Hiring the right real estate agent is crucial for the success of your medical or dental practice. The following key points will help you ensure that your interests are fully represented and that you make the most informed decision possible.
1. Avoid Conflicts of Interest
If the agent you’re considering has a listing agreement with any landlord or seller in your desired market, their primary responsibility is to maximize that owner’s profit. They cannot fairly represent both the landlord and your interests. Select an agent who specializes in tenant or buyer representation and is committed to avoiding conflicts of interest. Here are key questions to ask:
- How many landlord listings do you have?
- What percentage of your deals exclusively represent tenants or buyers?
- What percentage of your clients are healthcare providers?
- Do you list any healthcare professionals where you also had a contract with the owner?
The ideal agent should have no landlord listings, only represent tenants and buyers, and specialize in healthcare real estate.
2. Ensure Your Agent Has Industry Expertise
A knowledgeable real estate agent should understand the specific needs of your medical practice and should not ask you basic or obvious questions that indicate a lack of expertise. Be wary if your agent asks questions like:
- What price do you want to offer?
- Do you think this price is fair?
- Would this space make sense for your practice?
Such questions suggest they might not understand your industry or practice needs. An experienced agent should advise on market prices, concessions, negotiable terms, and understand the unique requirements of healthcare offices, such as electrical and mechanical specifications.
3. Verify Healthcare Real Estate Experience
Building a medical practice involves coordination among various professionals including equipment specialists, contractors, architects, and lenders. Your agent should be in sync with these professionals. Ask for references from reputable industry professionals and past clients to validate the agent’s experience in healthcare real estate. Ensure they can provide substantial, satisfied references and testimonials.
4. Check for Listing Conflicts
Avoid agents with property listings in your desired market as they have a clear conflict of interest. Questions to ask include:
- Do you personally have any listings in the areas I am interested in?
- Does anyone in your company have any listings in these areas?
- If an owner asks you to list their property in these areas, would you take the listing?
- Have you worked for any of the owners in my desired areas in the past?
If the answers are “yes,” move on to another agent. Just as you wouldn’t hire a dermatologist to give your patient braces, you shouldn’t hire an agent with conflicting interests.
5. Obtain Industry Recommendations
Your real estate agent should have a proven track record in the healthcare industry. Obtain recommendations from other professionals in your network to ensure the agent’s reliability and effectiveness. Each partner on your team should have a history of successful collaboration and positive feedback from peers and clients alike.
Conclusion
Choosing the right real estate agent is crucial for the success of your medical practice. By avoiding conflicts of interest, ensuring industry expertise, verifying healthcare experience, checking for listing conflicts, and obtaining industry recommendations, you can secure an agent who will effectively represent your interests and contribute positively to the growth and success of your practice.