Own vs rent
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i would be interested in hearing from the indy brokers on the subject of owning versus renting ones office. i like the idea of owning, but do i want to do that initially or should i wait a couple of years after the transition? your thoughts would be appreciated.
I'd rent first--it's faster and less headaches. You can always take your time and find the right location down the road if you really want to own once your settled in. You may want to rent indefintely. I'm still renting and I'm ok with that for now.
Focus 100% of your efforts on a successful move. I'd get a location that is as close as possible to your current b/d. Make the transition as seamless as possible for your clients as well as yourself.
The independents I know rented then moved on to ownership. Either way its a write off so as you expand a larger business expense.
For sure focus on the business and clients and then the decision to buy will not be a big deal.
Here's a couple of questions for the indy's who own their own office.
1. When you moved into your nice new upscale office, did you have any existing clients that were uncomfortable because the office was too nice? Maybe commented that they/client might be paying too much for your services?
2. Did you find that an upscale office was a plus with prospect or was it neutral?
3. Did you find that the change resulted in some of your existing clients bringing you more assets,referrals or business for whatever reason?
My office is now in a strip center. I am thinking about buying my own office building (about the size of a home, new construction)
What would be a couple of the "Must Do's" for my new office?
And a couple of "Don'ts?
Your comments & ideas are appreciated.
Partner has an average office with a lot of personals around the office (family pictures and kids pictures).
In our very small city of 50k poeple look to him more for the knowledge then the look of office. Also there is limited competition in our area. No major firms for 20 miles, but there is banks and mortgage brokers.