Choosing the right office space takes planning and patience. Your space represents your brand, your agents and your clients. So choose wisely! Here are the top 5 things to consider when opening a new office for your brokerage:
1. Does your space give you the option to grow?
Many leases are for 3 years, so make sure that the space you choose gives you options should you choose to grow your brokerage.
- If you’re in a growth phase, negotiate a shorter lease term
- Try to negotiate right of first refusal on adjacent spaces that go vacant
2. Is the space convenient for your agents and clients?
Face to face meetings are still an important aspect of this business, even in the digital age. Finding the right location for easy commutes, and convenience, will make all the difference in growing your company.
- Is there enough parking available?
- What are the travel times from the farthest point within your key market(s)?
3. Is it in the right neighborhood?
An office space needs to meet your needs today and in the future. Finding the right neighborhood where new businesses, restaurants and housing are under development, may set you up for great success in the future.
- Are there new businesses moving into the area?
- What age demographics populate the area?
- Can you expect foot traffic?
4. How close are your competitors?
Healthy competition can help your business, but having an office space too close to your competitors doesn’t give you an advantage.
- Would the proximity to your competition give clients an opportunity to “window shop”?
- Would your agents be approached and recruited in common areas?
5. Does the space represent the look and feel you expect for your brand and at the same time functional for your staff, agents and clients?
How we organize and decorate our offices says a lot about the type of company we run, so investing in the right layout and décor should be a priority to attract both clients and agents, alike.
- Are there any restrictions for construction or decoration outlined in your lease? If so, are they at least possible if restored at the end of the lease?
- Is it big enough to support the number of cubicles and/or offices you envision needing? Will there be open space? Work rooms? Meeting rooms?
- Will it be quiet enough for your agents to feel comfortable working from the office?
Invest some time for exploring and planning your new office space. I’ve put together a Pinterest board with clean, cool and contemporary ideas on new office designs that will meet both today’s and tomorrow’s needs.