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    How to time your next dental real estate transaction

    Set yourself up for success by understanding how long different transactions may take.

     

    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 time frame 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.

    More from the author: Why a broker may be beneficial for your next dental office lease negotiation

    Although there are many additional details needed to ensure that each type of transaction is handled properly, let’s start with the correct timing for the primary types of transactions that health care professionals will engage in:

    • Startup or new office: 10 to 12 months in advance
    • Relocation: 10 to 12 months in advance
    • Purchasing an existing building or condo: 10 to 12 months in advance
    • Buying land to develop a new building: 18 to 24 months in advance
    • Buying a practice and getting a new lease or purchasing the building: 60 to 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 spent in your practice. If you lose the equivalent of 20 to 30 hours of your time—which is what an average commercial real estate transaction requires to be handled properly—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 health care real estate. The old adage, “If I knew then what I know now…,” can easily be avoided by hiring licensed professionals who specialize in real estate for health care practices. The reason patients come to see you is because you are trained in a specific skill set that that they require and that few people have. The same is true for real estate professionals who can 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 is simple: start the process at the right time.
     

    Carr Healthcare Realty
    Carr Healthcare Realty is the nation’s leading provider of commercial real estate services for healthcare tenants and buyers. Every ...

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