Flex Engine

Before starting your search for a serviced office, you should be well-prepared. Which is why consuming resources that give you information about what to expect is recommended. What are flexible office brokers and how do they work? How much information should you gather about your needs to make the qualification process as focused as it can be? What is the most effective way to grade buildings when you are viewing? Which levers can you pull during contract negotiation beyond price? Flex Engine now has a Resources page where you can download helpful (ungated) information to add value to your preparation so that you can choose the most appropriate individual agent to support your search. #FuellingChange

If you’re starting a search for flexible offices and using a coworking broker to help you, the questions you ask make just as big an impact on your decision as the questions the broker will ask you. Here are some questions clients don’t ask when speaking to a broker, but should: 1) What makes your approach unique? Why should I choose to use you? - If the USP is basically ‘free’, ‘imartial’, ‘cover the whole market’ or ‘will get you the best deal’ then it’s not really a USP because they all say that. Dig for something more compelling.? 2) How many active leads do you have in your pipeline? - This affects the amount of time they will be able to dedicate to your unique needs. Make a judgment call on how much support you need based on how busy they are. 3) Do you have an allocated enquiry size range? - Where does your requirement sit? Higher end or lower end? Will it be exciting for them? 4) If I take an office, what percentage of your target will you hit? - This actually matters. Even if you’re speaking with an independent business owner, your impact on their bottom line will determine how 'high-ranking' your requirement will be, especially when coupled with question 2. 5) How many locations do you cover as part of your remit? - The more locations they cover, the more they will have their favourites. If you’re not looking in that location, will you be a lower priority? 6) What information do you pass to office buildings? How many buildings? - Some brokers make introductions straight away and cover lots of buildings to get many fee positions and cover their bases.? - Others won’t make any introductions until you’re ready to view.? - Some will withhold your contact details, others might not.? - You should be comfortable with how this works and what it means. 7) Will you tell me which of the buildings you recommend are paying you increased fees? - There is nothing wrong with brokers getting incentives. But at which point does it impact impartiality? Transparency is king, so you shouldn’t be afraid to ask. Also, if you decide not to use a broker after speaking with them, be sure to explicitly confirm that you do not want them introducing your requirement to the market (if you gave contact / company details as part of the conversation).?

If you're a client starting a search for flexible offices and deciding which broker to help you, we're going back to basics with some considerations to keep in mind as you choose. What to look out for when choosing a broker? 1) Are you attracted to a brand, or a specific person? A person, not their company, will find you an office space. So the look and feel of the brand + any broad promises they make is only as good as the person you eventually work with on your search. 2) What do they promise? Every broker will be free, impartial, cover the whole market and say they’ll get you the best deal. So what else sets them apart that attracts you as a client? When speaking to a broker 1) How long is the call? If you’ve been on the phone with someone for 5 minutes and they tell you they know exactly what you are looking for, take a moment to ask if this is OK for you. 2) Which questions are they asking beyond the basics? Flex Engine has a useful guide to show you the volume of information required to truly understand your needs. Use this when speaking with a broker to find out how deep they’re going (see the "Resources" tab on the website) 3) Are you being pressured into confirming viewing dates? Remember, completed viewings secure a broker's fee positions. So often the push for viewings is a way to cement an introduction fee. Viewings are incredibly valuable, but you should do them on your terms.?

For clients considering using a serviced office broker to help with their search for flexible space, we're going back to basics on understanding fees: If they are free to you, how are serviced office brokers paid? Unlike traditional office real estate agents, flexible office brokers do not charge you a fee. Which means you get their expertise at no cost. But they do get paid. Their fee comes from the provider of office space when you complete a deal. Almost always, this fee is equal to a percentage of the value of your contract. Because they only earn when you take an office that they introduced, their value proposition to you is always service-based. They need to build rapport with you and showcase the value they add through deep market comparison, effective management of viewings and skilled negotiation tactics. If you don’t take an office, they don’t get paid. How do brokers secure a fee position with an office provider? Very simply, in one of two ways: 1) They send your enquiry details to office landlords. If they are the first to do so, they qualify for a fee position if you end up taking space. 2) They arrange a viewing for you, which you complete. When this happens, even if they were not the first to make the introduction, they will win a fee position for being more proactive in sending you to an office provider. This sets up a very competitive dynamic between coworking brokers. The completed viewing is king. So you will probably find that the push for viewing dates is strong, whoever you speak to. All fees are not created equal Some office providers pay brokers more than others. There are lots of incentives out there which, as the client, you may not be aware of unless you ask. Understanding how a broker is paid gives you a lot of power in structuring your conversation with them, and helps your decision on who to choose.

For clients considering serviced offices as a solution and unfamiliar with coworking brokerage as a concept, felt it would be good to go back to basics: What is a flexible office broker? Brokers act as an intermediary between your search for coworking space and the landlords providing that space. They represent you as the client. Their goal is to find the perfect building / office for you and negotiate a deal you are happy with. Their other aim is to create competition for your custom, where multiple buildings want you to occupy their space. So that you get the most value. But they are also businesses that make money. Which means you will be part of a sales process when dealing with them. So, should you use an office broker? Short answer: yes, you should. But why? The world of coworking moves fast. Sometimes there will be 100s of choices in a specific location, each one with very different USPs. New ones open every day. A coworking broker should have a deep knowledge of your preferred location. Which buildings fit your needs. Who has the right availability. Where the deals are. They should be an expert with a specific set of skills that match your business (and you as a person). In short, they should make a fundamental difference to the outcome of your search. With so many to choose from, it’s more important than ever to ask lots of questions. Remember: a person, not their company, will help you find office space.

How do you choose a coworking broker when looking for flexible office space? If you used one in the past and had a great experience then you go right back to that person. As you should. But what if that wasn't the case? Or they're not there anymore? It's easy to find broker brands - they're all free, impartial, cover the whole market and will get you the best deal. But it's hard to find individual brokers that match your needs. And it really shouldn't be. Flex Engine is the first platform of it's kind: letting you use up to 7 unique filters to pinpoint an individual agent with professional experience and personality traits that matter to you. Because a person, not their company, will find you the ideal office. #Fuellingchange

We've written a lot about what clients seeking office space might want from brokers, and what operators say about brokers... but what about what the broker wants from office providers? It would be good to get input from flex brokers at large too, but to our minds the needs of brokers are not complicated. If you're a coworking provider, you should: - Make it easy to work with you. Respond quickly and make accessing information a breeze. Availability, pricing, viewings, queries. If agents know they can rely on you to turbo-charge the conversion journey, you'll be top-of-mind. - Don't change things too often. Stability is key. Payment terms, promotions, incentives, contact channels and processes. There's too many of these to keep track of so if yours is simple and stable, they'll remember. - Pay quickly. Commissions are often tied to invoices being paid, and agents keep a beady eye on what they're due (and from whom). If yours consistently get crossed off the list in no time, it will be noticed. - If you choose to incentivise, whatever form that takes, try to appeal on two fronts: the brokerage itself, and the agents inside it. The best incentives make a difference both to the company's bottom line and foster healthy competition between individuals employed there. - PS on incentives: you'll never win over every agent in a brokerage. Look to find those that have an affinity for your product and treat them like your champions. If you can create a few of these, you'll win more often. If you're a broker in flex, what else would you add to the list? What makes your life easier? #FuellingChange

If you're looking for "small" flexible office space (say, less than 10 people) and seeking guidance / support, you might find yourself in a bit of a paradox. To you, especially if this is your first office, it will be an incredibly significant step. Cost, commitment, team impact... So naturally you will need to make sure you cover every single angle before taking the leap. Taking time to ask lots of questions, as much comparison as possible... you have to be 100% sure. But the smaller your enquiry, the less earning power it represents on the other side of the equation: smaller contract values = smaller commissions to the sales people involved. And you might find yourself being encouraged to self-serve selection / negotiation or be part of increased automated processes. Which may be the opposite of what you want and (sometimes desperately) need. Which is why it's vitally important to find someone that specialises in handling requirements of your chosen size and location - to whom your needs fundamentally matter, just as much as they matter to you.

When looking for flexible office space, finding the right broker matters. But in practice this is more difficult than most imagine, because you have to find and approach multiple companies and speak with several individuals to evaluate the right fit. Flex Engine has been designed to help you find the right partner for your search in 3 easy steps: Step 1: Tell us what you need in an ideal broker. Are they experts in dealing with your industry sector? Do they specialise in your chosen search location? Do they share character traits that resonate with you? Step 2: Tell us how to reach you. Your information will not be passed to anyone until you have selected the agent to connect with. Step 3: Connect. See individual profiles that most closely match your needs. Request a connection with the one that appeals at a meaningful level and we'll put you in touch. Finding the right person to help you get the most value from your office search should not be a question of chance. The fist interaction you have should be with someone that ticks the boxes as a person and professional. #Fuellingchange

When negotiating flexible office contracts, what levers can you pull as the client to get the best possible outcome? Price is just one aspect of this process, but it has implications down the line... The further down it does, the further up it's likely to have to move when the time comes to open renewal negotiations at contract end. Instead, consider taking a wider view of the possibilities to structure things in a way that ticks lots of boxes: - Price - Fixed renewal - Stepped rent - Staggered deposit - Early move-in - Bigger tech bundle - Build works - Move costs - Free credits If you are using a broker, they should be well versed in these, and more besides. But often many of these questions remain unexplored, leaving plenty of value on the table besides just the monthly price. If you don't have a broker (you really should) and want to find the right one, head to Flex Engine to explore our unique directory. #FuellingChange