A lease is an important contract that you need to sign, but it can sometimes have some traps that you need to be wary of. Understandably, dentists usually spend a lot of time and resources trying to find the best office space location for their practice, leading to their failure to read and negotiate the provisions in the leases.
Remember, a lease is there to protect the landlord and their investment, so you need to know the things that you need to negotiate. In this way, you can have peace of mind knowing that you have secured the best dental office space. This post discusses some of the things that you need to consider to get the best dental space for your practice.
Find a team
Find someone who knows how to get and understands the current demographic data, such as dentist-to-population data and project population growth of the specific area. When you get the right location for your dental practice, you can use a tenant representative so that they can represent your interests.
The best thing about hiring a tenant representative is that they can negotiate with the landlord on your behalf. This means they will push for reasonable terms that serve your needs. On the other hand, a landlord representative can try to weaken your position. While they follow good care standards, they still get paid by the landlord. In this case, they have loyalty on the landlord’s side and not you.
Apart from having enough knowledge and good negotiation skills, a tenant representative can likely save you tons of money. Best of all, it’s almost free for you if you work with a tenant representative because they usually get commissions from the landlords.
How to sign the right dental space lease
Finding the best Dental Office Space DC is just the beginning of finding the best lease for your practice. Without a good lease agreement, there are chances that you might experience unexpected costs or even pay a lot of money for the dental space. You could try EZLease for lease accounting to make this process that much easier. To make sure that you sign the right lease, take the following steps:
Consider the length of the lease
Landlords may offer you longer lease agreements because they want you to occupy the space for a long period. It can also benefit your practice if you stay in the same space for several years.
However, signing leases that are too long can cause problems, especially if you need to relocate to another place. Because of this, you can find yourself paying costly fees, so you need to understand your business needs and your future goals before you start negotiating.
Understand your market
Before you consider signing a lease, you should know the market in a specific area. This includes what other tenants are paying for similar spaces so that you can negotiate and get a fair deal. Also, your current lease should include rent increases only at renewal.
Evaluate the entire costs
You should analyze the costs for the rental space, all that is not listed on your lease, and costs shown on the contract outlines. This means you need to find out the additional costs and reimbursements you should pay the landlord besides the monthly rent.
