Last year we added a new office to our firm. When I say new, I mean new! We leased a building that is probably the best location in our County. After a lot of blood, sweat, tears, and money we turned an old auto parts building into a three unit real estate center complete with lender and title company. Due to the market conditions we lost one of our tenants and have been struggling trying to fill the empty unit ever since. On the upside to this, our new office sold more in volume than our other two offices in 2007 and is definitely on the map. We are moving into new market territories and the location provides us with a lot of walk in business.
In the past year smaller independents have shut their doors or have sold to larger firms. Aquiring another office, adding to our existing business, has always been of interest to me. I am always looking to add to our company and eventually would like to have another office in a diffferent market, expand our desirability to our clients and attract more agents. Doing so through acquisition seems like the perfect match. How do I go about this? What are the pros and cons?
So my question is start new or aquire? If you have gone down this road before I want to hear what you have to say.
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