Whether you are starting a new practice, relocating an existing one, or taking over a practice, closing on your medical office space can be quite the ordeal if you aren’t prepared. In order to ensure that you get a great deal on the right property in a timely manner, it is important to know what factors could affect your transaction. Beginning your search too early may leave you feeling defeated, particularly if you do find the right space and are unable to secure it because you aren’t ready. Similarly, starting the process too late may put you in the position where you are feeling rushed or forced into signing off on a building that doesn’t necessarily suit your needs, simply due to a time constraint. Read ahead for details that will help you decide the right time frame for your needs.
When searching for your medical office space, the first thing you need to do is get clear on your intention. Each different type of transaction will require an average length of time to make your vision come to fruition. Knowing what that is will give you your first indication of when you should start your hunt.
- Relocation: Typically takes about 10-12 months.
- New office/startup: 10-12 months
- Purchasing an existing building: 10-12 months.
- Purchasing land with the intention of building: 18-24 months.
- Buying an existing practice and getting a new lease: 60-90 days.
Remember that it’s not always as easy as just finding the perfect property. Closing the deal in the best interest of all involved parties, designing the property to fit your practices needs, and the actual process of moving into the property, are all factors in how long the transaction could take from start to finish.
Fine-Tune Your Game Plan
Now that you have established your intention for your medical office space, how will you turn your goal into an actual, concrete plan? This will require a clear, detailed vision of what exactly you are trying to accomplish. For example, if your plan includes buying an older building with the intent of changing the floor plan, upgrading the existing finishes, and modernizing the building’s technology to meet the necessary standards of your practice, each of these goals will need navigable steps (each requiring specific lengths of time) to achieve the desired end result. Failure to have a plan in place can push you well beyond your intended time frame.
Plan for Potential Issues
The process of locating and securing your medical office space may not be without its hiccups. Although a smooth transaction is always hoped for, it is necessary to be prepared should unexpected circumstances arise. These discrepancies can range from title issues, to structural issues, to zoning issues, et cetera. The common thread between them all is that they will likely require some quick and creative problem-solving skills to find a viable solution that will best meet the needs of all of the involved parties.
Consider Your Current Financial Status
Even if you’ve found the perfect medical office space in the prime location, it could be for naught if you haven’t considered your financial status. Get really familiar with the numbers of what you are bringing to the table, what you may need to borrow, and what the cap is on your budget. This will help you to prioritize your goals and keep your project realistic. Before even beginning your search, it is helpful to go through the process of securing your loan so that there are no surprises down the line. Issues with financing can greatly impede a transaction closing in a timely manner.
Hire a Commercial Real Estate Specialist
The best way to perfectly time your medical office space transaction is to reach out to a commercial real estate agent who specializes in this niche market. If you had a leak, you’d hire a plumber, and real estate is no different. Finding an agent who is familiar with your specific needs can ensure the ease and satisfaction of your transaction. They will have access to prime properties within your particular sector and will be able to successfully pair you with properties that are congruent with the specific goals of your practice. A trained eye will help you spot potential issues, as well, to help you avoid costly mistakes and repairs that could prolong the process.
Looking for Medical Office Space in Tampa?
John Milsaps has spent the past decade successfully representing both buyers and sellers in their commercial real estate transactions. His fluency in healthcare real estate trends in the Tampa market makes him the obvious choice when it comes to your search for medical office space in the area. As a senior advisor with SVN Florida Advisors, his consistent loyalty, creativity, and commitment to his clients, has continued to ensure success in each of his business transactions. Take a look through his database of available properties today and contact him to get started!