Panel of Jay Thompson, Jeff Turner, Nobu Hata, Bill Risser
Please forgive the random content of this post. These are mostly rough notes from some awesome content shared by the panel at the Annual NAR Conference in Anaheim in November 2011 regarding the movement to a more mobile work force and shared working spaces. If you’d like to expand any questions on this session please leave a comment below, or contact one of the presenters via the links to their websites in the links above. Either the panel or I would be happy to chat further. I hope you find my notes helpful
Co working spaces are common in the tech industry Not common in the real estate industry. Coworkingspaces.com is a web directory of available co-working space. Used globally. Rare in Real Estate
Bill Risser from Chicago Title started working co-space in a coffee shop and grew from there.
How many business meetings are happening in coffee shops now. It’s a logical extension.
RETT in Gilbert, Phoenix. Now is a shared space opened in Sep 2010. 2,500 sq ft. Has desks, fridge, microwave, shared internet. Can not be an exclusive area. Anyone can come. (Even competitors) Collaborative think space. Is secured by a ‘lock box’ which shows who comes and goes.
The biggest challenge has been funding the space.
Some scepticism by other brokers to having their team members there. Fear of loss of control.
The Panel. Jay Thompson, Jeff Turner, Nobu Hata, Bill Risser.
What is the financial model?
Free to use. Funded by Chicago Title in the case of RETT – Phoenix. Builds rapport with the community. No expectation of a financial return. But at RETT Bill runs an occasional training session on social media.
RETT Space Phoenix
Is also used by ToastMasters and BNI as a community space for their meetings, but its never exclusive. People using the space can use the space still with common respect and courtesy.
Rent is cheap and there is plenty of space available.
Most real estate offices are ghost towns. Most real estate brokers or agents are paying massive rents with very few staff attending. As the work force becomes even more mobile. Assists to resolve the issue of staff working from home and being easily distracted by what’s happening at home.
This is a huge opportunity not for the future. Its Now!
Commercial agents with vacant space could use this as a means to rent vacant space. A shared space can be anywhere and can be shifted in a minutes notice. Its NOT the commercial address for the agents business. Its just a work space.
Nobu Hata. Minneapolis/St Paul.
The collaborative learning can be an extension of an REBarcamp.
Nobu travels significantly and now looks for RETT spaces when he travels. Commonly $20.00 a day when he travels. Access to coffee, web, desk. Cost effective and collaborative.
Still a learning and a great networking opportunity. Ideal for the real estate industry.
Jeff Turner. ‘Naturally formed communities quickly weed out any Black Sheep’
Its not a place for people to pitch your stuff. (Make a friend today. Do a deal later)
Apply the REBarcamp principle. If people ‘pitch’ they’ll determine their own limited future.
No written policies. Jay uses headphones if there’s some noise. Its very much about ‘community’ space.
Shared facility. Bathroom, sink, desk or shared board table. Second hand furniture is bargain price currently. BYO pc, leads etc. Some spaces include printers, copiers.
Jeff Turner. Zeek looked at ‘shared space’ as a way to give back to the community that has been good to them. Not necessarily based on geography. In his case its based on tech commonality.
Venue for Orange County WordPress Meetups each Monday night.
Now they share space as a place Jeff calls ‘co-optition’. It provides opportunity to create a community where smaller or similar businesses can complement their existing business. Some of the people sharing the space refer clients and opportunities UP and zeek share opportunities down.
Zeek do not have a financial model or plan to monetise the co work space. Its viewed as a marketing function. It’s a ‘Give to get’ model. And it works.
This vide is well worth the watch.
‘Wisdom isn’t something to be sold. Its to be shared’
Mike Riedmann from Dodge Realty in (Omaha) has just commenced working a similar model and is happy to update people with the shift as it matures in his business.
Mike commented that he’s:
Moving away from the ‘Trophy’ office. Huge opportunity to be collaborative with allied industries or complementary business.
Younger agents hate cubicles. Mike has thrown them out (cubicles that is) and opened the space up.
My view: Considering this model of shared space requires a mind shift from traditional tenant/landlord models. Ideal for collaborative businesses. Imagine assisting a young accountant, lawyer, insurance guy/girl to get their business started. The personal fulfilment alone would be worth any cost.
In any business we have a core cost of being there. If you have vacant space this is a perfect opportunity. The US and Australian markets are both in over supply of ‘space’ and rents can be cheap. This is the perfect environment, economically and culturally.
Tina Dodd Merrit. Suggested a great place to start for businesses looking to embrace a community position could start by offering free wifi in their office. An idea I love.
All in all. This was a great session. Well Done Team!
This was a great session even if it helped to stretch your imagination and thinking differently about the office or workspace of the future.
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