Healthcare Real Estate for Plastic Surgeons: Insights and Strategies
By Amy Anderson, MBA
In the ever-evolving landscape of healthcare real estate, physicians face a myriad of challenges and opportunities when it comes to finding the right space for their practices. From negotiating leases to navigating practice transitions, the expertise of specialized healthcare real estate brokers becomes paramount.
Amy Anderson, co-founder of BrinsonAnderson Consulting, Inc., sat down with Clint Herrema, Managing Partner of Bridge Commercial Realty to discuss real estate needs and challenges for plastic surgeons who are launching a private practice. In their conversation, Herrema described the many complexities of commercial real estate leases and shared some ideas for creative solutions and strategic planning.
Key Takeaways:
Engage a healthcare real estate broker who understands both landlord and tenant perspectives, rather than a general commercial broker, when searching for medical office space.
Plan on a minimum of 6 months to find new office space, negotiate a lease or purchase, and plan and execute a build out or renovation. Depending on the scale of construction needs, it could take much longer.
If you are purchasing a practice from another surgeon, work with a broker to carefully review the lease agreement, as escalating lease costs can greatly impact practice profitability.
Attempt to negotiate a below-market lease rate for the first two years when purchasing a practice with attached real estate, to allow time to establish the practice before committing to the full purchase price.
Have an attorney review the lease, even when you are working with an experienced broker, to help avoid costly mistakes and ensure fair and protective terms for both parties.
Partnering with an experienced healthcare realtor helps plastic surgeons unlock opportunities and mitigate risks, paving the way for a smooth transition into their new practice.
For more information on how Clint Herrema and the team at Bridge Commerical Realty can help, visit www.bridgecommercialrealty.com.
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