Take note that the type of office you select can expand or crash your brokerage. Offices tend to have a lot more impact on the brokerage business than many can imagine. Consider the listed factors to select the right office for you.
- Your brokerage mission and vision.
This is a key point in determining your office space. You are supposed to select the office once because if you select one and settle, then you start thinking of changing to another because you did not consider your vision and mission of the organization. It might cost you money and clients.
Your mission and vision will guide you to the type and size of an office to get. Have the end/ future of the company in mind.
- The kind of agents that you want
In brokerage, the agent is the broker’s customer, and the client is the agent’s customer. When selecting an office, consider the agents since that office will be the Centre of advertisements whether you are willing or not. Different agents have different needs from their brokerage office.
There are new, newer and low-producing agents. With this type, you will need room for training and a schedule that will not affect high-producing agents.
Mid-level to high-producing agents. These are agents that complete 10-50 transactions in a year. They are more likely to require access to marketing and transaction management help. Some of them will require a private office, others a shared office.
Top producers and teams. These need big spaces as private offices
- The services your company offers
When services are more, your agents will require more office space that will satisfy their needs. It depends on the brokerage proposition.
- The office location.
Look for a location that will complete your vision and one that will match you’re the type of agents you want.
Look for a location that can be easily accessed by your team and clients. Also, consider the office being on the first floor because it gives easy access to paths and agents can easily move in and out.
Consider the visibility and signage. If you want to walk in clients, consider places with high traffic
- Your budget.
Stick to the budget that you made on your business plan. The standard percentage is 30% of your expenses. It is advisable not to exceed that.
- Size of the office
This will be determined by the number of agents you want to have, their services, and your budget.
The standard size of a room per agent is 30 square feet or 1500 square feet for 50 agents. If a bigger number of agents are working virtually or by phone means that you do not require to start with a big office
- The floor plan
Most traditional offices require 100-300 square feet per employee, whereas, in real estate, you require 30 feet per agent.
- Take into consideration the leasing terms and conditions.