Year: 2019

Commercial real estate terminology is vast and many times confusing.  Understanding terms and concepts is key to successfully evaluating options and making the right decision for your practice.  ‘Warm Vanilla Shell’ is one of those concepts that is important to understand when evaluating the initial condition of your space.

Let’s break down the meaning:

• Warm: the space does have an HVAC system connected and functional, or at least is attached to the premises and ready to be hooked up. Warm means the space can be heated and / or cooled without adding a new HVAC system.

• Vanilla: typically refers to the space having finished exterior walls with drywall, a drop-grid ceiling with ceiling tiles or a drywall ceiling, with lighting installed, HVAC that is distributed, and often also includes some level of additional build out such as a finished restroom(s) with running water, sewer, plumbing, fixtures, etc. The space may also contain some level of additional build out such as any amount of offices or additional walls and interior rooms.

A Warm Vanilla Shell is essentially a space with HVAC and the four walls and ceiling being finished.

Many landlords of both retail and office buildings will prepare a vacant space in the condition of a Warm Vanilla Shell delivery so that certain tenants might be able to immediately move in with very minor adjustments to the space or with simply the installation of their tenant specific furniture, fixtures and equipment.

However, there are some tenants who prefer a Cold Gray Shell vs. a Warm Vanilla Shell if they have unique requirements for their mechanical systems, plumbing or other finishes. A Vanilla Shell might require the Tenant to replace some of the improvements a landlord may have already performed such as relocating the restrooms or upgrading their finishes, selecting a different type of ceiling and light fixtures and more.

Depending on the level of finishes in a Warm Vanilla Shell, it’s possible for a landlord to spend $50,000 to $100,000 in improvements that the tenant might immediately tear out or upgrade. Meaning, if the landlord spends money on a specific ceiling grid, lights and restroom location but the tenant wants something different, there can be a healthy waste of both time and money. That money would have been better slated for the tenant to use on the exact items and finishes they wanted verses what the landlord already put into the space.

While many retail tenants or traditional office tenants may prefer the delivery of a Vanilla Shell to expedite their occupancy and lower their expense of build out, most healthcare providers are much better off taking a space in a Cold Grey Shell format. The reason is that a healthcare tenant can better utilize the equivalent of the money the landlord would have spent on a space and instead utilize that money for the exact upgrades the tenant wants. There are times when the landlord has already spent the money on delivering a Vanilla Shell, which in that case you simply get what the landlord has already decided. However, there are also many situations, especially with new construction, where if you get to the property or landlord early enough in the negotiations that you can determine the type of delivery as part of your negotiations for the space.

Understanding these unique terms when evaluating spaces will help you make the most informed decision and give you an advantage during your negotiations.

For additional commercial real estate terminology, visit or glossary page by clicking here.

To find an expert agent representing healthcare practices in your area who can further explain these and other terms, click here.

A monumental decision for your practice is choosing where it will be located and how much space you need.  As you consider your top property options, you will encounter layers of information and definitions that can have a significant impact on both your success and budget. When it comes to the size of your space, there are a few items and definitions that often confuse even savvy tenants. One of those items, is understanding the difference between Usable and Rentable Square Footage, and avoiding the most common mistakes involved with each.  

Usable Square Footage

Usable Square Footage or USF is the total usable floor area of a space or building.  Usable Square Footage is measured from the outside or outer surface of any exterior walls and windows, including the middle of any interior walls that are adjacent to other spaces, hallways or common areas. Similar to how homes are assessed, the measurements are from the outside of the exterior walls, not by measuring from the inside of the walls.

Usable Square Footage is the space the tenant will actually occupy, as compared to the Rentable Square Footage the tenant will pay rent on. Usable Square Footage can sometimes also be called Leasable Square Footage.

Architects and Tenants will often measure a space from the inside of all the walls of a space, and in doing so, will calculate a square footage that is lower than the landlord’s calculation of the Leasable or Usable Square Footage. Although this is both helpful and needed when designing a space and getting budgetary numbers, this is not the same as Usable or Leasable Square Footage.  Measuring the interior walls of a space will not get you to an accurate measurement of USF.

When measuring a space, it’s important to understand the location of the measurements as well as even the thickness of the walls to calculate the correct size. An architect or space planner can help ensure a more accurate measurement than most individuals trying to use a tape measure of laser. Additionally, comparing in-person or field measurements to a verified CAD document can also decrease the margin of error.

Usable Square Footage should not include any common areas of the building such as public corridors, hallways, common areas, restrooms, etc.  Again, the definition of Usable Square Footage is the official measurement of the space or square footage you will actually occupy.

Rentable Square Footage

Rentable Square Footage or RSF is the total square footage that tenants pay rent on and equals the Usable Square Footage plus the tenant’s pro-rata share of the Building Common Areas; such as: lobbies, public corridors, hallways, restrooms, utility closets, fire-sprinkler rooms, etc. When it comes to Building Common Areas, an example would be an office complex that has ten tenants utilizing a common area, where the ten tenants would share the proportionate amount of square footage based upon their percentage of the Usable Square Footage they occupy of the building.

The same concept is typically the case when also dividing the cost of maintaining any common space; it is divided on a pro-rate scale.  The square footage and cost would be included as a part of the Rentable Square Footage.

Rentable Square Footage differs from Usable Square Footage in that Usable Square Footage is the tenant’s specific space they occupy whereas Rentable Square Footage also includes a portion or percentage of the property’s common areas.

The pro-rata share has many synonyms and is often referred to as the Rentable/Usable (R/U) Factor, the Core Factor, the Loss Factor or the Common Area Factor. Regardless of what title it receives, the amount will typically fall in a range of 1.10 to 1.20 percent of the Usable Square Footage, depending on the particular building. Typically, a tenant who occupies an entire floor of an office building will have a lower R/U Factor compared to a tenant who occupies only a portion of a floor.

To show the math on this as an example, if the Usable Square footage is 3,000 square feet, and the R/U Factor or Common Area Factor is 1.20 percent or 20%, you take: 3,000 square feet x 1.20 = 3,600 Rentable Square Feet.

Buildings or properties that offer additional amenities such as conference room facilities, fitness gyms or other property benefits will often include those square footages into the common areas as well, which can increase both the R/U Factor and the overall Rentable Square Footage.

Properties such as Retail buildings or single-story office or industrial buildings that don’t have any noticeable common areas or interior public corridors may still have a very small or minor additional R/U Factor which increases the Rentable Square Footage to them, in the form of a common building utility closet or fire alarm room or fire-sprinkler riser room.

When evaluating the Rentable Square Footage of a property, it’s important to understand that you are paying for additional square footage as part of your pro-rata share of the common areas in addition to your Usable Square Footage. You will then also pay your pro-rata share of the expenses to maintain the common areas and overall property.

A Common Mistake

One of the most common mistakes that tenants make is basing their actual square footage needs on the Rentable Square Footage number they see advertised. A tenant will often speak with an architect to determine the approximate size of space they need, but won’t realize that there could be a substantial difference in the size space they need vs. the final Rentable Square Footage, especially if they are considering an office building.

In the example we used above, if a tenant believes they need 3,000 Usable or Buildable Square Feet for their space, and doesn’t understand the difference between usable and rentable, they will go search for 3,000 square feet, instead of a space that is actually 3,600 Rentable Square Feet with 3,000 Usable Square Feet or 3,000 Square Feet they can actually build out and occupy.

This mistake can result in a number of issues, including wasting weeks or months of time evaluating spaces that are the wrong size; or, if a lease is signed prior to the tenant fully realizing the mistake, you can get committed to a space for five to ten years in a lease agreement for a space that is too small from day one.

Overall, understanding the difference between Usable and Rentable Square Footage is a small but important step in mastering commercial real estate concepts that can help you maximize every opportunity you have, and ultimately, maximize your profitability through real estate.

For additional information on commercial real estate terminology – click here
For a free evaluation of your current terms – click here

The next property consideration we are going to discuss is the impact of what are commonly referred to as Anchor Tenants and also, complimentary healthcare providers. This is an often overlooked but very important consideration when it comes to commercial real estate fundamentals.

Anchor tenants are most commonly found in large shopping centers and areas that are located nearby your office space or in the same building or complex. Anchors are often identified as grocery stores, warehouse clubs, depots, large retailers and other prominent tenants that drive a significant amount of foot traffic into stores and shopping areas. Anchor tenants attract other businesses and retailers who desire to be located nearby for the same reasons. Overall, anchor tenants increase the number of customers or clients in a specific area.

Anchor tenants can also be smaller in size too, as long as they drive significant traffic to a property. For instance, a prominent coffee shop might bring several hundred visitors to a property in a single day. Other restaurants or retailers with a smaller size may also be able to attract a noteworthy amount of potential new patients.

A healthcare practice within an office building, medical office building or on a hospital campus, that has complimentary practices located in the same building or campus can have a huge impact on the success of your practice. For instance, if you are Pediatric Dentist, being located in a building with a Pediatric Physician could have a huge impact on the number of new patients you see. Many healthcare providers will seek out buildings or campuses that allow themselves to be surrounded by other providers that are both complimentary and can provide tangible opportunities for referrals.

In summary, there are pros and cons to nearly every property and each consideration needs to be weighed. The space you are the most excited about might be the most expensive or above your budget. The center that has the most traffic and visitors per day might have the most challenging parking if you are competing for parking against other busy tenants. A property that is priced the most competitively might not offer the visibility and signage you would ideally like. 

It’s incredibly important to truly understand all the property options that meet your requirements. To do this, you should hire professional representation and make sure you are evaluating and negotiating with multiple owners whenever possible. This allows you to compare multiple spaces, buildings, landlords and offers against the other options, so you are able to make the best decision possible. Real estate will make a major impact on your practice’s profitability. Make the most of every opportunity.

To read the part 1 of this series, click here.
To learn more, visit our video page by clicking here.
For a free evaluation, click here.

The next commercial real estate fundamental to consider related to your practice are the exterior factors and how they can influence your decision. Understanding how parking, visibility and accessibility affect patient awareness, flow and profitability are important to consider when evaluating your practice. Let’s look at three exterior aspects that will influence your practice.

Parking

Another vital property consideration for your office space is parking, for both your staff and your patients. When evaluating the parking needs for your patients, you have three groups to consider: patients that are coming to your office, patients that are already inside your office, and patients that are leaving your office.

Depending on your schedule, there can be a high demand on the parking allotted to your space due to other tenants sharing your parking lot. While most Medical Office Buildings and Retail Centers have a higher parking ratio for this reason, its important to make sure the property you are considering has ample parking both for your needs and the needs of other tenants that ebb and flow throughout the day.

While some landlords allow specific tenants to have a few reserved parking spaces, the majority of landlords do not grant exclusive parking spaces for patients. This means it’s important to ensure the locations you are considering can accommodate your current practice and future growth.

Visibility and Signage

Two of the most requested property considerations for new offices are strong visibility and exterior signage, either on the building itself or on a prominent monument sign in front of the building. These requests are also two of the most important items for nearly every national retail tenant. Large, national retailers count on the visibility and signage of their locations for marketing, brand awareness and most importantly, driving business to their stores.

Since the early 2000’s, more and more healthcare providers have been seeking the same benefits that come from the positive exposure of both visibility and signage. It helps patients find your location and provides built in marketing and brand awareness.

That being said, visibility and signage usually come with a higher price tag. In the majority of commercial real estate markets, landlords charge a premium for high visibility properties, spaces and signage. Landlords understand the value that visibility and signage offer, and properties that benefit from them typically are priced higher than similar properties that don’t have the same exposure.

Even government agencies, such as real estate assessors, recognize this when valuing properties. You can expect the majority of properties that offer high visibility and signage to be assessed with higher property taxes and as a result, will have higher operating expenses. It’s important to weigh the increase in your real estate evaluation and, if applicable, evaluate if the increase in monthly rent or mortgage will benefit your practice proportionately. There are many times that the exposure and signage is worth the added expense. An alternative and potentially stronger position could be to select a property that would save you more money on a monthly basis and utilize the savings to invest in a targeted marketing strategy.

Last, there are some very specific types of practices that are 100% driven by referrals of other practitioners, where very little benefit is obtained or needed from either visibility or signage. If the vast majority or your new patients are coming at the recommendation of a referring doctor, paying the premium for signage and visibility may not be worth it.

As with most financial decisions, a detailed evaluation provided by your agent should help you weigh the difference between cost and benefit.

Access

Another main consideration alongside visibility and signage is access to your office. In other words, if a patient is driving to your office, what is the closest major intersection to your property? Where do you turn to get into your property’s parking lot? Does the property have great visibility but challenging or poor access? That problem can occur when the primary access point to a property is a location you need to turn into before you can actually see the building. When that happens, a new patient drives by the building and sees your office, but then has to pull a U-turn or make multiple turns to get back to the main access point of your location.

Thankfully, the majority of new patients will rely upon GPS and mapping software on their phone to find your office the first time. However, the easier the access is for the patient to get to your building and the more recognizable the major intersections or known landmarks are to your property, the more ideal the patient’s experience is in finding your office. Thus, the more likely patients or referral practices will recommend you.

To read the part 1 of this series, click here.
To learn more, visit our video page by clicking here.
For a free evaluation, click here.

For most healthcare practices, real estate is the second highest expense behind payroll. The difference between a properly or poorly negotiated transaction can benefit or cost a practice tens to hundreds of thousands of dollars over a ten year period. Additionally, you typically get only one opportunity every 5 to 10 years to take advantage of a new negotiation.  With this much at stake, every transaction is paramount to maximizing profitability.

Being educated on commercial real estate fundamentals can increase the potential to make your practice a success. The first important consideration to understand in this series is evaluating the proper amount of interior space needed for your practice.

Square Footage Needs

There are many property considerations to evaluate when choosing an office space for your practice. One of the most important considerations and first questions to be asked is: what size space are you looking for?

Choosing the proper square footage for your new office space is a balancing act between size and money. You need to choose between how much space you need right now and how much space you will need in the future, say in five years from now or as you grow your practice. You also need to understand the cost of what you can afford now compared to what you can afford in the future.

If you play it too safe you can end up limiting your upside and ability to grow your practice. On the other hand, if you acquire too much space, you can dramatically hurt your profitability in your first few years.

In an ideal scenario, you can find a space that gives you a healthy amount of room to grow but also allows you to successfully manage your budget and profitability both at the beginning of the lease and through the completion of the term. Your goal is to be profitable as soon as possible but not to the detriment of future profitability which comes through growth.

Each real estate location and market also impacts the size you can afford. The real estate market in San Francisco, California is very different than the real estate market in Omaha, Nebraska or even Denver, Colorado. The more competitive the market and current economy is, the more limited your choices will most likely be.

If you are borrowing money from a lender, they may require your total monthly rent to be below a specific amount during the first few years of the lease or set a cap on the average monthly mortgage payment if you are purchasing. The specific amount of money these numbers are typically based upon is derived from the lender’s underwriting guidelines and are aimed at keeping the monthly payments to a manageable amount, especially in the first few years.

The best way to understand how to choose between the ideal amount of space and budget, is to work with several partners who can each help you balance the two decisions. A lender will tell you what your maximum budget is. An architect or general contractor can help you determine how much you can build inside the space and at what cost. An experienced healthcare real estate agent can make sure you evaluate your top options that best fit your requirements, and then how each option compares to the others, both financially and through other important business considerations.

Selecting the proper square footage for your new office is an extremely important decision that you should make based upon market knowledge, current and future needs, and most importantly – budget.

To learn more, visit our video page by clicking here.
For a free evaluation, click here.

Every commercial real estate transaction has an ideal time frame to begin the process. Most healthcare professionals understand that opening a new office or relocating an office doesn’t happen overnight, but the majority of professionals are not aware of the ideal time frames for each type of transaction. Different types of problems arise when starting a transaction too early or too late, and both need to be avoided.

If you start the process too early, it creates a scenario where you waste valuable time looking at properties, evaluating options, working with lenders and other members of your team, only to find that landlords or sellers will not negotiate with you yet.

Most landlords and sellers will not take their spaces off the market for extended periods of time while waiting for the tenant or buyer to become ready to transact or occupy the space.  If a landlord is willing to negotiate sooner than necessary, they will not offer you even close to their best terms that could be achieved, since they would lose income holding a space vacant for an extended period of time.

On the other hand, if they do put forth reasonable terms, it is predicated upon you moving forward immediately, which can leave you stuck paying for a space you can’t readily occupy or paying unnecessary rent on your former space if you leave early.

Different types of problems arise when starting a commercial real estate transaction too early or too late, and both need to be avoided.

CARR Healthcare is the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every year, thousands of healthcare practices trust CARR to achieve the most favorable terms on their lease and purchase negotiations. CARR’s team of experts assist with start-ups, lease renewals, expansions, relocations, additional offices, purchases, and practice transitions. Healthcare practices choose CARR to save them a substantial amount of time and money; while ensuring their interests are always first.

To hear more about why it is so important to have expert representation, watch the video below.

For more information about how you can maximize your profitability through your next real estate transaction, visit our FAQ page or click the following link to start a conversation with an expert agent representing healthcare providers in your area: Find an Agent

Most healthcare professionals understand that opening a new office or relocating an office doesn’t happen overnight. However, the majority of professionals are not aware of the ideal time-frames for each type of transaction and risk being too late.

When a transaction begins too late, an entirely new set of problems arise compared to starting too early.

Most people underestimate how long a commercial lease or purchase transaction takes. They liken it to buying a home or leasing an apartment, which unfortunately does not fit the commercial transaction timeline.

Identifying top options and negotiating a mutually agreeable deal can take several months. The legal process of reviewing contracts and finalizing details with lenders, architects and contractors can take months.  Once that process is complete, working with equipment and technology providers comes next; which also takes months. This is followed by the build out process if renovations are required.

Depending on the size and scope of the project, you can build out a new space in 6 to 10 weeks.  Prior to that there are several things you must do first; design the space, create engineered construction documents, submit for and receive permits and then start the build out. After construction, you need to leave time for installing furniture, fixtures, equipment, technology, final permitting and approvals, while leaving room for delays and change orders.

If you are relocating from a previous office and you don’t vacate your former space prior to the lease expiring, you’ll likely pay between 125 to 200% of your last month’s rent based on a provision found in most leases called “Holdover.”  This allows the landlord to charge you a higher month-to-month lease rate as a penalty for not vacating a space or signing a new lease.

If you find yourself in this position, contact us at your soonest convenience and let us work on your behalf.

Check back soon for the final part 3 of this blog to learn more about your ideal timeframe.

For more information about how you can maximize your profitability through your next real estate transaction, visit our FAQ page or click the following link to start a conversation with an expert agent representing healthcare providers in your area: Find an Agent

CARR Healthcare is the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every year, thousands of healthcare practices trust CARR to achieve the most favorable terms on their lease and purchase negotiations. CARR’s team of experts assist with start-ups, lease renewals, expansions, relocations, additional offices, purchases, and practice transitions. Healthcare practices choose CARR to save them a substantial amount of time and money; while ensuring their interests are always first. carrusoldtheme.wpengine.com

It takes expert planning and foresight to begin a commercial real estate transaction at the right time.  The majority of professionals are not aware of the ideal time-frame for each type of transaction and different problems arise when starting a transaction too early or too late.

If you only had two choices, starting too early is definitely better than starting too late but it is by no means your top option. Fortunately, there is an ideal time-frame to start each type of transaction and you don’t have to choose between the lesser of two mistakes. You can set yourself up for success by understanding the requirements of each type of transaction and how long each process takes.

Although there are many additional details needed to ensure each type of transaction is handled properly, let’s start with the correct time-frame for the primary types of transactions that healthcare professionals will engage in:

• Start-up or new office: 10 – 12 months in advance
• Relocation: 10 – 12 months in advance
• Purchasing an existing building or condo: 10 – 12 months in advance
• Buying land to develop a new building: 18 – 24 months in advance
• Buying a practice and getting a new lease or purchasing the building: 60 – 90 days in advance

Every type of transaction starts with a specific approach and detailed game plan that is aimed at maximizing the opportunity. Getting the best possible deal and terms is extremely important but so is making sure you don’t waste valuable time that could have been spent running your practice. If you spent thirty to forty hours of your time trying to properly handle your commercial real estate transaction – which is what the average commercial real estate transaction requires – how much money would that cost you in lost production?

Equally as important as saving time and money is avoiding costly mistakes that people make all too often when they don’t understand the nuances of healthcare real estate. The old adage, “if I knew then what I know now…” can easily be avoided by hiring a licensed professional that specializes in real estate for healthcare practices.  Patients come to see you because you are a trained expert with specific skill-sets that few people have. The same is true for real estate professionals; they help you identify your top options, negotiate the most favorable terms, save you a substantial amount of time and avoid common pitfalls.

The first step to maximizing any commercial real estate transaction: Start the process at the right time.  Contact one of our experts and let us help you with that process.

For more information about how you can maximize your profitability through your next real estate transaction, visit our FAQ page or click the following link to start a conversation with an expert agent representing healthcare providers in your area: Find an Agent

CARR is the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every year, thousands of healthcare practices trust CARR to achieve the most favorable terms on their lease and purchase negotiations. CARR’s team of experts assist with start-ups, lease renewals, expansions, relocations, additional offices, purchases, and practice transitions. Healthcare practices choose CARR to save them a substantial amount of time and money; while ensuring their interests are always first.

A commercial real estate transaction can either catapult or cripple your business. As one the highest expenses of healthcare practices, real estate evaluations and negotiations need to be handled by an expert. One small mistake on a lease or purchase can cost hundreds of thousands of dollars. Additionally, a lack of experience or an inferior approach can create costly delays and complications, while burning through dozens of hours of valuable time.

As a business owner your time is extremely valuable. You should be looking at multiple properties and evaluating them simultaneously. This gives you leverage in your negotiations, back up plans in the event your first choice doesn’t work out and a snapshot of the market in a competitive environment. Every landlord is different in their willingness to earn your business. It is critical to have multiple options (whenever possible) so you don’t miss a good deal.

Many agents that focus the majority of their time representing landlords or sellers, will minimize the amount of time and energy they spend researching properties and performing due diligence for a new client’s requirement. In contrast, an expert commercial real estate agent who truly understands the needs of healthcare providers, will typically invest a substantial amount of time and resources in uncovering and evaluating every potential opportunity that meets their client’s initial requirements. They will then further narrow down the top property options with the goal of showing their client the absolute best options that their client should be considering, and ideally, all at the beginning of the search and evaluation process.

The end result is the client’s time is optimized by looking at the most viable opportunities, which should provide a full and clear picture of the market / area of interest. Piece-mealing properties one at a time is an extremely inefficient process that typically results in wasted time and lost opportunities for the client.

When considering how much time and money is on the line for your next commercial real estate transaction, insist that your agent properly invest the necessary time and energy at the beginning of the transaction. Your agent should present multiple properties and help you fully understand your top options and which ones are best suited for you to capitalize on.

For more information, visit our FAQ page or click the following link to start a conversation with an expert agent representing healthcare providers in your area: Find an Agent

CARR Healthcare is the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every year, thousands of healthcare practices trust CARR to achieve the most favorable terms on their lease and purchase negotiations. CARR’s team of experts assist with start-ups, lease renewals, expansions, relocations, additional offices, purchases, and practice transitions. Healthcare practices choose CARR to save them a substantial amount of time and money; while ensuring their interests are always first. carrusoldtheme.wpengine.com

If your agent lists properties in the market or area you interested in, they have a clear conflict of interest in representing you as a tenant or buyer and should be immediately eliminated as an option to represent you.

This has nothing to do with the agent being a nice person or if they have helped you in the past… or maybe they are even a patient or close friend. This is paramount in order to protect your time, money and one of your largest assets, your practice.

The landlord or seller expects the highest price in the same way the buyer or tenant expects the lowest price.   The same conflict exists when negotiating free rent, build out allowance, build out period and many other concessions and business deal points. The bottom line is that your agent can’t fairly represent two opposing parties in any transaction where a negotiation is going to take place. Unfortunately, many uneducated or less savvy tenants and buyers don’t realize this truth until its too late.

While some agents will claim they can ‘default to a transaction agent/broker’, that simply means that neither party will receive any true representation, guidance or competitive advantage. Usually, that creates an environment where the agent becomes nothing more than someone who passes information back-and-forth but can’t legally provide any true guidance or give either party any advice that would lead to an advantage. So essentially, you are on your own and miss the opportunity for an expert to help you capitalize.

Someone who claims they can be a ‘dual-agent’, which is now only legal in a few remaining states, should be avoided at all costs. To keep things simple on this concept, if you hear the words ‘dual-agent’… run the other way and go hire an expert commercial real estate broker that will only represent your interests.

To put this in perspective further, if you were going to hire someone to help you negotiate a higher reimbursement for insurance, you wouldn’t hire an employee of the insurance company you were about to negotiate with. If you were involved in a lawsuit, you wouldn’t hire the opposing party’s attorney (and legally you couldn’t do so even if you tried). Real estate shouldn’t be any different.

As a healthcare professional, you want and need someone who truly understands your practice and industry, and who is committed to helping you maximize your profitability through real estate.

Before you hire an agent, ask them a few simple questions:

• 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 on any of the above, thank that agent for their time and move on to another interview.

Just like medical professionals specialize, so do real estate agents. You wouldn’t refer a Dermatologist to give your patient braces.   The real estate agent who handles your transaction will impact the trajectory of your practice for the next 20 years in either a negative or positive way.  Choose wisely!

For questions and answers on this topic, visit our FAQ page.
To start a conversation with an expert agent, click Find an Agent

Click the button to begin the process of completing a free, no-obligation purchase vs. lease analysis to help determine the best course for your practice.

To hear more about why it is so important to have expert representation, watch the video below.

CARR Healthcare is the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every year, thousands of healthcare practices trust CARR to achieve the most favorable terms on their lease and purchase negotiations. CARR’s team of experts assist with start-ups, lease renewals, expansions, relocations, additional offices, purchases, and practice transitions. Healthcare practices choose CARR to save them a substantial amount of time and money; while ensuring their interests are always first. carrusoldtheme.wpengine.com