Professional Management is a Benefit of Owning an Office Condo for Your Medical Practice

Professional property management can be very cost effective for condo owners when the cost is shared.

Owning an office condo for your healthcare practice can be the best of both worlds: it provides just the right amount of space and at the right price.  Additionally, there are other benefits to owing a condo that are important to consider. In part 2 of this series, we look at the benefits of utilizing professional management to help maintain your office condo.

Part 2: Professional Management

Managing a commercial property is often much more time consuming and frustrating than what most Healthcare Providers are interested in. Commercial Property Management is a very large industry for many reasons. Simply put, most property owners don’t have the time or expertise to run properties at the highest level – and medical owners are no exception. That being said, professional property management on a smaller, stand-alone property can be cost prohibitive for a single owner. However, when you have several owners who all contribute to the cost, it becomes much more reasonable, as is the case with many office condos.

There are many categories of vendors required to run a commercial property at its highest level.  Additionally, maintaining maximum value is a priority that requires effort. A property manager can help identify, competitively bid-out and ensure the work is being performed at the proper levels in the following areas: landscaping, parking lot maintenance, janitorial service, fire and security monitoring, trash removal, window cleaning, inspections, snow removal, utility providers, general maintenance and upkeep and many more.

Another reason professional management is attractive to healthcare and business owners is that it prevents employees from taking on responsibilities with the property when that staff member’s time is much better suited in building the practice. Even smaller property issues can take hours or even days’ worth of time to resolve. Having a property manager ensures that neither you nor your staff lose your valuable time and expertise trying to run or maintain your property.

Additionally, property managers help ensure an accurate budget and accounting of the property. As a healthcare provider, assuming these responsibilities in addition to running your practice can be overwhelming.  Office condos often allow the hiring of a professional property manager, which is affordable if spread over multiple owners. This can save a substantial amount of time and effort and ensure your focus remains on your practice. Having a property manager is a catalyst to staying focused on your practice while maintaining the highest value for your building. Office condos make the cost of professional management much more reasonable compared to owning a stand-alone or larger property by yourself.

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.

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