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Are you looking to secure the perfect space for your mental health practice? What are the real estate insights that you need to know to avoid the common pitfalls? What does every mental healthcare provider need to know about mastering lease negotiations?
In this podcast episode, Andrew Burdette speaks about navigating real estate with Jennifer Page.
Podcast Sponsor: Practice of the Practice
You’re someone with a vision for your practice, for your side hustle, and for your personal journey. But when it comes to establishing your path on how to get to where you want to be with your practice, things get a little messy…
You’re also someone who’d prefer a go-to person, instead of groups and listening to everyone else’s story. To me, it sounds like you could benefit from 1-on-1 consulting with our experienced Practice of the Practice Consultants.
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Meet Jennifer Page
Jennifer Page serves as the Director of National Accounts at CARR, where she leads a dedicated team specializing in representing healthcare groups nationwide. Her expertise encompasses identifying, analyzing, negotiating, and acquiring commercial properties, with a focus on lease renewals, de novos, multi-location expansions, practice acquisitions, relocations, sale-leasebacks, and investment real estate. Jennifer is committed to providing exceptional service to healthcare organizations of all sizes, guiding them through complex real estate transactions.
Visit CARR and connect with Jennifer on LinkedIn.
In This Podcast
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The healthcare rental challenge for tenants
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Negotiation strategies
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Understanding lease terminology
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Insurance considerations in leasing
The healthcare rental challenge for tenants
Finding and managing real estate can sometimes offer up conflict.
When you need to negotiate changes to the lease, moving out, or rental increases, it is much easier to do these things when you are working with great people.
One of our taglines is that we are helping people who help people … Most people that go into healthcare, they’re conflict-averse, and they’re really in it to help people, so they’re not typically business savvy, and they’re not looking around the corner for who’s going to be cheating them. And I’m not saying that landlords are bad people, and they’re not, but this is what they do for a living. (Jennifer Paige)
Landlords are typically trying to make the best that they can out of their assets. So, they’re not trying to cheat people into paying more money, but they want to get the best value like any other businessperson.
So if tenants or buyers go in unrepresented and don’t understand the value of the market and overpay, it’s kind of on them, right? And that’s why we exist to say, “Hey, there’s a right way and a wrong way to do this so let us help you and make sure that you’re getting the best possible deal.” (Jennifer Paige)
Negotiation strategies
- Deals die: when this happens, you don’t want to start over from the beginning, you just pivot instead.
- Landlords compete for your business: this is what Jennifer’s team at Carr tells their landlord vendors which is that they compete for rentals, it’s not the other way around.
- Making an informed decision: Jennifer helps her clients make an informed decision on every offer and counter-offer until the deal is sealed, allowing them to see the investment that they are making to the dollar.
If you choose the most expensive option or the least expensive option, you know why you made that choice. If we only negotiate on one space, at the end of the day, you don’t know; “Did I get a good deal? Did I get a fair deal?” (Jennifer Paige)
Understanding lease terminology
- A full-service lease: an all-inclusive lease option where you pay one fee to use all the services, such as water and electricity.
- Triple net lease: taxes insurance on the facility, and common area maintenance.
- Modified gross: this is a combination lease which will depend on the facility where some things are included and others are not.
Insurance considerations in leasing
Typically in leasing and insurance, Jennifer explains, the landlord takes care of the structure and everything outside the building.
Then, they require the tenant to be responsible for the interior.
Our advice on that is, “Let’s take it to your real estate attorney”, to make sure that it’s set up correctly, and then also getting you connected with business insurance people to look at what’s historically happened in this area … “Is this sufficient for my needs?” (Jennifer Paige)
It goes back to whether you have the right team of people in place who can support you and your business so that each entity’s needs are being met and protected.
Useful links mentioned in this episode:
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- Practice of the Practice Network
- Group Practice Launch
- Group Practice Boss: www.practiceofthepractice.com/grouppracticeboss $149 a month
- PoP Group Practice Owners Facebook Group
- Free resources to help you start, grow, and scale
- Work with us
- Practice of the Practice Network
Meet Andrew Burdette
Andrew founded Mindful Counseling PLLC in Asheville, NC shortly after completing his graduate program in clinical mental health counseling. At the start of the pandemic, he pivoted to an online solo practice, and in 2022, began to grow a group practice. He most enjoys helping clients and colleagues identify what ignites their passions and assisting them in creating a life rooted in authenticity. Andrew approaches his business development with alignment in mind and enjoys the integration process connecting the many puzzle pieces and systems required to run a successful practice.
Visit Andrew’s website and Apply to work with him.
Email him at andrew@practiceofthepractice.com