There have been many changes to the real estate business over the last fifteen years. In the past if you want to buy a property you most likely used one of the many conventional loan programs there were offered. You also need to lean on your local real estate agent to find good deals and to close as quickly as possible. There was also the need to have your own dedicated office space. While there are some things that remain the same the need for an office is no longer there. Modern technology has changed the way the real estate business is done. You can work anywhere you like and a true office is not necessary. If you have been waiting for an office to get started you may want to stop looking. Here are five reasons why you no longer need an office.
- Affordability. Anyone that has started a company knows the importance of keeping expenses as low as possible. As a real estate investor you are in the same situation. When you are just starting out you don’t want to spend money in areas that don’t produce an immediate return. Instead of spending money on an office space you should focus on your website and lead generation. Even if you simply rent a desk in an office you are not getting a good return on your money. The main point of having an office is to be able to entertain potential clients or meet with people when needed. A desk in the corner of an office may be great for putting on a business card but doesn’t do much in the way of practicality. Before you go rushing out to find somewhere to hang your businesses hat on you should think about what you are getting in return. What you will find is that your money is usually better served elsewhere.
- More Than Just Rent. Renting dedicated office space is a bigger financial commitment than simply just making the rent payment. In addition to the rent you have to consider how you are going to furnish the place. You are going to need a desk, a chair, printer, laptop and various other office items. These can quickly add up and throw your business behind the eight ball. Some of these will be items you need regardless of where you run your business but most will be solely for an office. This has to be a consideration when considering an office. The last thing your business needs is to accumulate debt. As much as you may think an office will help you should think about where your business will be six months from now.
- Work Can Be Done Anywhere. One of the biggest changes with business in general is where it can be done. Technology has made connecting with people as easy as ever. No longer do you have to run back to the office to send a fax or print out a document. You don’t have to call a dedicated number to check your voicemails or see who called you. With most basic phones you can do everything from wherever you are. The real need for an office is gone. Text messaging and social media make it easy to reach anyone you want whatever time of day you need to. There are many successful investors who have started out working in their kitchens. A laptop and some modern technology is all you need. With all of the apps and bells and whistles available you can literally do everything with just a mobile device. Even if you don’t want to work in your kitchen you can find a place to work at your local coffee shop, restaurant or library. Not only does this make your life easier but it is a way to save some real money when you are just starting out.
- Productivity. It takes the right mindset to be a real estate investor. Even if you have a business partner a large amount of work will be done by yourself. If you have the right mindset working from home can be the best thing for you. A large majority of investors who work out of their house are more productive than those at an office. Instead of wasting valuable hours talking to people in the office you can get real work done. This doesn’t mean you can’t get out of your house but five efficient hours is more valuable than eight unproductive ones. By working a few hours a day you can have more free time to yourself and find a better work life balance.
- Schedule. The final perk of not having an office is that you can work on your own schedule. If you have a file at the office that needs to be reviewed at 7AM you don’t have to wait for the office to open. You can get a jump on your day and work whenever you want. The same is the case if you are a night owl and prefer to get work done at all hours of the night. By being able to work whenever a deal is presented you will inevitably close more than come your way. Instead of being a slave to the clock you can find a routine that works best for you.
Having an office makes sense when you no longer have the capacity to keep your business moving forward. Until you get to that point there is no real need for an office.
