The HPRG Blog
The HPRG Blog
With over 20 years of experience, we take the hassle out of finding new dental space for lease and for purchase. You're busy running your practice, so let our team do the heavy lifting for you. Don't go it alone!
Charles Feitel

Avoid Costly Mistakes When Leasing Dental Space By Using This Checklist

Avoid Costly Mistakes When Leasing Dental Space By Using This Checklist

10/16/2019 6:51:26 AM   |   Comments: 0   |   Views: 17
Leasing space for your practice is an incredibly important decision. 

That's because a single mistake could end up costing you thousands of dollars. To help ensure you don't make any errors you'll spend years paying for, use the following checklist:  
        
  • START EARLY:  Finding the perfect office space takes longer than you might think. So, give yourself one year or more for your search to give yourself enough time to find your dream office space. You'll be glad you did! 
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  • FACTOR IN PLANS FOR GROWTH: Make sure you factor in any anticipated growth. You don't want to move in only to realize that your place will soon be too small for your needs. If you're anticipating expanding, make sure that the space can accommodate these future requirements. 
        DO RESEARCH: To get the best space at the best price, make sure you do a little research. Your investigatory work will include googling your landlord to see what other tenants are saying about him. Also, see what other properties in the market area you're considering are going for. How does your rent compare to these rents? 
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  • INQUIRE ABOUT CAM FEES: These are what your landlord will charge you to maintain the areas in common to all tenants. Are CAM fees separate from the rent or part of it?  
        PRETEND YOU'RE A NEW PATIENT: Tour the space pretending you're a patient seeing it for the first time. Does it exude consummate professionalism, and thus, make a great impression? Remember, exceptional environments help make great patient experiences. 
        REVIEW YOUR LEASE: Review your lease with a proverbial fine-tooth comb. Make sure nothing in it will undermine the ambitious plans you have for your practice. Look at the escalation clauses (which allow your landlord to raise your rent by a pre-agreed upon amount over time) to see that they're fair. 
        AMENITIES: Will the amenities offered help grow your business, or will they be things you'll be paying for of absolutely no value to you?
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  • INCENTIVES: Incentives can and should be included in your lease. Does your contract have any? These include free rent, reduced rent, or tenant improvements.
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  • TENANT IMPROVEMENTS:  Carefully Look over the space carefully to see what tenant improvements it's going to need. This way, when it's time to negotiate, you'll know precisely how much tenant improvement money to ask for. And when you start negotiating, how generous is the tenant improvement allowance being offered, and how does it compare to what other landlords can give you? 
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  • CHOOSE A TENANT REP: Out of all the things you can do when leasing, this is the most critical. The world of healthcare real estate is dizzyingly complex. You're going to need someone with vast experience in this field to help you navigate through this treacherous and challenging terrain. 
        
        This guide is known as a "tenant rep" and only works for you—not the landlord. What's more, you won't be paying a cent for his help, because the money for his commission is paid for by the owner. If you need a tenant rep who will get you into your dream office space as quickly as possible, call HPRG today!
 
 
 
 
 
 
 
 

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