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As you work with the realtor and/or brokerage agency of your choice, you can kickoff your dental office space rental-scouting with a few more verified tips from real estate professionals. Here is another short list of things you can do to ensure that you find your ideal rental space for your practice.
Tips On Finding A Ideal Dental Office Space
1. Lease Terms
Now, we want to clarify that you are to go through the lease terms with a potential landlord along with your Dental Office Space Realty representative. Going alone can spell disastrous as you may not be knowledgeable and/or experienced in clarifying terms and conditions nor with negotiating rates.
That being so, there may be parts of the lease terms you’ll need your broker to clarify to you. Is the office under an Exclusive Use Clause? In other words, that the landlord will not rent the rest of the spaces to other tenants. What type of lease is your contract classified into? This, and other crucial inquiries you and your commercial broker can present your landlord.
2. Renewal Option
This one has to be crystal clear as well— your option for contract renewal. In the event that you are fixed on establishing your dental practice and remaining in the same location for the next years or even the next decades, this is going to be a crucial variable to take into consideration.
Your tenant and/or rental term has to include exactly how long you are allowed to lease the area, and when you can seek renewal (if applicable) after. Therefore, go over more than mere rental issues. You have to bear in mind what the projected demand will be for dental services in the area. Add that to how it pits against projected expenditures and manpower required.
For instance, will a 5-year lease prior to renewal be more workable in comparison to a 10-year contract? Looking into the possibility of shifting locations within a certain number of years? Check on your term’s renewal clause.
3. Secure A Spot With A Brokerage Agency Months Beforehand
Even with the support of an expert broker company, it will be challenging to sign the deal (let alone find a favorable one) for a dental office with components agreeable to your practice’s needs in a short span of time.
Experts recommend that you and your brokerage team scout the area and speak to landlords at least 6 months prior to moving office. The sooner, the better. Note that this 6-month timeframe has to do with scouting for and within locations alone. Talking to a brokerage firm and signing a separate contract with them must take place outside said timeframe.
4. Option For Purchase
Are you contemplating buying the dental office space come the future? If you are, then it will be to your benefit to know beforehand whether you can avail of an option to buy the property or not. Otherwise, you may want to reconsider the deal in case you will not be provided this option.
5. Don’t Sign The Contract After Only Checking One Place
Although you may find a dental office that fits all your practice’s qualifications during the first run, try to compare it with a few more sites. Have at least 3 to 4 others on your list. Once you go over the rest with your brokerage team, then you can put your name on that dental office space of your choice.
6. Rent Calculation Versus Actual Earnings
You may need to meet both your broker and your accounting team and/or representatives. An office may pass all your requirements. This much is true. However, a budget should be a major qualifier.