Once you decide upon a strategic location for your practice, you may think getting started is as simple as signing paperwork. There’s a wealth of information on the internet about different buildings with office and practice space for rent, so it can be tempting to “fly solo.” The mantra for good real estate is location, location and location. For medical practices, location means much more than convenience or a nice neighborhood: It can make or break your business. A crucial piece to this puzzle is negotiating the best deal with the landlord. Practice advisors have access to professionals who will represent your best interest in negotiating a lease.
Benefits of working with a professional tenant representative include:
TO BUY OR LEASE?
Local tenant reps have a solid grasp of the local marketing place and what will be the best value for your money for the long-term. They complement this knowledge with an extensive demographic analysis of the area that provides information not just on the current state of the area, but also the projected economic growth or decline. Because medical office spaces typically have longer leases, available space is at a premium. Brokers will have a pulse on what is available.
With a waiting room full of patients, do you really want to deal with an unreasonable landlord? Professional tenant representatives will go to bat for you. They may also help facilitate relocation at the end of your lease if a better opportunity presents itself.
Have you read all the fine print in your leasing agreement? What will it mean for your practice years down the road? A tenant representative is able to give you a head start if you need to relocate or if you decide to sublease.
ASKING THE RIGHT QUESTIONS
Renting a location is about much more than how much it costs per month. There are several questions you should consider that you representative can answer with you:
- Does the office space allow what you need to dispose of hazardous chemicals? Are there any zoning regulations that could complicate this?
- Does the landlord give you an exclusivity option? The last thing you need is for the landlord to rent adjoining space to one of your competitors.
- Is the building ADA accessible? Do you have several older patients who need easier access to your services?
- Is the lease in compliance with federal anti-kickback statutes.? Often, specific clauses must be included in a landlord-tenant agreement to ensure this. Don’t make a costly mistake by overlooking this detail.
Don’t underestimate the benefits of working with a tenant representative who can save you time and money. Remember, your office and practice location says a lot about you and the quality of your work. Do you really have time to read the fine print and negotiate the terms yourself?