Press Release

Real Estate Broker Slashes Office Space

(Boonton, NJ, January 15, 2009) — It's the sort of ratio that requires a double take: Chicago-based @properties has 750 agents, yet its five offices total only 21,000 square feet.

@properties recently opened a 2,400-square-foot office in Chicago's Bucktown neighborhood. Company head Michael Golden aims to have 75 to 80 agents in that office.

In an interview with industry newsletter Real Estate Broker's Insider, Golden says, "We provide agents with high-quality office space, we just don't provide a tremendous amount of it."

Talk about understatements. But Golden and other brokers say the days of vast offices quickly are ending.

Just a few years ago, cramming so many people into so little space would conjure images of agents sitting on each other's laps. But with the rise of mobile technology, agents no longer demand office space. After all, they can work just as efficiently from home offices, laptops and handheld devices.

As a result, Golden says, "You don't need big plush offices. Everybody doesn't need their own desk. You'd rather pay for resources for the agents than more space."

For @properties, those resources include a team of 10 full-time graphic designers who turn out marketing materials for agents.

With sales slowing, it's crucial to keep overhead lean, Golden tells Real Estate Broker's Insider — and office leases that seemed like a good idea during a boom can turn into a back-breaker during a bust.

About Real Estate Broker’s Insider

Real Estate Broker’s Insider provides agency broker/owners with actionable news and information on managing their businesses for greater profitability.

Website: http://www.BrokersInsider.com