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 timeframes for each type of transaction and different problems arise when starting a transaction too early or too late.
Just Right
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 timeframe 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 timing 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