Are you a dentist looking to open up your own practice in 2022? In this episode of Finding MOB, I’m going to tell you about five costly mistakes people make when starting their dental practice so you don’t waste unnecessary time. I’ll also share insider broker tips that could save you thousands of dollars and get you into your practice as soon as possible.
Setting Up Your Practice In A New Space
For dental or medical professionals, time is money. The longer you aren’t in your space, the more you’re losing out on earning potential. One of the biggest challenges aspiring practice owners have is getting the clock started to get into their new space. Getting into a new practice can be a six to nine-month process—from the time you engage with an agent to touring the space to occupying that space.
Without a professional guiding you through the process, you will undoubtedly have delays. For example, are you searching for properties on your own? Are you trying to call everybody to help you? Are you being too broad in your search? Are you waiting to acquire a practice? Are you accounting for how you would deal with any real estate issues that would come up?
Now that you know why this is important, I will show you how to diagnose the situation in each of these scenarios.
Finding A Property
Searching for and finding a property is the first step in the process. By not having someone on your side, you’re lengthening the process of negotiating against experts when you don’t know the market. Calling everyone and every listing you find on Google means no one is working for you.
I get it; you might not have a clue who to call. However, give someone a chance to help you. Ask them why they’re right for the job. Do not call listings on your own; rather, share with your broker and ask him or her to reach out for you.
Narrow Down Your Search
Additionally, broad searches can lead to analysis paralysis. Do your best to narrow down your search to things like demographics, distance from home, or retail and office locations. As healthcare commercial real estate brokers, some of us utilize sophisticated search criteria so we can narrow down your ideal space.
From experience, we can tell you that many dentists who are looking to acquire a practice and not consider a startup will still be looking a year later. It’s hard to find the perfect property, the perfect practice, and the perfect location that you really want. Because markets are dynamic and the needs of your customers and patients are changing, you need to take that into consideration.
There are a lot of moving pieces, coordination, and partners that you need to make this happen. When you try to go at it alone, you’re acting as a quarterback that doesn’t know the players.
A Case Study
Let’s put this into context. I was working with a client that was having us look into purchase opportunities in the area. However, while we found a purchase opportunity a mile from his home, it was too isolated.
The brand they were looking for was more retail and visibility-based. This was a high-demand area; it was not advertised heavily because they already had people interested in the property. Because our client had professional representation, they were moved ahead of other interested parties. This is why advocates for your success are imperative in the process.
I’m Here To Help
I hope this helped you understand some of my best insider tips. Keeping this in mind will ensure you’re way ahead of the game when it comes to opening up your dental practice.
If you have additional questions about the process or want some honest advice, reach out to me directly and I’d be happy to help. Don’t forget to subscribe to my channel so you never miss an episode of Finding MOB, where I help diagnose medical and dental professionals with their office space needs throughout the country. Stay tuned to see what I feature next!