The Challenges and Opportunities of Remote Work in the Real Estate Industry

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The Challenges And Opportunities Of Remote Work In Real Estate Industry

The pandemic has forced many industries to adapt to the remote work culture, and real estate is no exception. The fact is that the remote work trend is here to stay, businesses should embrace flexible working sooner than later to stay ahead of the curve.

Numerous studies list the benefits of remote working regarding employees’ productivity, costs reduction, lower carbon footprints, etc. You can hire a real estate virtual assistant and save yourself a lot of time, cost, and improve business productivity.

However, building a fully-functional remote workforce can be a challenge. Hiring and training employees online is not easy, especially for the real estate industry that traditionally emphasized physical offices. There are a quite a few more challenges to overcome and opportunities to uncover, and It’s worth understanding these challenges and opportunities to craft a strong business plan for your real estate business:  

Let’s get started –

Training New Employees

Training new employees can be quite challenging. Most real estate business owners quote they find it hard to train their employees online due to –

  • Lack of attention from trainees
  • Technical difficulties, such as unstable VPN or internet connectivity and software issues
  • Having difficulty getting proper information about the training or not being able to access the training itself, and
  • Unnecessary distractions 

We would suggest, as an alternative, you can hire a real estate virtual assistant experienced in the various aspects of the real estate business from internet research, to marketing, lead generation and more. 

Tracking Productivity

Real estate businesses often deal with large-scale projects and multiple clients at a time. To accomplish large projects, you have to ensure that all smaller tasks are being accomplished on time. Tracking the progress of multiple remote workers in different time zones can be a real challenge. But without these insights, you can’t track the project-wide progress and make necessary improvements. Thankfully, there are several excellent project management tools such as Asana, ProofHub, Pendo, Re-Lease and other communication tools that help track a project’s progress and encourage productivity among employees. 

The Office Space

Running a real estate business is not cheap, especially in big cities. The costs involved in building an office space is one big barrier for startups and small realtors. However with the remote working culture, you could save a substantial amount of money spent on office spaces. And you can save up to 60% of your operating cost while working with experienced virtual assistants for real estate business, across geographies. 

Overhead Costs

The current biggest problem of a real estate agency is the existence of the labour laws that stipulate vacation, sick leave or overtime fees. You can cut down on these costs and add productivity with a real estate remote assistant. As the real estate VA can work virtually, he or she can manage time more effectively, and will charge as per the number of hours worked. It’s easy to hire a real estate virtual assistant as low as $6/hour.

Technology

Consistently upgrading technology has been the shortest way to trouble for many small and mid-sized realtors. It involves a huge budget, finding the right CRM, errors in application, data security breaches, etc. If you can delegate these tasks to a rea; estate virtual assistant, winning a race to keep up the pace with new trends and technology upgradation will be easy.

Talent

Hiring can be a big pain point for real estate companies. However, it’s the primary reason why many of these companies embrace remote work. One clear and noteworthy benefit of remote work is that you’re not limited to expensive urban tech hubs. You have a whole new world of skilled candidates from around the world. Thus, it greatly cuts down the costs and time you may incur in finding and hiring talents.

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Follow Ups

Statistics show that 80% of leads become clients after 5 to 12 follow-ups. That’s when you might need to call your leads more than a few times. While this is a tiresome and time consuming task, a real estate virtual assistant can help you. Your remote assistant can  complete tasks such as prospecting calls, screening leads, and conducting lead nurturing. This added attention to leads helps improve the customer experience, with a dedicated person answering questions and sharing the needed information on time.

Performance

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Flexible working increases employee satisfaction and retention. Note that retaining people is more costly than hiring new talent. According to the 2019 State of Remote Work report, remote work can improve employee satisfaction and increase their likelihood to stay with their current employer. Another study by CoSo research states that 77% of remote employers report higher productivity, and 52% are less likely to take time off.

Final Words

The remote work trend brings a range of opportunities to your real estate business. It has undeniable benefits, which includes increased productivity, and healthier work-life balance. Most business owners are seeing the success of remote work, and this format will likely continue even after the pandemic. To hire remote real estate assistants at affordable cost, you can call Vgrow. We are your trusted virtual assistant service partners that can help you hire a virtual assistant for all your real estate business needs.

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