With 92% of the most successful agents spending fewer than 15 hours a month in their given office, Renzo Real Estate is taking a fresh new look on the brick-and-mortar real estate office model (Inman News, 02/12). Renzo Real Estate, a Calgary based technology-focused real estate brokerage, has opened its doors out of a local coworking office known as The Commons. With two large multi-office Calgary brokerages shutting their doors in 2016, co-founders Michael and Willemina Montgomery made the decision to allocate their revenue to their agents and consumers versus occupying unnecessary square footage.
“There is such power in working alongside various industries” says broker, Michael Montgomery. “The office environment is effectively a constant networking opportunity for our agents and they can benefit from a lively office culture”. Renzo Real Estate occupies a private area in The Commons, while their agents have the option to use the vast and stylishly decorated coworking spaces including boardrooms and meeting rooms for clients.
With an office vacancy rate approaching 30% in downtown Calgary, finding a suitable office space would not have been a problem for Renzo Real Estate. However, they come into the real estate industry with a different approach to helping agents and consumers: “with such reasonable office costs, we can offer our agents and consumers much more value” mentions office manager, Willemina Montgomery.
For example, Renzo Real Estate is offering virtual reality headsets to their buyers and virtual reality capable 3D tours for all their listings. “Offering these important new technology tools would not be possible if we were responsible for a large monthly lease cost” says Michael.
Michael and Willemina, both millennials, predict the coworking movement is here to stay and they are excited to be one of the few real estate brokerages exclusively working from a shared space.