Qualified for EDJ Office - Have Some Questions
Hey everyone,
For those of you that work for or have worked at EDJ I’m looking for some pointers on guiding the office location search the way I would like it to go.
After extending my legacy plan a couple of times (at EDJ request) I’m finally going to be moving into an office. I received the wire stating they would have a agent contacting me shortly, and to let them know if I had any sites in mind. I know they are picky about locations (as in they prefer to have them between say . . . a nail shop and a tattoo parlor - sorry - couldn’t help myself).
I have a place picked out, but it isn’t in a strip mall. It is a second floor commercial space that hasn’t been built out at all. There is about 9,000 sq ft of space on the floor and right now it is unfinished. The building is located right at my “target intersection”, and has good visibility. Parking is awesome, there is an elevator.
So I guess my question is will EDJ build out a location on a second floor in a commercial building? I know they look for 1000 sq ft or less, and based on what I can tell the landlord is looking to rent at that size.
And to follow up - How do I talk EDJ into doing what I want them to do?
Thanks in advance!
P.S. If you just want to share your office leasing/move in experience with me I’m cool with that, too.
Congratulations on qualifying for an office. It is an important accomplishment.
I can think of at least three offices off the top of my head that were second floor offices. I don’t think they care about that.
So far as getting Jones to do what you want, I think B24 posted a while back about something like that. I’m sure he’ll weigh in.
Its not as much the size as the total monthly rent. They really don’t wanna spend more than 3k for an office a month, including taxes. I know a few guys with offices over 2000sf but they have dirt cheap rents. Then again its all relative to where you are and the real estate rates in your area. Best bet is to ask a new office what their rent is and how quick jones was to approve it.
fa09 is right. It’s about the total monthly nut, including all trip-net costs and buildout amortization. Here’s the bottom line…if you present something to the agent, and it passes the Jones test (ADA compliant, configuration, good condition, etc.), and the total costs come in within budget (and on par with market rates for your area), they will approve it. None of us can tell you what that particular number is, but suffice to say, fa09’s $3K number is probably reasonable. So add up Rent, CAM charges, taxes, utilities, etc., and take the estimated buildout and divide by 60 (and add to the above number), and that’s your monthly cost. If it’s within the market and within Jones’ parameters, you’re golden.
So bottom line, you should be handing the options to the RE agent. Keep on top of him, and keep on top of the Jones real estate person (I forget the service we use for this). If you get the sense at ANY point that the deal is going south, find out EXACTLY what the issue is, and get it resolved. I have seen miscommunications between the landlord, the RE agent, and the Jones agent derail an entire deal, that could have been resolved. Remember, at any given point, the Jones agents (not the RE agent) are handling dozens of office buildouts, and you are just a number on a map. They DON'T work for Jones, so don't expect any warm and fuzzy Jones treatment. You need to be the squeeky wheel - if you are becoming too difficult or unreasonable, someone will tell you.Two main criteria - they prefer a very visible location in a retail area and they want it to be as cheap as possible. Other than that, they don’t care. Hence, the very smal offices next to tatoo parlors etc. Also, keep in mind that although you have earned “your” office, it is really theirs, and they will treat you as such.
As far as “cheap as possible”, they just want to be in the same ballpark as the market you are in. They’re not gonna pay $22/sqft in a $12/sqft market. I could have found much cheaper locations, but I pointed to what I wanted, it was within the price range, and I got it. My office kicks arse actually. Overlooks water, class A, brand new space. About 1100-1200 sqft… Conference room. Lots of windows in my office.
Most people that end up in crummy locations either inherited an existing office from the "old days" (we have another office in town that's lousy), or they didn't control the process.-If you plan on a long term stay at Jones, install wood floors, chair railing, and crown molding yourself or through a buddy if you can. Don’t have the contractors build it in, as you will be charged an arm and a leg.
-If you are starting out, and it sounds like you are, I would have your office in an area where you will maximize walk-ins, just a few a year can make a huge difference. -Put a bio through compliance and put it in a pamphlet box outside of your office for passer-byers to grab one, I'd have the IP out there monthly as well. -Request a flatscreen for your conference room (I got one a year ago, so don't take no for an answer. Don't settle for a refirbished piece of junk) -Choose custom paints, as the home office colors are fairly bad. I'd go a dark greytone over a light greytone above and under the chair rail (looks great, trust me). -The more pride of ownership you have, the more you will focus on producing. I've got other ideas if you want me to put them down.[quote=rankstocks]-If you plan on a long term stay at Jones, install wood floors, chair railing, and crown molding yourself or through a buddy if you can. Don’t have the contractors build it in, as you will be charged an arm and a leg.
-If you are starting out, and it sounds like you are, I would have your office in an area where you will maximize walk-ins, just a few a year can make a huge difference. -Put a bio through compliance and put it in a pamphlet box outside of your office for passer-byers to grab one, I'd have the IP out there monthly as well. -Request a flatscreen for your conference room (I got one a year ago, so don't take no for an answer. Don't settle for a refirbished piece of junk) -Choose custom paints, as the home office colors are fairly bad. I'd go a dark greytone over a light greytone above and under the chair rail (looks great, trust me). -The more pride of ownership you have, the more you will focus on producing. I've got other ideas if you want me to put them down.[/quote]Seriously rank, they are not going to tell you that you can't have one. LOL! You probably paid for at least 60 new offices just off of your production alone.
As for the rest of your post - spot on! I spent a lot of money updating my Jones office (I expected to stay for the long haul - plus as ice pointed out, I'm whipped and my wife made me).
[quote=rankstocks]-If you plan on a long term stay at Jones, install wood floors, chair railing, and crown molding yourself or through a buddy if you can. Don’t have the contractors build it in, as you will be charged an arm and a leg.
-If you are starting out, and it sounds like you are, I would have your office in an area where you will maximize walk-ins, just a few a year can make a huge difference. -Put a bio through compliance and put it in a pamphlet box outside of your office for passer-byers to grab one, I'd have the IP out there monthly as well. -Request a flatscreen for your conference room (I got one a year ago, so don't take no for an answer. Don't settle for a refirbished piece of junk) -Choose custom paints, as the home office colors are fairly bad. I'd go a dark greytone over a light greytone above and under the chair rail (looks great, trust me). -The more pride of ownership you have, the more you will focus on producing. I've got other ideas if you want me to put them down.[/quote] Rank, I'd like to hear your other ideas. Great one of the pamphlet box.[quote=mlgone]
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And that reminds me…DON’T PUT UP STUPID WINDOW STICKERS!!!
We have a guy in my region that has every Jones window sticker ever made up on his windows. Looks like a check-cashing place. I actually like it when one of my clients is writing out a check, and can't remember the firm name "B, do I write this out to you or....what's the name?". That confirms that I am doing my job well.“You can make that out to B24. And here are you homemade - I mean official - account statements.”
Is that Windy and Spiff ?
I’m probably half that age and about 8 inches taller.
Funny thing is that I have all of those window clings up in my office too. It was either that or my Alyssa Milano posters from high school. ml - where'd that pic come from?, Windy did say he often dressed casually!windy is on the left
[quote=Spaceman Spiff]I’m probably half that age and about 8 inches taller.
Funny thing is that I have all of those window clings up in my office too. It was either that or my Alyssa Milano posters from high school. ml - where'd that pic come from? [/quote]You might have gotten more walk-in traffic from middle aged and senior men.
You gotta stop posting stuff like that. I didn’t even get to see that link because the “Don’t Click This Again” screen popped up. Now I’m going to have to go home and see what that is.
Moraen - you are undoubtedly correct.I think this would be a great addition to any EDJ office:
Other ideas:
-Every trip you go on, buy an old map or old map replica and put it in a nice frame and put in the office. -Put a flat-screen in your window looping the EDJ commercials with a speaker running outside so passer-byers will hear and see. -Buy several nice clocks and post them on a main wall with major financial market times with a nice plaque below each clock. -get a saltwater aquarium in the main lobbyJust an update.
Thanks to all of you for your great responses. I’m just gonna sell STL on the location I want and push until I get it.
You guys are right about staying on top of them. I finally got in contact with the branch leasing coordinator. In the wire he said he would be contacting me in the next few days. I had been more than two weeks so I tracked him down. All of a sudden he’s in contact with a real estate agent here in town. I couldn’t tell you what he’s been doing for the last two weeks except maybe eating his lunch on top of my file.
The real estate agent contacted me within a few hours and it sounds like he’s on the ball big time. He says he’s done almost ten EDJ offices in the last year in the greater metro area of where I’m located. He said, "What is most important is that we find a location that you are comfortable with. If we do that Jones will pretty much sign off on anything as long as it is within the ballpark of their parameters."
Thanks again everyone.
10 EDJ offices in your area? Is that a GOOD thing?
[quote=rankstocks]Other ideas:
-Every trip you go on, buy an old map or old map replica and put it in a nice frame and put in the office. -Put a flat-screen in your window looping the EDJ commercials with a speaker running outside so passer-byers will hear and see. -Buy several nice clocks and post them on a main wall with major financial market times with a nice plaque below each clock. -get a saltwater aquarium in the main lobby[/quote] Another idea: -Pay twenty guys to sit in a room at desks smoking and yelling "Sell!/Buy!" on the phone as a prospect walks in.10 new offices in one year. Metro area population around 2.2 million people. Yes, there are Jones offices nearby, the closest is probably two miles or so, but I don’t feel like I’m tripping all over their clients or anything.
I opened my office last April and the new colors are not bad. I have the Green and cream colored walls with a tan toned carpet. You will get a flat screen tv for the conference room ( at least I did).
Like others have said, stay on top of the leasing agent to make sure things are moving along. If you don’t like the layout, change it to you liking (I was able to move walls, doors, and hallways). Don’t settle for their idea of a good layout.
Keep in mind if you have a supply room or break room Jones will not finish it(considered extra space) so the cost is on you. I spent maybe $100 to carpet my supply room by doing it myself and about $750 to tile my entry way and breakroom again doing the work myself.
Eyetattoo how big is ur office? Do you have room for a legacy in there? I’m looking at 1400 sf suites now and I would like to eventually host a legacy and still have a decent conf room and break/storage area. Do you think that’s enough space?
fa09, 1400 sqft is a WHOLE LOTTA space for one FA. Just remember, it makes it that much harder to hit your bonuses if you’re paying a ton for rent. And you don’t get much credit for hosting a Legacy. Don’t get all wrapped up in thinking you need a room for everything (break room, storage closet, “Legacy” office, conf room, etc.). 3 years from now, you will be bitching about why you aren’t profitable enough for bonuses and how evil Jones is.
I think you need 2 rooms....a storage/break room and a Legacy/Conf room. OR, you could just add a nice credenza or something to your conference room to store prospectuses and stuff. Otherwise, you are going to end up with about 800 sqft of unused space. JMHO.I just remodeled my office last fall. Jones told me that I had NO CHOICE and that I had to go with the new Jones colors - green and beige. They are not too bad. Jones paid for paint and carpet because it had been 10 years since a paint job. I paid about $1K out of pocket for a chair rail and baseboard (they were only going to pay for carpet base, ugh…). I painted all the trim myself and had my husband install it for me in the office. It looks great and I get compliments all the time, and also the “I guess you’re staying” sentiment as well. I put the green paint above the chair rail, beige paint below as well, and I’m happy with how that looks. The carpet is gross, terrible pattern and the weird smell from it gives me a headache. (No choice from Jones in the carpet either…) I would love to have hard wood floors instead. Maybe someday. I asked for a flatscreen for my conference room and they laughed at me. I must not be a good enough producer for a flat screen! I bought my own extra monitor at Costco for $150 and it has paid for itself 10 times over. My clients love looking at the extra monitor for FAST and morningstar hypos etc. I’m hiding the “required” Jones artwork and buying my own piece one at a time. And believe it or not, I paid $500 for an indoor plant company to outfit my office in beautiful plants, and I even pay them $50 a month to water them! Sounds crazy, but I’ve never been able to keep plants alive, and now everyone loves my plants. Bought three nice big clocks for local, NY and St. Louis times, everyone loves the clocks. Now if I can just reach my goal of 5 million in Advisory by the end of 2010, perhaps my remodeling costs won’t hurt so much.
The plant service sounds pretty cool. Different plants need different amounts of light and some need special types of fertilizer and different amounts of water. It’s a good idea to just let someone else do it and if the plants start looking shabby I’m assuming they’ll replace them at no charge?
YES, Bull. They take care of the plants, and if they start to look shabby then they will replace them for free (hypothetically, as all of the plants are still looking good). I know it seems indulgent to pay them to water the plants, but honestly I don’t think I could keep them alive and attractive. The only thing worse than having no plants at all is having dying plants.
Richchick, you really thought that when Jones said you HAD to use JOnes’ gang-green color, that you really needed to? You can do whatever you wqant, as long as it’s tasteful. You should see some of the offices in my region - wooden floor, chair rail, beige, burgendy, all different colors. Jones just wants consistency, that’s why they tell you that. And obviously they are not going to customize your office on their dime. Also, regarding the flatscreen…lots of people in my region have them, but they all paid themselves. I don’t think they actually buy them for anyone. It’s just easier fo big prodcuers to get things approved.
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