Why an Internal Real Estate Committee Should Be Your First Move.
“I feel like we just signed our last lease!”
You are busy growing your company. You are surprised to hear that your office lease is expiring in the next two years and now your people are asking you what you want to do. You’ve heard rates are higher, but how much higher? What are the options? Who will be affected if you move?
WHAT IS A REAL ESTATE COMMITTEE?
Group of internal leaders and employees who are tasked with advising you on key decisions regarding your company’s next office lease.
WHY ESTABLISH A REAL ESTATE COMMITTEE?
A company’s office is one of the strongest representations of a company’s culture. The office supports growth by recruiting and retaining top talent and providing the right environment that allows optimal work and collaboration.
THE UPSIDE OF UTILIZING A COMMITTEE:
• Complete consideration of employee needs to perform at their best.
• Discover concerns early so they can be addressed strategically.
• Buy-in from key team members which helps create leverage over the long-term
If done correctly, a Real Estate committee will give you confidence and your employees a voice in making the right decision.
WHERE REAL ESTATE COMMITTEES FAIL
• Key decision makers are not aligned on company goals or direction.
• Committee involvement takes too much time away from core business activities.
• Committee is unclear on how upfront decisions will be made and how their insights will be considered.
• Making uninformed decisions about your employee needs based on assumptions rather than actual research.
MAKING IT A GREAT EXPERIENCE
• Upfront dialogue and strategy between key decision makers to align real estate goals.
• Impactful involvement from employees without time suck.
• Clear communication between leaders & committee members throughout process.
• Utilizing questionnaire and data research technology to determine employee needs.
HIRE AN EXPERT
In Jim Collins book, Good to Great, executives interviewed stated that one of the biggest reasons for their company’s success was not determining direction, vision, or upfront strategy but instead, “having the right people on the bus”.
A successful real estate committee is much the same way. Gather the right people, trust their opinions, and steer away.
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