When it comes to the future of your dental practice, cutting corners is a big no-no. So, whether you’re looking for a location to start a new practice, you’re interested in expanding or relocating your current practice, or you need some negotiating power for your impending lease renewal, you know you should work with a commercial real estate broker. But did you know that not all brokers are created equal? The dental industry is a niche market, so it can be incredibly beneficial to work with a dental real estate broker, a tenant representation broker (tenant rep) who specializes in the representation of medical and dental professionals.
The Benefits of Working With a Dental Real Estate Broker
A dental broker is well-versed in the intricacies of healthcare real estate and can provide some pretty unique benefits for your practice to help increase profitability.
Unparalleled Industry Knowledge
Dental real estate brokers have existing relationships with many of the local landlords, property managers, and landlord reps. They also have access to building sale databases and cutting-edge tools to identify properties that fit your needs, as well as up-to-date market data and tools that track industry trends, vacancy rates, and comparable rental rates. All of this puts your broker in a pretty strong position when it comes time to negotiate your new lease.
While some other types of business professionals, such as consultants, lawyers, and accountants, could assist you with these negotiations, they don’t have an intimate knowledge of the local real estate market. They may not be aware of other opportunities that could affect the outcome of your deal. Conversely, a broker may have already done negotiations with your landlord or your building and be starting where others hope to end up.
Strategic Site Selection
There are four primary types of commercial properties that fit the unique needs of most dental professionals: office buildings, retail space, medical office buildings (MOBs), and hospital campuses. Each property type has its own benefits, and understanding those will help you determine which best suits your practice. However, selecting the right commercial property goes beyond the physical location of the building. Your location within the building or retail center is just as important. Is there ample parking for your business needs? Who is beside you, above you, or below you? Are your neighbors noisy? Will their business negatively affect yours? Is the area being redeveloped? How will construction affect the space?
While it is impossible to foresee every possible issue, a qualified dental real estate broker can help you determine which space makes the most sense for your practice both now and in the future.
Familiarity With Local Laws & Regulations
The healthcare industry is heavily regulated. Specialty regulations to consider include Occupational Safety and Health Administration (OSHA), Health Insurance Portability and Accountability (HIPAA), Stark and Kickback, as well as Maryland and local regulations. A good dental real estate broker understands the federal and local laws and regulations that can affect your practice, and will be able to advise you throughout the process.
Save Time & Money
Finding and leasing commercial real estate can be a complicated process, especially when it involves the healthcare industry. Enlisting the services of an experienced dental real estate broker. It can help save you both time and money.
- Time: Instead of investing your precious time to learn the ins and outs of dental realty, hire an experienced broker. These brokers know what their healthcare clients need and have experience in purchase and lease negotiations specific to the dental industry.
- Money: Commercial real estate is often the second-highest expense for healthcare providers, behind payroll. So, site selection and lease negotiations can have a major impact in the financial wellbeing of your practice. An experienced tenant rep can help ensure you aren’t paying about the current real estate market.
Best of all, hiring a dental real estate broker won’t cost you anything. Almost every lease deal has a paid commission built into it, funded by rental dollars. So, if you choose to forgo hiring a tenant representative, you actually won’t save any money, but you will give up considerable leverage.
Finding a Dental Real Estate Broker in Maryland
Look no further! United Development Realty provides commercial real estate services throughout Maryland, specializing in the representation of medical and dental professionals. We have the specialized industry knowledge you need to help you find, negotiate, and lease or buy the commercial space that is right for your practice. We know the Maryland dental real estate market inside and out, and use comparable building sale databases and tools that track industry trends and property costs to help us find the right location for your practice at the right price.
At United Development Realty we take the time to get to know you, your vision, objectives, and goals. Then, once we fully understand your practice and its unique needs, we can assist you through a tailored package of services, including:
|Real Estate Market AnalysisAnalysis for Investment||Negotiation Strategy||Demographics|
|Market Surveys||Lease Renewal||Assembling Your Custom Team|
|Strategic Planning||Expansions & Relocations||And More!|
|Analysis for Investment||Space Planning|
Please call our office (locations in Bethesda 240-221-1976 and Fells Point 410-522-1632) to get in touch with a licensed dental real estate broker today. Our client-first approach ensures that your unique needs are always met. Let us help you find the perfect space to grow your dental practice, and negotiate a price that makes sense for you.