Given the special challenges of having off-site salespeople, the growing acceptance of virtual operations doesn’t mean easy management. If handled right, though, taking the virtual path can be a rewarding choice for both the broker and the associates.
Companies that hire these young performers must be prepared to provide the training, support, technology, and, in some cases, independence that the younger generation wants. Businesses run by real estate veterans or by up-and-coming 20-somethings can be equally successful recruiters.
Like other large brokerages, Long & Foster Real Estate Inc., an independent company with headquarters in Fairfax, Va., is continually modifying and updating its package of services to its 6,000 sales associates. One company program allows salespeople to select one of two alternative levels of service from the broker.
At 2,800 square feet, the ERA--Teachers Inc.'s office is smaller than some of the houses being sold by its 85 sales associates. The size is just right for a company most of whose sales associates work out of their home offices.
More and more residential real estate professionals face similar transitions in the years ahead. An increase in merger and acquisition activity that began about a decade ago is expected to continue at the same rate, or faster, in the future. The trend is driven by higher overhead costs, narrower profit margins, and an oversupply of realty services.
Lawyers, depositions, meetings, court appearances, media coverage, and fund-raising efforts dominated their lives from the moment they were named in a lawsuit in November 1993. Their personal lives were consumed by fear, anguish, insomnia, isolation, and insecurity.