Avoid These Two Giant Mistakes Real Estate Agents Make When Picking an Office Space

There are two major mistakes that real estate agents make when choosing an office space and getting your business started. Today you’ll learn how to avoid those pitfalls and how to choose a space that will help grow your business and your team in a healthy, intuitive, and financially responsible way.

Mistake Number 1: A real estate agent delegates choosing an office space to someone else.

Whether it’s choosing the office space based on the brokerage they go to or the team they join, this agent lets another person dictate the environment they work in every day. This agent might think that it’s a “free space,” but they’re paying for it one way or the other whether it’s splits, fees, or even just having to give out advice to other people in the office, which is a drain on their time, one of the most valuable assets of all. This is especially true if they are a good producer.

Another reason you don’t want to do this is that you’re surrounded by your competitors. These are people who don’t want to collaborate with you, who aren’t invested in your growth, and are actively competing with you for sales. This isn’t a great environment in which to run your business.

Mistake Number 2: Buying or renting an office space that is too big.

The agent who makes this mistake might get stuck having to walk away from a big office on a long lease agreement that they’ve already spent a ton of money to build out. This is a headache and will drain your time, energy, and financial resources.

Instead, you can rent a flex space. This could be at a WeWork, a Regis, or another co-working space. Pick a spot that’s convenient for you, has a great atmosphere, and gives you room to grow. You might start with an individual membership or shared working space, but as your business grows you might be able to upgrade to a larger office space.

What it boils down to is this… Step into the role of being a leader who creates an environment in which other like-minded people want to work. Whether you want to surround yourself with people who inspire you to be better or craft a business environment where people actively want to share, you should be the person who dictates where you work.

Even better, you could be at a place like eXp where the brokerage is actively paying you to recruit like minded agents. 

As a final thought, I’d encourage you to step up and be an agent who takes ownership of your space, creating an environment in which your business doesn’t just survive, but flourishes and thrives. A space that attracts other agents, has a great culture, and inspires you to reach new heights every single day.