BrokerageIndustry News

Chipping away at bricks and mortar

Big brokerages cutting office space without going entirely virtual

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SAN FRANCISCO -- Giving agents the tools to manage customer relationships and transactions on the go allows brokerages to cut overhead spent on office space and support staff -- even if they have no desire to replace their brick-and-mortar digs entirely for "virtual" office space. "I don't think we're a traditional brick-and-mortar (brokerage), or virtual," said Gurtej Sodhi, chief information officer and vice president of Crye-Leike Real Estate Services. "We don't like to be classified (as either) --  we like to be classified as a company that will be successful." He said Memphis-based Crye Leike is aiming to trim the office space per agent to 100 to 125 square feet, using 1,800-square-foot to 2,000-square-foot offices that offer a mix of shared space for agents willing to work in a collaborative environment and private offices for high producers.   Kevin Levent, president and CEO of Better Homes and Gardens Real Estate Metro Brokers, said the Atlant...