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.
Protect yourself and your practice by answering these five questions about the agent you are considering hiring:
1. Will your agent only show you one or two properties at a 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. Piecemealing 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 and help you fully understand your top options and which ones are best suited for you to capitalize on.
Check back soon for the second question you should ask yourself prior to hiring an agent.
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