Office Condo
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I’m years away from going Indy, but I’m curious what you all think of office condos for an Indy office. Do they come across as being professional?
Sorry for the bump, just wondering if you guys think an office condo comes across as being professional. It seems like an inexpensice way to go, about $125,000 for 1200 sq ft and around $20,000 more to make it really nice.
I say… 1.) out of place, and 2.) unprofessional.
I’ll also say that some condo associations may not permit businesses to be run out of the condo.
C
[quote=Captain]I say… 1.) out of place, and 2.) unprofessional.
I’ll also say that some condo associations may not permit businesses to be run out of the condo.
C[/quote]
You should probably give the Morphine pump a rest.
C, I think you misunderstand what he means by "office condo". He's not talking about running his office out of a residential condo. He's talking about an "office condo" complex, where other businesses reside. The couple of little indy advisors I know use these. They're OK. One of them I am not crazy about - it's just one little room, no reception area. So if the guy is on the phone and a client comes in, there is no separation there. I have never asked him how he handles this, but I would guess he just doesn't answer the phone when he has clients scheduled to come in soon (he obviously has no assistant). But his office is nicely decorated, not cluttered, etc. So I guess it depends on the building, your neighbors, etc.I say… 1.) out of place, and 2.) unprofessional.
I’ll also say that some condo associations may not permit businesses to be run out of the condo.
C
C, I think you misunderstand what he means by “office condo”. He’s not talking about running his office out of a residential condo. He’s talking about an “office condo” complex, where other businesses reside.
Yup... I didn't understand the deal.
I still think they are cheesy... like all the Edward Jones distribution outlets at the strip malls.... only with more of them tucked into a shoebox, with more doors, and a community coffee pot shared among all the mall rats.
If you can't afford to staff and keep an office without the rotating door on the conference room, I'd say, stay on as someone's employee.
Let's say this.... If I, as a client, stepped into someone's community conference room and knew that the individual shared an assistant with some insurance monkey down the hall, I'd find someone else.
Still tacky. Still reeks of cheap.
C
OS,
I’m going indy soon and will be using an “executive suite”. My office will share a receptionist and things like a kitchen, conference room, etc. Our building is brand new and state of the art. If it has a professional look and the management keeps things neat and organized, I don’t see a problem with it. Remember, clients are buying you, not the office.
Down the road, once I’m up and running, I’ll probably get my own office. For now, my goal is to keep expenses low while transitioning my book.
Office space is one of the largest expenses on your balance sheet next to employees. Additionally this comes with a contract. So whatever you do, make sure it fits your budget first.
About Condo space, it all depends on the space. I have a huge complex near my home, and they are nice. Not your typical office building space, but nice. There are attorneys, doctors, and other professionals in the buildings. Ultimately it is about your client’s and your expectations.
An office condominium done correctly can look quite professional. If you have 1,200 square feet, you will have space for your office, a reception area, perhaps a second small office and a conference room. Picture how clients would view your office when you enter the facility taking into consideration location, ease of access, and their comfort factor. You will also be picking up some very nice tax deductions if you purchase the office. In this market you can be aggressive and low ball when buying commercial property.
The one thing you gotta give to Jones reps is they have one employee locations that get walk in business.