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3 Essential Tips in Choosing the Best Healthcare Real Estate Broker

Oct 11, 2019

Umer Idrisi
3 Essential Tips in Choosing the Best Healthcare Real Estate Broker
Since healthcare real estate is different from the usual and commercial real estate, many individuals who plan to invest in this arena rely heavily on their financial advisors and brokers.

As a potential investor, it is crucial to take advantage of the invaluable services a professional healthcare real estate broker can offer.

If you plan to do it without the help of a licensed health real estate broker, you expose yourself to more risky and time-consuming processes.

The same goes for larger business projects, failing to seek a piece of professional advice on a particular field beyond your expertise can lead to disastrous consequences.

Choosing the best healthcare real estate broker is one of the most crucial decisions for healthcare real estate investment. It includes buying, subleasing, leasing, and renewal negotiation.

Here are some essential tips in choosing the best healthcare real estate broker.

1. Your Commitment

The investor should create your guidelines containing the specific needs and qualities of a particular broker. Creating a guideline can help you sort out the list of the potential healthcare real estate broker at your hand.

An effective guideline should contain the following factors:
  • The broker’s sales history
  • Their credentials
  • Promotional literature
  • Their sample brochures (if any)
  • Their website (if any)
If you have this guideline, you can try to cross-reference these pieces of information with several healthcare brokers available on the market. Also, choosing the correct broker could help you bring in more revenues in the long run.

2. Tenure in Business

As the healthcare real estate industry continues to soar high, many commercial and residential brokers shifted their career to healthcare real estate to earn more revenues.

But most of them fail to understand that healthcare real estate is not all about buying and selling properties related to healthcare. It requires a particular ability to comprehend third-party contracts, profit and loss statements, and rent rolls that are involved with every transaction.

If one of your candidates cannot comprehend the debt service ratio, and net operating income of a particular property, cross them out right away in your list.

3. Competency

It is also vital to assess the competency of your potential candidates to identify if the deal will be managed with professionalism and efficiency.

When talking about competency, here are the few things to consider:
  • What kind of connections do they have in the industry?
  • What information can they give to help you out with your health care business venture?
  • Do they prefer having a strong relationship with their clients to create substantial market contact?
The best healthcare real estate broker should have an excellent staff that has an overflowing knowledge about the industry and appropriate skills to make any transactions go smoothly.

Consider interviewing these experts personally to make sure that they possess the qualities you want for a partner. An ideal broker will do everything to bring you the perfect property that meets your investment and business criteria.

In the long run, this kind of business relationship grows together with time, and it can create a substantial market connection to help your business grow. 

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