Purchasing, leasing, or managing healthcare real estate can be a daunting task. That’s why it’s necessary to have an experienced and knowledgeable real estate broker well-versed in the complexities of the healthcare industry. Here are five things to consider during your search:
Healthcare Industry Knowledge
Only a small portion of the commercial real estate community consists of property agents with in-depth knowledge and experience in the highly complex healthcare sector. These industry-specific agents bring specialized knowledge needed for your purchase or leasing journey.
The physical environment and facility requirements for primary care, for instance, can differ greatly from those needed in a specialty medical practice. It’ll be important to keep Industry nuances such as this in mind when making a healthcare real estate decision.
Previous Experience in Healthcare Real Estate
An experienced healthcare real estate broker understands that each transaction is unique and requires specialized attention. Their history working with clients in similar situations enables them to recommend the best strategies for different projectss (i.e. a purchase, lease, or management contract). It’s worth asking potential agents about their experience level so you can make sure you are working with someone who is knowledgeable of current industry trends and regulations.
Real Estate Credentials
If a potential broker has credentials from associations such as the National Association of Realtors (NAR), Certified Commercial Investment Member (CCIM), or Institute of Real Estate Management (IREM), Society of Industrial and Office Realtors (SIOR), these demonstrate that they have met certain standards required by these organizations and have extensive knowledge of commercial real estate transactions, not just those specifically related to healthcare facilities. This means you can trust that the advice you receive is reliable and trustworthy.
Extensive Referral Network
A healthcare real estate broker will have an extensive network of industry contacts who can offer additional insight related to negotiations or transactions, such as zoning restrictions or building permits required for construction projects. Furthermore, a broad network allows them to easily recommend other properties that may be available on the market giving you more options when searching for your ideal space.
Communication Skills
When it comes to real estate deals, communication is key. A broker should ensure that all parties involved in the transaction are informed every step of the way so there are no surprises when it comes time to sign documents or close deals. Being able to clearly explain sometimes complex real estate terminology is essential for successful negotiations and transactions.
Final Thoughts
Choosing the right healthcare real estate broker is essential if you want to get maximum value from your property purchases, leases, or management contracts. By considering factors such as industry knowledge, experience, credentials, network, and communication skills when selecting an agent, you can be sure that you’ll get exactly what you need out of your transaction.
With a qualified professional by your side throughout each step of the process, navigating even complex real estate deals becomes much easier. Working with an experienced healthcare-focused real estate broker will give you peace of mind knowing all aspects of your project are taken care of correctly. If you’re looking for an experienced healthcare real estate brokerage, we invite you to connect with our team to see if our firm would be a good fit.
About HBRE
Headquartered in Nashville, Tennessee, HBRE is a full-service commercial real estate firm specializing in healthcare real estate. With over 50 years of combined industry experience serving 28 states across the U.S., we deliver exclusive healthcare solutions so you can provide the best patient care.
