In 2009, I founded Crown Tenant Advisors, a boutique healthcare real estate firm, with a focus on representing the needs of tenants and buyers in the healthcare industry. This year, I’m proud to celebrate our 15 year anniversary alongside our hard-working, talented team, trusted clients, loyal business partners, friends, and family.

Through years of helping healthcare professionals with hundreds of projects, our firm has acquired a comprehensive understanding of the unique requirements, opportunities, and challenges commercial real estate presents in the healthcare sector. We’ve developed an unbiased strategic approach to effective negotiation with expertise in providing market knowledge and in-depth analyses to achieve the best possible results. Below are 15 key pieces of advice we regularly share with clients.

1. Even in periods of uncertainty, the need for healthcare remains constant. Landlords know healthcare practices are strong stable tenants.

2. Plan for today and the future. Align your real estate with your short and long term goals to determine the best location and size for your practice. Keep in mind future plans for any anticipated growth.

3. Watch for trends. Knowing the local real estate landscape provides valuable insight. For example, high vacancy rates and available properties can equal aggressive concessions and vice versa.

4. Knowledge is power. Knowing occupancy rates and rental rates leverages your negotiating power. In addition, access to demographics, competition knowledge, and referral studies also enhance your practice management and marketing.

5. Build a team of industry experts. Your network should include professionals with expertise in their field and expertise working with your industry.

6. Hire exclusive representation. Look for a commercial real estate broker that doesn’t also have property listings. This frees them to offer unbiased advice with no conflict of interest. You may have a great relationship with your landlord but be careful disclosing too much information. Remember, they are seeking the most amount of profit, too.

7. You don’t pay for representation. A tenant or buyer-only broker is compensated by the landlord or owner, similar to a buyer’s agent in the residential market. That means, there is no out of pocket cost for the advantages of their representation.

8. Commercial real estate terms can have a huge impact on your practice’s profitability, both positively and negatively. Having the right advisor negotiating on your behalf could save you hours of time and thousands of dollars. Without a professional, or with the wrong one, you risk putting your business into an oppressive lease or poor location.

9. With each lease renewal, another lease renewal option should be negotiated. Even if you have no desire to move locations, concessions based on your needs can be negotiated during the lease renewal period, including free rent, a lower base rate, lower annual escalations, and tenant improvement dollars.

10. Pay attention to details. Risk factors such as personal guarantees, redevelopment clauses, or subletting language may be hiding in your lease. If they aren’t negotiated properly, they could cost you down the line.

11. Time is leverage and leverage is money. If you plan to purchase property or lease within the next two years, it is time to start the process now. This allows time to gather market intelligence, find the perfect space, and negotiate the most favorable terms.

12. Know your lease expiration date. Don’t let this important date sneak up on you. (See #11.)

13. Sometimes it’s better to relocate. If your space is too big, too small, outdated, and/or has location challenges, it may be time for a fresh look. Review financial and comparative analyses on current and potential new locations to be sure you are in the right space for maximum profitability.

14. Sometimes it’s better to buy. Timing of the commercial real estate market with your financial stability may positively position you to buy a property or land for building. Making this permanent investment allows you to diversify your personal savings.

15. Choosing the right space for your practice is critical to its overall success. Buying or leasing real estate for your practice could be one of the most significant business transactions you will complete during your career. You don’t have to do it alone.