As a real estate professional, you’re constantly looking for opportunities to better yourself and gain access to new resources that will allow you to grow your business. In terms of your workspace, a switch to a coworking space could make a huge difference in each of these areas.
What is a Coworking Space?
A coworking space is a physical building consisting of dozens of workspaces, offices, and shared resources – such as break rooms, printers and copiers, conference rooms, and gathering spots. Its members, which come from a variety of industries and niches – pay a monthly due and get access to these resources in return.
All coworking spaces are unique, but most have an array of shared workspaces – like big library style desks in the middle of an open room – as well as semi-private offices – like cubicles – and even private offices and suites. Members are encouraged to interact with one another and the environment is intended to feel like one big supportive community that rallies around similar ideals like flexibility and creative freedom.
5 Benefits of Coworking for Real Estate Professionals
When it comes to coworking spaces, creative professionals like web designers, digital marketers, and startup teams are common; however, there’s also a lot for real estate professionals to like. Whether you’re an investor, agent, or property manager, here are some of the perks you’ll enjoy:
Coworking spaces are the very definition of convenience. You can come and go as you please, work where you want, and not have to worry about following stuffy corporate rules that stifle creativity and excitement. As someone who is constantly in and out of the office, this sort of convenience is highly motivating and appealing.
Trying to lease a single office in town can get expensive quick. And if you don’t lease office space, it means you’re stuck working from home. A coworking space provides a nice medium. It allows you to access cost-effective office space without being forced to spend all of your time working from a stuffy spare bedroom. It’s the best of both worlds.
- Networking Opportunities
Real estate and networking go hand in hand. By spending your office hours at a coworking space, you can maximize every hour of every day. You’re constantly surrounded by other people from different industries, fields, and walks of life. You never know when someone you meet could become your next business partner, client, or investor.
As a real estate professional, you understand better than most just how important location is. And one of the biggest perks of joining a coworking space is that you gain access to prime real estate without a premium price tag. Most coworking spaces – like Novel Coworking in Madison, Wisconsin – are strategically placed in bustling areas of the community. This provides access to strategic locations for building relationships and meeting other successful people.
- Purpose and Meaning
Researcher Gretchen Spreitzer, and her colleagues, have spent a great deal of time analyzing why coworking spaces are so powerful in today’s business world. They have found some of the most alluring benefits to be the lack of pressure and sense of identity that a coworking space offers its members. This feeling stems from the fact that these shared workspaces consist of members who work in a variety of industries, capacities, and projects.
“Because there is little direct competition or internal politics, they don’t feel they have to put on a work persona to fit in,” Spreitzer writes for Harvard Business Review. “Working amidst people doing different kinds of work can also make one’s own work identity stronger. Our respondents were given the opportunity to frequently describe what they do, which can make what they do seem more interesting and distinctive.”
As a real estate professional, it’s nice to work alongside people who don’t specialize in real estate. You get the opportunity to do your work without constantly looking over your shoulder and wondering if the next person is trying to undercut you or steal some of your trade secrets. It’s a much more peaceful and nurturing environment – one that makes you feel as if you belong.
Finding the Right Fit for Your Needs
Coworking spaces have exploded onto the scene over the last five-plus years. If you live in a large city or heavily populated suburban area, you’ll have a handful of options to choose from. Take your time to find the coworking environment that’s right for you and your needs. This could be one of the most important decisions you make all year.