The storefront office with the flyers in the window has been the cornerstone of brokerage operations, from small towns to downtown locations in big cities. Is it still a relevant way to do business? Do brokerages really need a brick-and-mortar location? Yes. And no. Let me explain. Asking questions and defining terms Is it possible and profitable to have a virtual brokerage? Yes. Is the brick-and-mortar a model in need of change? Probably. Should you change over? That depends. Is the industry going that way? Sorry, my crystal ball is fuzzy (but -- yeah, probably). As noncommittal as it sounds, there is no one-size-fits-all brokerage model. Yet. First, let’s define some terms in the main question. When we talk about a “brokerage,” that could be a local, one-off shop or a national chain. So we need to look at whether this is practical at the local or national level. Second, what’s a brick-and-mortar location? This could be a local office or go as far as...
- The right tech, systems and organization can make a virtual brokerage viable for any size operation.
- At the moment, no brokerage can be 100-percent virtual.
- Brick-and-mortar brokerages need to plan now to compete with growing virtual brokerages.
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