Philadelphia Medicine Summer 2019 - 5

5 THINGS EVERY
SAVVY DOCTOR
KNOWS WHEN PICKING
A REAL ESTATE AGENT
A commercial real estate transaction can either catapult
or cripple your business. As one of the highest expenses
of healthcare practices, a real estate negotiation needs
to be handled by an expert. One small mistake on a lease
or purchase can cost hundreds of thousands of dollars.
Protect yourself and your business by identifying these
five warning signs that you might be picking the wrong
real estate agent.

THE AGENT ONLY SHOWS YOU
ONE PROPERTY AT A TIME
As a business owner your time is extremely valuable.
You should be looking at multiple properties and evaluating them simultaneously. This gives you leverage in
your negotiations, back up plans in the event your first
choice doesn't work out and a snapshot of the market
in their willingness to earn your business. It is critical to
have multiple options (whenever possible) so you don't
miss a good deal.

THE AGENT IS ON THE FLYER OF
THE SPACE YOU ARE LOOKING AT
You are entitled to representation. If the agent you're
working with has a listing agreement with the landlord,
their fiduciary responsibility is to maximize that landlords
profit. They cannot represent the landlord and adequately
represent your interests as well. Avoid conflicts of interest
by signing an agreement with an agent that specializes
in buyer/tenant representation.

THE AGENT IS ASKING YOU QUESTIONS
ABOUT YOUR BUSINESS THAT ARE OBVIOUS
TO ANYONE WHO KNOWS YOUR INDUSTRY
term do you want? And how long does your construction
typically take?" These are red flags that demonstrates
that they do not know your industry or the needs of your
trical and mechanical needs that need to be addressed
up front or they could be very costly. Also, if they don't
understand your business and industry, they can't sell the
landlord on your value as a tenant.

REPUTABLE PROFESSIONALS
IN YOUR INDUSTRY CAN'T VOUCH
FOR THEIR EXPERIENCE.
Building a dental or medical practice is a collaborative
process between your equipment specialist, contractor,
architect, lender, and real estate agent. If your agent is not
in sync with those professionals it can turn your project
into a nightmare.

THE AGENT HAS LISTINGS
IN YOUR DESIRED MARKET.
If the agent has listings in the market you are looking in,
they have a conflict of interest in representing you as a
tenant or buyer and should be eliminated as an option
to represent you. That agent is financially incentivized to
push you towards their listings. Also, they have existing
working relationships with landlords in your market. If
negotiations get tough, does your agent's loyalty lie with
the landlord or you? You might miss the ideal property
because it is listed by your agent's biggest competitor.
Just like medical professionals specialize, so do real estate
agents. You wouldn't refer an Endodontist to give your
patient braces. The real estate agent who handles your
transaction will impact the trajectory of your business
for the next 20 years in either a negative or positive way.
Choose wisely!

PHILADELPHIA
PETER MCCANN
Agent
267.373.7366
peter.mccann@carr.us
CARR.US

http://www.CARR.US

Philadelphia Medicine Summer 2019

Table of Contents for the Digital Edition of Philadelphia Medicine Summer 2019