By Richard Schwartz, CPA
A few months back, I had recommended that one of my clients who owns a dental practice contact David Miller from Carr Healthcare Realty with regard to a lease for a new location for his office. Dave’s team at Carr was able to negotiate a total savings of approximately $65K for my client over the ten-year term of the lease.
These savings include four-months free rent during the build-out period, six-months free rent upon opening the practice, and a reduction in the first-year rent by about $1k per month. Dave’s team also negotiated for exclusivity as the only dental practice within the retail center even though that provision was not proposed by the landlord in the original letter of intent.
What makes working with firms like Carr Healthcare Realty even better is that this service is 100% FREE for the tenant. Instead of charging our clients a fee for services provided, Carr Healthcare Realty gets paid a commission from the landlord as the Tenant’s Broker. So I was able to point this client in the right direction to help him save $65k in lease payments over the next ten years at exactly ZERO cost to him. What a great value Carr Healthcare Realty is able to provide.
Now that I’m more familiar with this service available to tenants, I think it would be a good idea for every practice owner who doesn’t own their commercial space to obtain a copy of their lease agreement while there are still two years or so remaining on the lease term. Simply forward that lease to a specialist like Dave Miller and the Carr team for review, and let them spot potential cost saving opportunities to be negotiated as part of the lease renewal. They are also the ones who will negotiate directly with the landlord at no fee to our clients.
Dave Miller is an Agent of Carr Healthcare Realty and specializes in representing Healthcare Professionals with all their real estate needs. Carr Healthcare Realty has successfully negotiated over 600 lease and sale transactions. You can reach Dave at (617)595-6497 or dave.miller@carrhr.com. Dave wrote an article for our June 2015 Newsletter.