While the COVID-19 pandemic has changed the way people look at work and lifestyles, it has also provided a silver lining that revolutionised work and businesses.
Today, most if not all businesses have adapted the work-from-home model and are looking at it with great optimism and seeing a bright light towards adapting to new changes and
New technologies, connectivity, and agile work processes provided businesses with the means to ensure operational continuity regardless of any situation.
It has gained a lot of popularity due to its versatility, efficiency, and affordability.
Here are six practical and important reasons why you need a remote staff to ensure your real estate business keeps on running.
Health and Safety of workers
The WFH set-up in terms of the health and safety aspect of staff on a remote work basis goes beyond the health and safety aspect. Studies have shown that home-based workers were 20 to 30 per cent more productive compared to 9 to 5 office or on-site workers.
The study highlighted that remote work-from-home benefits were driven by reduced stress, commuting time converted to more productive work, less exposure to pollutants, increased level of responsibility, reduced pressure such as micro-management, and greater work satisfaction.
Reduced overhead costs
The work from home model has significantly reduced overhead expenditures and while overhead cost savings vary based on a lot of factors, it is modestly estimated at 15 to 20 per cent.
Among the biggest cost factors that are impacted by office space, work stations or equipment, facilities, employee training and development, and resource management.
More access to specialised talent
One of the successful drivers of such a model is referred to as the “millennial effect,” where the younger generation of workers have been accustomed to encompassing and dynamic communication systems and channels without boundaries, which bear the same expectations in an on-site workplace environment.
Workplace flexibility has become a major factor in most of today’s younger workforce and providing options for remote work can surely attract highly-skilled talent that is interested in these remote work roles with skills and talents that go beyond the limits of enclosed workspaces and networks.
Reduced labour costs
This is by far one of the biggest advantages of WFH that can significantly help businesses cope with recession-like situations since it has been known to cut labour costs dramatically.
For instance, remote work has cut down labour costs by as much as 70 to 90 per cent, as the cost of living goes down due to lesser spending in terms of commuting, travel, productivity, time, etc. when working from home versus working in a bustling metropolitan office location.
Businesses that adopted the work-from model continue to operate regardless of disruptions such as lockdowns in surrounding localities or regions. Business continuity is a tried and tested recovery strategy concept and one of the best ways to ensure it is through remote work.
Based on a study by the internationally-acclaimed Insurance Institute of Business and Home Safety, 25 per cent of businesses fail to re-open after a major event, which includes major catastrophes. On the other hand, around 80 per cent of businesses experience losses for minor events such as power failures, data and security breaches or theft, and interrupted utilities such as water, pipe leaks, faulty electrical issues, etc.
Study findings conducted by a global insurance company revealed that work-from-home personnel ranks their productivity 7.7 on a scale of 1 to 10, compared to a 6.5 ranking by office workers.
A similar study conducted by Stanford University also found that work-from-home employees are 13 per cent more productive compared to office workers.
For your real estate business – or any business in today’s time – it is important to find ways to ensure that businesses remain operational, cost-effective, and efficient, not just for your benefit but for your clients and those that rely on your business for their livelihood.
While this work-from-home model may not be for everyone, it did provide the real estate market with new and shifting dynamics such as the increasing demand for real estate properties with, among others, the preferred amenities and features that cater to work from home arrangements.
This just shows that this new market behaviour creates new opportunities for real estate businesses and how agents may be able to use this to their advantage.