Does a brokerage really need a brick-and-mortar location?

Although no brokerage can be fully virtual in 2016, you should start getting ready to compete
  • 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.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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...