A big mistake fast-growing companies make — and how to avoid it.
I speak to 100s of CEO’s and co-founders every year, ranging from start-ups with 2 people to huge global corporate entities.
The #1 mistake that I see fast-growing companies make when it comes to their real estate is that they REACT to their needs only when space becomes a problem.
I get it.
You have far more pressing matters to deal with. Real Estate is tomorrows problem.
How to avoid being reactive
Here is my key piece of advice to avoid growing pains for your company;
Find an agent who can be a strategic partner in your growth. Build a relationship with them long before you grow out of your current space.
Being proactive about your real estate in this way, before it becomes a problem, will save you a lot of time and money in the future. Vacancy rates in Toronto currently stand at 2%. If you suddenly need to increase your headcount, and therefore your desk space, you’ll need to have a partner who knows the market and your business to make the transition as quick as possible.
Lean on your network
Speak to other companies who are further along in their growth and been through the process of acquiring new office space. Ask them for a recommendation on who they’ve worked with previously and what kind of experience they’ve had. In an ideal situation, you’ll find that your peers can facilitate an introduction to a real estate service provider with a great track record.
Interview
If you don’t find you jive with someone through this method, it’s time to do some interviewing. I’m sure there are a plethora of agents that are reaching out to you on a regular basis, looking to do business with you. Spending an afternoon interviewing 4 or 5 of these people. Think about how your values align and what type of person you want to build trust with.
Invite
Once you’ve found your new partner, it’s important to invite them to the growth plans.
Now you have someone in your corner who has a pulse on the local real estate landscape AND your business needs.
When the time comes where you’re continuing to build out your mission by adding headcount, this person will be able to hit the ground running and make the transition to your new space a smooth experience.
