Are you looking to open a new dental practice? Or maybe you want to expand your existing practice. Either way, you need to ensure you’re purchasing or leasing the right dental real estate in Maryland. After all, choosing the location for your dental practice is a big decision. It’s the first step toward achieving your business goals, and plays a critical role in the future of your practice. But where do you even start?
Dental Real Estate Starts with Location, Location, Location
When it comes to both real estate and running your own dental practice, location matters. Before you take any further steps in your dental real estate journey, first narrow your search to one or two geographic areas. While it is always important to have some degree of flexibility in your real estate search, it’s also important to know what you want and why.
- Demographics: Consider factors such as total population, average population age, income level, and population growth.
- Competition: It is probably not in your best interest to open a new location in an area with too much competition.
- New Construction: Is the area being developed? New home construction can mean a new customer base for your dental practice.
- Convenience: Finally, think about yourself. What is convenient for you? Consider factors like drive time, daytime population, and traffic. Your new location shouldn’t be an inconvenience.
Deciding Between Purchasing and Leasing
Should you buy or should you lease? This is a pretty simple question with a rather complex answer. You see, it depends on a number of different factors, including your current situation and immediate needs, your anticipated growth and future needs, and the state of the dental real estate market in Maryland. Without fully understanding each of these factors, it’s difficult to determine whether purchasing a commercial property or leasing office space makes more sense for your practice.
This brings us to our next tip – establishing a commercial real estate brokerage relationship.
Enlist the Help of a Commercial Real Estate Broker
Calling a commercial real estate broker, especially one who specializes in the representation of medical and dental professionals, is incredibly important. A good broker knows the Maryland dental real estate market – the properties, landlords, buyers and sellers – and can help you find the right location for the right price.
- Site Selection: Choosing a broker that specializes in dental real estate provides a distinct advantage, especially when it comes to finding the right location. These brokers use building sale databases and cutting-edge tools to locate properties that fit your unique needs – location, space, parking, amenities, growth potential, and, of course, price.
- Purchase vs. Lease Comparison: Back to that earlier question. Should you purchase a commercial property or lease office space? Your broker will help break down your unique situation and make recommendations that make sense for your dental practice both now and in the future.
- Lease Analysis and Letter of Intent Negotiation: The purpose of lease analysis and letter of intent negotiation is to arrive at the lowest possible cost and see if an agreement is possible before spending hours negotiating business terms. Working with a dental real estate broker can help save in overall lease costs.
- Lease and Purchase Negotiation: A dental real estate broker understands the unique needs and inherent risks associated with leasing or purchasing a space for your dental practice. These brokers can help negotiate not only the best price, but also a deal that makes sense for your practice both now and in the future.
Partnering with an experienced broker can help save you time, money, and plenty of headaches. Additional services include:
|Real Estate Market Analysis||Negotiation Strategy||Demographics|
|Market Surveys||Lease Renewal||Assembling Your Custom Team|
|Strategic Planning||Expansions & Relocations||And More!|
|Analysis for Investment||Space Planning|
Contact United Development Realty: The Maryland Dental Real Estate Experts
United Development Realty understands the Maryland dental real estate market inside and out. We 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. Our client-first approach ensures that your unique needs are always met. We will help you find, negotiate, and lease or buy the commercial space that is right for your practice. Please call our office (locations in Bethesda 240-221-1976 and Fells Point 410-522-1632) to get in touch with a licensed commercial real estate broker today. Let us help you find the perfect space to grow your dental practice, and negotiate a price that makes sense for you.