Rethink your real estate space
A guest perspective from Ashfaq Munshi, co-founder and CEO of Terabitz.
Tough times call for critical thinking.
Real estate broker – if you are dedicated to the brick-and-mortar brokerage office, but seek to change it up either to reduce cost or create an environment that infuses a spirit of change for customers and agents, you are not alone.
Brokerage office case study: Intero Andare
Silicon Valley California: In the popular, high-end retail / residential development known as Santana Row, you’ll find Intero’s flagship Andare office. This 3,000-square-foot space is a minimalist hub of modern style and consumer traffic. Gone are the catacomb of cubicles, replaced by communal areas with rich leather sofas and chairs, cafe tables and a large central work console equipped with a power and data conduit from the ceiling.
The front receptionist’s desk has been replaced with a retail-display-quality glass window, where Intero features resort properties and high-end homes from development partners broadcast on high-definition flat-screen TVs.
For developers, this serves as a localized space where they can create awareness of upcoming projects.
For agents, this modern space sparks a discernible energy that turns it from vanilla office into a hub of positive activity. Now it’s a convenient place to meet clients who are out shopping in the area already, check email and go over contracts (which are conveniently and securely stored online).
Agents plug into Web-based transaction management software enabling them to manage entire client files online, eliminating the need for paper and storage — hence the absence of copy machines, printers and the lasso of leases that hogtie their P&L.
For consumers, the Andare office emits an air of difference offering a beckoning invitation to come in and see what’s on the market while enjoying a cup of coffee, high-speed Wi-Fi, or meet with their agent to sign a contract. All without the threatening scent of sales.
For Intero brokers, all this traffic, interest and excitement came with a price. A reduced price. 70 percent less to be precise compared to Intero’s larger 7,000 – 11,000-square-foot offices, which have been part of the Bay Area landscape and part of the company’s brand identity. Andare was more than an experiment. It was a bold move during a year when most of their local competition buckled down, stopped spending and cut, cut, cut everything without replacing with anything new, different or better.
It was a move that sent a loud and clear message to their agents that evoked the type of leadership that makes them want to participate and do what they can to support.
It was a move that sent a renewed message to the public that real estate is not mom and pop, backward and dated but instead, concerned about enhancing the experience of anyone with even a remote interest in houses.
Still convinced your old brokerage office is getting the job done?
Part 1 of this article, Fashion Trends for real estate challenged the notion of office space for brokers, agents and consumers. In it I suggested replacing the terrestrial office altogether for a virtual one as the most cost-effective and absolutely doable approach in today’s networked world. But for those brokers who are still convinced they need office and seeking alternatives, Intero Andare stands as a beacon.
While I herald the merits the virtual world offers brokers, office space can make sense today and find itself home on Main Street creating brand awareness and brand experience for the consumer and a magnet for career minded agents searching for a progressive place to work.
And as I have learned from Intero, all of this can be acquired for price that is too good to pass up.
If you’ve ever dreamed of cutting cost and removing that large retail monkey from your back but never thought it possible to fit your organization inside a few thousand square feet, think again.
Lose the cubicles. Lose reception. Go completely wireless. Invite the public to use your machines and access your information. Give the agents couches to work on, coffee to sip and place this in the center of town. Then sit back and watch what happens.
Andare is an idea come to life. An experiment with a remarkable yield. And for Intero, just the beginning.
Interested in contributing a perspective to FOREM? Please send your submissions to futureofrealestate [at] gmail.com.
Photo by Mr. Greenjeans
23 Comment(s)
4 Trackback(s)
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Chris Dowell | Feb 21, 2009 | Reply
I have seen real estate offices downsize. Your idea sounds great and sounds very comfortable. It also sounds inviting.
Tony Sena | Feb 21, 2009 | Reply
This is an awesome idea, we did something similar with the lobby area of our office. We made the lobby area half of our office and had hardwood floors, couches, tables with computers and a coffee bar. I think it would have been more successful in an area that had more pedestrian traffic. Either way, I love the concept.
Duke Long | Feb 23, 2009 | Reply
We are in the process of downsizing from 2400 square feet to 1200.In our plan we do call for areas with privacy.Love all the other ideas.
Barrett Powell | Feb 23, 2009 | Reply
Yeah, I’m in. Now if only my little 55,000 population market will just catch up with my taste…and my budget.
Jeremy B. Shapiro (ForeclosuresMass.com) | Feb 23, 2009 | Reply
I’ve actually been out to where the new Intero Andare office is on Santana Row and they’re on the right track.
Too many real estate offices “of the past” are little more than messy cubicle farms focused on the paperwork, and not on the client.
Kudos to the Intero folks for launching such a revolutionary new office and it’s a great fit for the Santana Row market!
Joseph Ferrara.sellsius | Feb 23, 2009 | Reply
Reminds me very much of Foxton’s cafe style office in the UK back in 2007.
http://cli.gs/pPA0Gq
Shuki Haiminis | Feb 26, 2009 | Reply
Great article…Do you happen to have any pics of the space in action?
Tom Sykes | Feb 26, 2009 | Reply
Nice info… I will take this to my “Leader” and press for serious consideration. Our market really needs a “beacon” as you mentioned. Thanks!
Orlando | Feb 28, 2009 | Reply
Realtor’s hang on it is going to be a long ride….
Joe Stampone | Jun 9, 2009 | Reply
This is a great idea and there is no doubt that the industry is headed in this direction. However, there are inherent costs with down-grading and retrofitting these smaller spaces. With companies trying to cut costs, these ideas are put on the back-burner. Over the next few years I think we’ll see most of the downsizing in back-office operations.
http://twitter.com/JoeStampone1
Jason Brown | Sep 16, 2009 | Reply
I keep waiting for “change” to pick up the pace but now I wonder if the down economy is going to slow down the change. The smart ones will pick up the pace and be just that much farther ahead when things rebound.
Stephan | Mar 31, 2011 | Reply
This one line captures it all for me: “All without the threatening scent of sales.”
This is so true. They don’t start with the defenses up!
Safes Houston | Apr 4, 2011 | Reply
I agree, this is great article about downsizing an office and it is very inviting but ofcourse there should be budget before proceeding to the next step.
Paul | Apr 5, 2011 | Reply
We actully had too much space and our now sub letting some of our office space. Its a great way to consolidate when times get hard. When things pick up we may retain the sub lets and hire other offices which we can off load much easier should things go south again.
gregg | Apr 6, 2011 | Reply
RE “For developers, this serves as a localized space where they can create awareness of upcoming projects.”
hey yea i see how it helped great blog here thanks
Roy | Apr 6, 2011 | Reply
Carrying high fixed costs in an industry that can have long downturns can be dangerous. Good cash flow planning and flexible office accommodation with short term commitments can hel a lot.
Karla | Apr 7, 2011 | Reply
Excellent idea, but the main reason that most companies still don’t make this logical move to saving space and costs, is simply the inertia to making any drastic changes. Some offices just want to stick to their old systems and refuse to change. This idea you’ve mentioned needs to spread far more in the corporate environment that it currently is.
Thanks
roo | Apr 9, 2011 | Reply
hope to see more post from you!…Social Media Marketing
Mike | Apr 11, 2011 | Reply
Yes our offices are old and tired as is the management but given the hard real estate market we are facing it is unlikely that anything will convince the bosses to modernise. Unfortunately this business demands that you keep up to date or die especially in the present climate.
Harry Parker | Apr 12, 2011 | Reply
If one is to live in a crowded city? Then an apartment or a condo unit is the best option to take.
Jessica | Apr 13, 2011 | Reply
Such a great article and like everyone said, the concept looks pretty much like a brilliant idea! I’m with Chris Dowell in saying that this sounds very inviting. I would love to see photos of this place!
Amiel Sac | Apr 13, 2011 | Reply
“Lose the cubicles. Lose reception. Go completely wireless. Invite the public to use your machines and access your information. Give the agents couches to work on, coffee to sip and place this in the center of town.”
Amiel
Hookah Guy
Sean Franco | May 6, 2011 | Reply
It would be very tempting for prospective clients. Andare offers them something that they cannot find anywhere. It is a place like you’ll never want to leave when you’re already there. Are there any pictures of the place? I’d be glad to see it. Thanks!
Sean
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