Operating a successful dental practice is not quite as straightforward as it may seem to someone outside the industry or even to a new doctor fresh out of dental school. The fact is that there are a multitude of variables that affect the bottom line of every office. Naturally, we recommend getting started on the right path by selecting the best site available. While you can make many changes to your practice, choosing the wrong office space to begin with will make success that much more difficult. That’s why we’ve compiled this watch list of common pitfalls to avoid when moving into a new space. It’s Not (Exactly) Like Buying a House Wait, didn’t we compare the two in a previous post? Yes, we did write about trade-offs in price, location and upgrades – and those considerations generally hold true both in residential and commercial real estate transactions. However, commercial real estate deals are complicated and can be up to 80 pages long or more. That’s why it’s important to secure the services of a reputable local commercial real estate agent or broker. He or she can help you sift through the paperwork. Many dentists would be surprised to know that almost every paragraph in a commercial real estate contract can be negotiated, so having an experienced professional on your side would be massively beneficial. It’s Not Just About Price per Square Foot Carefully consider all the features of a property before making a decision. While many of us may be quick to check the price per square foot, one can certainly envision scenarios where paying more is worth the expense. For example, most offices will need ample and convenient parking. For two offices which are otherwise identical, paying a little bit more for significantly more off-street parking is probably a wise decision. If you’re leasing, ask if utilities are included in the rent, which can be a big cost savings. Make sure the property is in a high-traffic area that can be readily seen by passersby and easily found by your patients. The price/rent is important, but it’s definitely not the only thing to consider. Understand the Demographics and Competition Knowing the demographics of the area is crucial in choosing the right location for your practice. Many doctors, even before starting their search, have a vision of who they’d like to treat. But does this type of patient live in the area? And how competitive is this market? Before you sign a long-term lease or purchase a property, take advantage of the valuable information available from a dental demographics specialist. Whether you choose to utilize Dentagraphics’ services or not, there is a huge value in learning about your patient base and competition.
