physical space to hang the agent's licenses and may require a space to host the clients. We have found that in most cases you can rent small executive suite that has a boardroom for minimal overhead to fulfill the requirements. We are always on the lookout for a work around to these stumbling blocks.
Dennis,
The way I see it...the old horse is the bricks and mortar of Real Estate. As the cliche' goes, "thinking outside the box" is not valid here as we've removed the "box" entirely. The ethos we are developing is that of a dynamic paradigm shift.
When we first made the switch, I was nervous about agents using the lack of physical space as a way to escape. What I have found is quite the opposite. Agents have greater availability to the broker for oversight as I'm in my virtual office most of the day void of the distractions of traditional offices. I have agents virtually walk into my office while with clients in the field to go over paperwork, or strategize on contracts.
I agree Dennis, there is nothing better than face to face time for agents and clients to build the relationship. For the agent, traveling to the office for meetings or to go over paperwork with the broker is not in anyones best interest.
Dale - thanks for stopping by to comment, I appreciate you taking the time to interact and participate on this post.
I was just watching the video again (907 views in 24 hours) and also reviewing some of the parts that I had to edit out. We covered so much in the tour, I wish I could have included it all, unfortunately Youtube limits my uploads to 10 min. max. I have seen other videos on youtube that exceed the 10 min. barrier, I just have to figure out how they are able to do that. Maybe it's a paid subscription or a corporate account or something.
Anyway, I am planning on sharing some of the edited and cut versions of the videos with others in the Virtual Conf. room.
Thanks for setting that up and allowing me to be a guest in your 3D WEB 3.0 space. :-)
Hi Brad, I like all the technology and I know I should like it more than videoconferencing or the connected webinars but I'm just not getting it right now. I'll have to see this in action a few more times I guess.
In my honest opinion, I don't think the future office or Real Estate Brokerage will be a one-size-fits all. There are just too many variables that make this impossible. In the video at REBarCamp, this was discussed in much greater detail. Everything from geography to Broker/Manager experience play a significant role. There was a time when the VCR was the greatest invention since television, but then came laser-discs, DVD's, and now Blue-ray, this doesn't mean that the VCR will no longer work, but the supply and demand for movies created for VCR has changed.
Finding the right solutions for a Broker or Franchise owner must be very difficult in these times. Why? Because there is so much change, so much new technology, and so many individual different levels of knowledge and expertise regarding the On-line world. Even Amazon.com never saw or anticipated what they had/have created. One thing is for sure though, there will always be pioneers out there taking the arrows and risks, followed by those who see the value and benefit based on proven and tested results, and then you'll have those that will come along kicking and screaming all the way, or end up moving on to something else.
This has been a very interesting and fascinating topic and discussion. It's the beginning of something new and very exciting to our Industry, but it most certainly won't end here. I am excited to see what happens and where this all goes. It will be great to refer back to this post in the next six months to a year, just to see and compare what the future really holds for the "Virtual Business Model"
This post is now officially a "TIME CAPSULE." :-))
Hey Everyone - I've had to disable the comments on this post due to the incredible amount of responses received. To continue reading other comments or add additional comments, ideas, and thoughts to this topic, please click below to be redirected to the "Comment Extension" for this post.
Brad, if only agents could survive and thrive in a purely self-service virtual environment the business would be a very different place for real estate brokers and agents. That said, the best shops provide intense coaching, training and tools and ensure through accountability that agents are not out of balance with technology and so poor on real world sales schools that they fail when a prospect shows up.
I wanted to respond to this blog. On September 2009 the National Association of REALTORS, Center For REALTOR Technology awarded me with the Pioneer Spotlight Award. I am currently the only one in the United States to hold this honor. http://blog.realtors.org/crt/?s=Brandon+Rodriguez I pride myself with the 100% Virtual Office Model. By far and without a doubt, eXp Realty has taken it to a new level! My first reaction like many others, what will this cost to the agent. The splits eXp is far better than the franchise companies and even some independent brokerage out there. They have even found a way to offer more compensation to agents than the 100% commission companies. Plus not to mention the technology which works together. It is true a person can utilize other independent applications, but that will cost you a pretty penny. Don't forget in order to have effective technology they must be able to work together, and as a Broker can you ensure your agents will use them too? As an Independent Broker with a national technology award on hand I was curious about eXp. Their philosophy was the same as mine in technology and compensating the agents over the competition. As far as office space in a large Metro area like Dallas, is not needed. The business model eXp provides for their agents combined with technology at their fingertips working all together is hands down better than any thing currently on the market for agents. They were so good that I decided to close BrandonMichael & Associates and team up with eXp Realty as their Principal Broker in Texas. I followed the old saying "if you can't beat them, join them." It was not a decision I took lightly but it was the smartest business decision I made.
Brandon - thanks for sharing that. I hope to interview eXp again at ActiveRain University to see how far they have come along since this post. It will be a great class. Sharing this technology and the new ways it's affecting business and consumers is more than just interesting, it really is the future. Watch the ARU training calendar for a guest presentation by some of the folks over at eXp, it will be awesome. :-))
I joined eXp Realty in pril 2010. Some of the comments need to be addressed. We have a fantastic interaction among the agents and all the way to the CEO. We just do it in Teleplace and can access each other much easier than an in person meeting. I never feel alone whether working from home or from an office location.
Our split is very transparent. Just come to a presentation and see for yourself. Everyone is in the same split. Wehave other streams of income that can be tapped to increase your income.
Our training is free and available live in Teleplace or in archived sessions. Hundreds of topics are discussed.
We have excellent access to tech consultants who work full time for eXp. They are the top tech advisors in the business and will do whatever it takes to bring new agents up to speed and further the agents' technology skills as new avenues of internet business become available.
eXp has been a breath of fresh air from the franchise I previously owned. eXp's founder comes from the internet marketing business rather then the real estate industry. We all know the real estate business. How many agents are capable of working in the realm if the internet where most buyers? eXp will take you there.
The focus of eXp is on generating internet buyer leads. What about sellers? Every seller needs a buyer. When you can tap into the buyer you provide the best marketing for your sellers. That is really providing great service to the public.
The train has left the station. It's time to get onboard!
Jerry Germansen, Associate Broker, North central Arizona
Jerry - are you on a roll or what??? lol~ This post was to share the technology and what a virtual office can and does look like, it's NOT a campaign for recruiting. (Big Smile) EXP is the ONLY RE Brokerage I have seen that has used this technology and is effectively doing business this way. No physical buildings, ALL virtual and that is what impressed me most.
Thanks for piping in on this post, ALL comments are appreciated, as is your excitement and enthusiasm. Thanks. :-)
I have been running a "Virtual Real Estate" Company for the past 5 years. I did finally have to rent an office because clients were always wanting to know where our office was. If we said we worked "Virtually" or at Home....we were looked on as a fly by night company. Now we rented an executive type suite office with VERY low rent so we can say we have an office and meet clients there. I am really interested in this technology....Is it through a software program (if so where do I buy) or is it something I would need to program myself? Great Post!
Jon - thanks for commenting, the video is working ok for me, what browser are you using? Try it again and let me know if you're still having any issues. Thanks.
Sharon - sorry for the late response, I never got an email notification of your comment. The software they use in this example is something that is provided to this particular broker and office. You could contact them to get more details.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Posted by 
;)
;)
;)
I'm just about to go to bed and I am afraid these shades of "1984" will give me nightmares. I will bookmark to watch tomorrow. Should be interesting. BTW, I got the banner to work, but there is nothing you can do about the Title moving down. If you touch that, the banner moves up. Hope you solved your outside blog problem :) Nighty night.