Category Archives: Rental Tips

Below is the archive of all blog articles related to the category “Rental Tips”.

Benefits of Leasing Commercial Property

If you are a new or small business, the decision of whether to buy or lease commercial property is a significant choice to make. Weighing the negatives versus the benefits of leasing commercial property can be easy with help from Boulevard Medical Properties. Find out what the top advantages are of choosing a commercial lease in Los Angeles and learn about how leasing will help your business grow and how it will also save you money.

Upfront Costs

Owning a building comes with other costs that aren’t included in the real estate estimates. Keeping up on building maintenance through cleaning, electricity and providing internet is a large expense that potential buyers often do not consider. When you are a leasing tenant, however, this maintenance cost is not your responsibility. Some buildings may ask for a yearly or monthly fee for cleaning, but it is a significantly smaller total than taking care of it completely on your own dime.

Moving into a leased building is also a much simpler task. If you are using a loan to cover the purchase of a corporate building, most lenders take a large down payment, and charge interest on all money loaned. With a leasing agreement, you would only pay a refundable deposit along with the first rent payment and no accrued interest. Renting allows for small and new businesses to avoid several costs that could eventually become too expensive to sustain. Also, leasing costs are completely deductible, unlike mortgage costs which are only partially deductible. More and more start-up companies are opting for leasing options to decrease their overall spending, especially in the first few years of business. If you’re looking for a commercial lease in Los Angeles for your new or small business, contact the professional team at Boulevard Medical Properties to start finding your next great office space.

Flexibility

One of the most common reasons new or small business opt to rent office space instead of buying buildings, is that they gain a flexibility to move buildings and move neighborhoods depending on their rate of growth. If your business fluctuates quickly, you can end your lease and move to a larger building to accommodate for the new hires or new equipment. If the opposite were to occur, the option is also great for business looking to downsize. Companies that are looking to move from one area in the city to another for growth potential or in response to client onboarding have the freedom to do so without worrying about selling a building while trying to find another or having to find a tenant while still technically occupying the space.

Maintaining office buildings both inside and out is a difficult and expensive job, but leasing allows tenants to simply move if a newer or better office opportunity comes their way. Legally, tenants can also put in personal requests with landlords or building owners to make repairs or upgrades to the occupied building. In some cases, this is a better option for both the renter and the owner, as the renter will get a more upgraded office building without having to leave the space, and the owner will not lose out on rent money or the responsibility of having to find a new tenant. This is another flexible option afforded to you as the tenant as the decision-making process about whether to leave or extend a lease sits primarily in your hands.

If you are a new or small business owner interested in getting a commercial lease in Los Angeles, contact our skilled team at Boulevard Medical Properties. We can help you find the right building at the right price and you can get your business moved into the perfect new property.

Staying Up to Date with Your Dental Practice

Staying up-to-date in your dental practice could be the difference between exponential growth and shutting the doors. Employing the latest technology, finding the appropriate dental office rent in Los Angeles, and running your office efficiently are all keys to a successful practice.

Using the latest technology both in your treatment options as well as in your business operations is very important to the success of your practice. If your business operations aren’t up to snuff it can cause significant issues both in your bottom line and in your reputation with your patients.

For example, if your scheduling is off and patients routinely must wait, then that might be the last time you see that patient. Everybody’s time is valuable, and nobody likes to wait when it isn’t necessary. But, believe it or not, there are many doctors and dentists out there who routinely run behind and they have done it for so long that it has become normal for them. It might be a normal part of the work day for them, but it is crushing productivity and irritating patients.

It’s unrealistic to think there will never be a time that you might run late. Emergencies do happen. But when you have a reputation of keeping your patients waiting, you risk losing them completely and you wipe out your chance for referrals. You could have a beautiful and well-appointed office in an excellent location with all the latest bells and whistles, but if you are never on time, it will be difficult to keep the doors open.

Get Your Timing Down

If you find yourself running behind on a regular basis, it’s time to let technology help you get back on track. Chances are, your lateness is a result of either scheduling problems in your front office or poor time management in the back office. Which is it for you?

There are a variety of scheduling programs that can help you document practices and procedures for scheduling patients. For example, you can add patient notes, so your scheduler can be specific about what the patient needs (ex: next visit: X-rays, cleaning, filling.)

You can help your scheduler by establishing a policy of set times for various procedures, so everyone knows how long each treatment option takes and there are no surprises in the schedule. There is software available that allows you to establish set times for different procedures and it will automatically allocate the right time.

Oftentimes, the most significant issue is a disconnect between the front office staff and the back-office staff. Many times, the front office staff scheduling the appointments really doesn’t understand how long or how involved each procedure might be, so they schedule too much time or too little. It’s important for everyone to be on the same page and well-trained so easy mistakes can be avoided, and patients are not left waiting needlessly.

If the problem is in the back of the office and either the doctor or other dental staff are taking longer than they should, then a re-training or an adjustment in scheduling times needs to happen so patients aren’t left wondering what in the world is taking so long.

There is a lot to consider as you look to keep your practice up-to-date. Scheduling, technology and a nice office and convenient location are just a few of the things that need to be considered. A smart piece of due diligence would be to contact Boulevard Medical Properties now and schedule a consultation. The Boulevard team has the knowledge and expertise to point you in the right direction and get you a dental office lease in Los Angeles that works for your organization.

Guide to Choosing the Right Location for Your Medical Office

Finding the right location for your medical practice is just as important as finding the right location when you are purchasing a home. No matter what type of real estate you are looking at, the adage rings true, it’s all about location, location, location. Read on to learn more about what to consider when looking for a new location for your medical office and what pitfalls you would be wise to avoid.

For assistance in locating the right medical office lease in Los Angeles, utilize Boulevard’s property search feature.

Consider your Patients

The first thing to consider when looking at office locations is the type of patients you already have and those you wish to attract. What are your patient demographics? What is your specialty? Is your practice full of women, men, athletes, baby boomers, kids? Taking this into consideration really can impact your location.

For example, is your current practice full of suburban baby boomers? Then perhaps a strip mall in the outskirts of town is what you need to make it convenient for your patients to get to you and to market effectively to grow your practice.

But what if your practice is full of young or working professionals? Then an office in the suburbs would be difficult for them to get to you. You might want to consider something downtown so those working in the city center can get to you quickly and easily.

What if your patient base if full of athletes? Then perhaps you should consider setting up an office location near a university or the practice facility for a professional sports team, or even a popular gym. This would allow you to market to your base and make it easy for them to see you. Considering your patient base and your specialty can be critical in choosing the right location.

Consider Your Competition

Another key component to think about when choosing a location is your competition. You want to put yourself in a position to succeed so you need to look at the competition in your area. If there are five other professionals within a ten-mile radius practicing the same thing you are, then you might want to look somewhere else for office space. Do your homework and check the population to professional ratio for your area.

If you are just starting out and you find that your competition is overpopulating the upscale neighborhoods in the area you want, consider setting up your practice in the suburbs just a few miles away. There might be some opportunity to develop a large patient base. Your competition could be overlooking a potentially lucrative area.

You should also investigate whether the population of the area you want is growing or declining. It is typically easier to set up shop in a newer community rather than try to break in to an established area with a lot of competition. A lot of this information is available on the U.S. Census website. There is a great deal of information available if you are willing to take the time to comb through the site. You should also contact the local Chamber of Commerce as they have some great information available as well.

Additional Considerations

If your practice is going to rely heavily on insurance, you should take a close look at the employers in the area. Do they offer the insurance you accept? You should also consider locating your office next to a hospital as this can create a good image as you will be in an area associated with health care.

And, of course, there are many things to consider in terms of the actual building you are looking for. If future expansion is your goal, does the space offer enough square footage? Does the location offer convenient, well-lit parking? What does the building look like? Is it well maintained, or does it look run down?

Medical Office Lease in Los Angeles

There is a lot to consider as you research a potential medical office lease in Los Angeles. A smart piece of due diligence would be to contact Boulevard Medical Properties to schedule a consultation. The Boulevard team has the knowledge and expertise to point you in the right direction and get you into a space that works for your organization.

Benefits of Sharing Your Office Space

If your business is looking for office space but you aren’t sure how much you will need or you can’t find a space that is the right fit, you might want to consider sharing some office space. It might seem like an inconvenient concept but there are some advantages that could save you money and increase your productivity.

For more information about finding the right medical office lease in Los Angeles for your practice, contact Boulevard Medical Properties for a comprehensive selection of the most recent openings that may be the perfect fit for you.

Low Overhead

Perhaps the greatest benefit, especially if you are running a small business or you’re a lone proprietor, is the low overhead that comes from sharing the load with others. Community spaces offer some nice perks including space for networking, meetings and even some quiet space if that is what you require. You aren’t responsible for the full share of the rent, electricity, office furniture, cleaning costs, security, etc. You can budget appropriately and not have to worry about any unforeseen expenses.

Sharing office space also allows you to take advantage of an existing technology infrastructure rather than setting up your own. Technology can be an expense that is just out of reach for some small business owners so utilizing a shared space can be a great solution. Many shared spaces have on-site IT support so you can get up and running quickly and you have the help you need if something goes wrong. You can concentrate on your work instead of the costly infrastructure.

Another perk is the advantage of a short lease. Many shared spaces offer a variety of flexible options to choose from, especially if you only need the space for a few months or you grow quickly and need to make an adjustment. You typically don’t have to make a long-term commitment that could tie you to a lease that could end up costing you more in the long run.

Choosing to share some office space can also provide you with added security. Most spaces have some type of entrance technology that can track who has access and who comes and goes. And some buildings even have around-the-clock desk security. This can provide you and any of your employers with some peace of mind that the environment is safe.

Networking Opportunities

Another benefit of sharing office space is the networking conversations that come from sharing a communal space. Getting to know those who share your space could provide some great partnerships and collaborative opportunities. For example, if you are a marketing professional, you might find yourself sharing a space with a graphic designer or web site designer. You can create a team of professionals to collaborate with on specific projects without having to actually hire a full-time staff.

Mentors, Resources and High-Level Collaboration

Some shared spaces have ties to local universities offering workshops, mentoring and other collaborative perks. Shared spaces also can provide inexpensive or free parking, conference and meeting space with long distance phone and internet access, office supplies like printers, scanners or copiers which can be expensive to purchase on your own, as well as a mailing address and even a receptionist in some locations.

Sharing an office space can help you to have a professional look as you start your business and allow you to develop some potentially beneficial partnerships. Another great benefit to consider is the fact that you will have some room to grow. You can form your team and have the space to develop in the way that best works for you.

Finding the Right Medical Office Lease in Los Angeles

If you are looking for the right space for your medical office, contact Boulevard Medical Properties now and schedule a consultation. The Boulevard team has the knowledge and expertise to point you in the right direction and get you into a medical office lease in Los Angeles that works for your practice.

Which Location is Right for Your Medical Office?

When considering opening and running a medical practice, the location can be the most crucial part. Get the right location and watch your business flourish; get the wrong location and your business might suffer and eventually wilt.

The location of your medical practice should be chosen with great care, making sure to keep your future in mind. Remember, you might even stay at this location for the majority of your career, so take some time and consider all of your options.

Depending on where you live, there are different things to take into consideration. Small areas, urban areas and suburban neighborhoods all have different factors to think about.

For custom medical office space in Los Angeles, click here.

Small Towns

There is one huge advantage to having our medical office located in a small town: the rent is cheap. Usually, the rent is lower when compared to locations in larger cities. Another great advantage is that you may be able to pay your staff lower salaries than you would if your location was in a large city. Networking in a small community might be easier for you as well. Since people in small communities tend to know everyone in their town, you just need to get to know the right people. Some small communities have prominent families or public figures, so if you can network with them your medical practice will benefit.

There are a few downsides to opening a medical practice in a small town, though. One disadvantage is that you can be isolated from the larger community, and you might have a harder time accessing the farther away hospitals, laboratories and specialists. There is also a less likely chance that a small town would have large office buildings or spaces to rent or buy. In fact, you may need to convert a residential space to better fit you needs.

Mid-Sized Cities and Suburban Areas

A medium sized city might just have the best of both worlds when it comes to big city and small city benefits. For starters, you’ll probably be much closer to hospitals, specialists and other services you or your patients may need. There will also be a larger opportunity to network and gain new patients because of the larger population size. You will have a larger pool of trained nurses and medical staff to choose from to hire and you will probably also find a larger network of clubs and organizations for medical professionals to be a part of.

There are some disadvantages to having your practice in a small town, and they are similar to those of opening a practice in a small town. For example, there may be fewer hospitals nearby, specialists might be hard to come by, etc. There also may be smaller buildings and office spaces to rent, like in a small town.

Large Cities

If you are a specialist or subspecialist, opening your medical practice in a large city might be your best bet. Because of their larger population size and medical practices providing basic care, large cities can provide the perfect patient base for your practice. There will also be more laboratories and institutes that can provide the results you need to diagnose your patients. And, if you want to increase your knowledge, there are many resources and other specialists that you can learn from.

Like with any area, there are also a few disadvantages. For instance, there might be too much competition for your practice to successful. In order to see how many doctors practice the type of medicine you do, you might want to join a medical specialty association in the area.

Office Space in Los Angeles

No matter which type of location you choose, Boulevard LA can help you with the move. We specialize in custom, state-of-the-art medical and dental office space in Los Angeles. Every practice is different with unique needs and deserves a custom fit to meet them.

7 Questions to Ask Yourself When Moving to a New Office Space

The cost of office space is one of the single largest expenditures for any medical practice, so it’s important to know exactly what you’re getting from your space before signing a lease. You want to be cost effective, but it’s also essential to find a space that works for your medical practice’s needs. The last thing you want to do is move into a new space and find out that it’s not working out, forcing you to spend even more to break the lease and move again. Plus, constant moves can lose you patients. Here are some ideas for a moving offices checklist and questions to ask before you move into a new office space.

1. Is Renting or Buying Better for My Practice?

Buying a property for your medical practice’s office space may actually be a better option for your practice than renting one. For example, buying opens up doors for making your property an investment, provides more potential for expansion without relocation, and makes annual costs more predictable. On the other hand, renting requires less upfront cost and less commitment to the locations, and you don’t have to handle refinancing. Working with a real estate professional can help you determine which option is right for your practice’s needs.

2. How Much Space Do We Need?

Size is probably the primary consideration when it comes to determining your practices needs. Too little space and your practice will be crowded and take a hit to productivity, but too much space is a waste of money. A general rule when determining your medical practice’s space needs is 1200 to 1500 square feet for the first physician (or single physician practices), plus 1000 1200 square feet for each additional physician. Some practices, like psychiatrists, will need less while others, such as outpatient surgery centers or practices with large equipment, will need much more. An average family physician will generally need about three exam rooms and one procedure room, but this can vary depending on specialties and the number of physicians in the practice. At minimum, a medical practice should have a reception area, a front office, a physician’s office, two treatment rooms, and a restroom.

3. What Are Our Accessibility Needs?

All medical offices need to be handicap accessible, but, like with space needs, certain practices will have greater accessibility needs than others because of the patients they receive. For example, a physical therapist or an orthopedist will likely see far more patients with mobility issues than a dermatologist or a periodontist. Your practice needs enough parking spaces, elevators, and ramp access to easily accommodate handicapped patients without causing waits, crowded, or awkward situations. Automatic doors may also be a good addition. Remember that bathrooms and exam rooms need to be easily accessible, with plenty of room to turn a wheelchair around inside, and with all of the necessary supports to help a patient with limited mobility move around, and don’t forget to leave room for wheelchair parking in waiting areas.

4. How Much Will It Really Cost?

Obviously rental or mortgage payments have to be made, but not all payment systems are alike, and there’s plenty more that must be factored in before you can really understand the cost of your space. Some landlords require tenants to have insurance for the space, and while some will foot the bill themselves, others pass that responsibility onto you. Know who’s responsible for utilities. Sometimes landlords will absorb these costs, other times it’s all on the tenants, and still other times there’s a division of responsibility. Be sure you know how much you can expect to pay each month and remember, a space with cheaper rent can still be costlier than a space with a higher rent if utilities are lower. Higher rent may also come with benefits like property maintenance or pest control that would otherwise come out of your pocket, while lower rent may be because of problems and lower profitability associated with the property. Finally, don’t be afraid to shop around. By moving just a short distance farther from a major hospital, you may be able to get a nearly identical space for much less.

5. What’s the Timeline?

First, make sure your building will let you move in when you want, so you aren’t on the hook for the apartment before you need it, but can also be certain that the space will be available for you when you need it. You should also know how long the lease length is and how much flexibility you have with negotiating lease length to make sure you’ll have the property for the time frame that’s right for you. You should also make sure you know what your options are once the lease is up. Will renewing the lease be an option and how will the price be affected?

6. Who Is Responsible for What?

The divisions of responsibility in a rental aren’t necessarily consistent between properties. Make sure you know who is responsible for which utilities and how much of each. Even if some utilities are included in the cost of rent, all may not be, and some landlords only cover up to a certain amount. You also need to know who’s responsible for maintenance. You don’t want to commit to a property only to be surprised when you have to arrange and foot the bill for repairs or upkeep. You also need to know if you or the landlord pays for improvements to the space.
When you are through with your moving offices checklist, it’s time to settle in. If your practice needs a home, or you are just looking to expand, contact Boulevard LA today. We offer a number of locations that are suitable for medical practices of all kinds. We have years of experience finding suitable spaces for specialty offices and general practices, so schedule a meeting today to see what we can do to get you into the perfect medical office space for you and your practice.

What’s Needed When Moving Medical Properties

Every business – small or large – wants to operate in the most cost-effective manner, even during a relocation or move. It is an exciting prospect, however, the actual move can be very stressful. In fact, most people involved in the process of moving medical properties will experience high stress levels, sleepless nights, and blame if anything goes wrong. To minimize delays and errors, it is essential to understand the best practices.

5 Musts with Moving Medical Properties

Moving your medical practice to a different office location involves managing plenty of small tasks as part of the move. Here are a five key items you need to move to the top of your list.

1. Notify Payers

Notify your payers and third party vendors (Medicare, Medicaid, In Network Providers, etc.) of your new address and billing information. Notify each well in advance to prevent any loss of timely payments. Add your providers of services (payroll service, billing service, medical waste disposal, maintenance, etc.) to the list.

2. Tell Your Patients

You are required to inform patients where to find your new practice and their charts. The notification can take the form of a letter, newspaper announcement, or phone call. Placing a sign in your office 30 days in advance is also recommended so that you can keep your patients aware of your relocation. Some states also require one or more ways of notifying your patients. It is advised to research what your state guidelines for relocating your practice should be.

3. Market Your Move

After you have notified your patients, you want to make sure your new office move is going to attract new patients. If you are in primary care, for example, you may want to consider creating an announcement to your patients you have seen over the past couple years or list your new business in local newspapers and sites.

Be sure to also include a map of your new location and an explanation of why you are relocating. If you depend on referrals, target your referral base to increase patient volume at the new location. Offering your expertise to the local newspaper or media outlet as a guest contributor on a healthcare topic can also benefit your practice and move.

4. Credentialing

If you are moving to a new location, consider if you will need to be credentialed with a new hospital. If so, you need to determine who is going to help with the credentialing process.

5. Select Vendors Carefully

Professional movers experienced in moving a medical practice are required for moving a medical facility and transporting medical equipment. They should have technicians with expertise in disassembling sensitive equipment as needed, packing it, and safely moving without damage. After the move, the technicians should be able to test and re-commission equipment, making it ready for use in the new location.

In addition to expertise in relocating medical and lab equipment, your movers should be experts at moving exam tables, office furniture, filing systems, workstations, and IT equipment. They should also understand your need to minimize downtime to avoid loss of billable patient hours, and be willing to work with you in completing the break down, move, and setup of the project on schedule.

Vendors are essential to office relocation. Select vendors carefully. Office moves and relocation difficulties often occur when companies simply select vendors out of the whim. Thoroughly vet through service providers for a successful office relocation. Every onboarding vendor should be familiar with the best practices for an office move. Look for vendors that have been endorsed by a trusted third party.

Because your move represents a more complicated prospect than the average business move, use these tips to choose the right moving service:

  • Interview movers before you hire them. Ask about their methods, experience and skills
  • Look for medical moving experience. You need movers who know how to move fragile equipment such as an x-ray machine or IT equipment with sensitive information.
  • Ask for references. Try to get references from other physicians.

Schedule a Consultation

Moving medical properties can be a positive experience for you and your patients, provided you take the necessary steps to ensure all processes are executed smoothly. Whether you are starting from scratch or in the early stages of planning your move, Boulevard Medical Properties has the expertise and knowledge to help guide you.

References/Further Reading

How Big Should Your Medical Office Be?

When deciding how many exam rooms your medical office needs, consider the types of visits you typically have and both the number and types of procedures your practice performs. An inadequate amount of space can result in inefficient patient flow and less-than-optimal productivity. Too many rooms will result in wasted overhead.

A rule of thumb for the size of a practice facility is 1200 to 1500 square feet for the first physician and 1000 to 1200 square feet for each additional physician, up to 4 or 5 in total. Some professional suites, such as those for psychiatrists, have less need for space while other practices may require additional space for equipment, such as imaging equipment.

The typical family physician requires three exam rooms and one procedure room, but this can vary in multi-physician or multispecialty practices. To help you get started, here are 4 factors to consider.

1. Affordability

One of the key factors affecting doctors when deciding on medical office space is affordability. Depending on your financial situation, you may choose to be frugal when it comes to your practice space. As your practice grows, you can consider additional space as needed or relocate.

The space should include (but is not limited to):

  • Two treatment rooms
  • Front office
  • Doctor’s space
  • Reception area
  • Restroom

Consider space needed and location when considering affordability. A long term lease for 30,000 square feet in a new development project can sign at $17 per-square foot. All the same, another medical space closer to a major hospital can sign at $25 per-square foot. If affordability and cost efficiency is a factor for space, you can save leasing costs by choosing a location down the street at a lower rate.

2. Operational Needs

The size of your medical office should be determined based on the types of operations that will be performed, number of administrative and medical surgical staff, number of patient visits, and size of frequently used diagnostic and medical equipment.

Having the right sized medical office is one of the most fundamental requirements for any practice. They should be large enough for efficient traffic flow, equipment setup, and administrative and operational activities. It should also provide sufficient space for circulation so that staff doesn’t interfere with ongoing examinations.

Bigger, however, is not always better. Unused space in the room tends to attract unnecessary supply and storage items. Blueprints of medical office setups in different sizes help determine the suitability and efficiency. Below are a few floor plans to consider:

3. Traffic Flow & Accessibility

Productivity is enhanced with every step you save. An effective office layout is designed with a circular traffic flow that leads from the waiting room, through reception to exam rooms, and back out the reception. This promotes fluidity; less congestion; and a linear, logical flow. Be sure to design the office space considering foot traffic flow. Your patients are more likely to have a seamless end-to-end experience during their stay and not wander off to restricted areas.

4. Confidentiality

Medical records and consultations need to be kept confidential at all times. To respect the privacy of your patients, office and storage space should be out of all patients’ views. Administrative staff needs to store all private patient information, diagnoses, billing, treatments or medications in filing cabinets/storage that can be secured under lock and key or via a combination lock.

Doctors and technicians must have separate, additional rooms for testing so patients have privacy when services, especially sensitive examinations, are administered. Medications, mobile equipment, bandages, medical supplies, and cleaning agents should be kept in storage closets and out of sight. Ensure that everything has its place, sensitive information is kept secure and away from prying eyes, and that all necessary items can be accessed when absolutely required by permitted individuals.

Schedule a Consultation

Considering space for your medical practice can be challenging with multiple factors influencing your day-to-day operations. Whether you are starting from scratch or in the early stages of planning your office layout and calculating the space required, Boulevard Medical Properties has the expertise and knowledge to help guide you.

Rent or Buy: Which Option is Best for Your Practice?

At one time or another, every medical practice considers whether it is better off to rent or buy its office space. The decision varies.

We’ve compiled a few helpful factors you should consider as you evaluate and strategize your location and move.

Rent or Buy?

The Cash Flow Factor

Typically, you don’t need to invest as much money upfront when you rent as you do when you buy. For example: When you rent, your upfront cost typically comprises the first month’s rent, a security deposit, and extra dollars over the allowance to build out your medical space. When buying, pay for an appraisal, building inspections, loan fees, all the improvement dollars, and other costs.

The Fixed/Variable Cost Factor

Buying an office building gives you a good idea of what your annual costs will be, especially if you get a fixed-rate loan on the property. However, you must be prepared for costs associated with refinancing. Renting an office, on the other hand, is subject to market changes when your lease term expires. Many rental agreements also have a clause allowing for an annual cost increase tied to changes in the Consumer Price Index or some other measure.

The Expansion and Growth Factor

Buying a building to relocate may seem attractive, but factor in the potential for growth and expansion. Outgrowing a space doesn’t have to be a financial crisis. If your practice increases so much that it needs twice the space of the building you have, you can lease out the building at a profit and move your practice into a new, larger space.

Outgrowing a space doesn’t have to involve relocation. Sometimes a growing practice can avoid the cost of moving by simply leasing more space in the building it occupies (subletting). That, however, is not an option when you own a building unless you’re only occupying part of it and another space is available.

The Appreciation Factor

Buying a building opens the door to real estate investing, especially if you’re in an area of appreciating land values. If you own a building with more space than your practice needs, you will likely rent out available space to others, becoming a landlord. It can be profitable, but it can also be more work than simply renting a space.

Schedule a Consultation

In general, renting tends to appeal to medical practices, especially those that don’t want to make large upfront investments. Buying makes more sense if your practice is more established, wants to be in one location for several years, has the financial resources to take on a significant real estate investment.

Whether your medical practice is growing or just getting started, Boulevard Medical Properties has the expertise and knowledge to help guide you. Avoid the pitfalls of expanding your practice; our expert staff can give you the tips to help you effectively rent or buy your next medical office.

How to Move Your Medical Practice with Almost No Downtime

Time is money. Every practice, small or large, wants to operate in the most cost-effective manner, even during relocation. It is an exciting prospect; however, the actual move can be very stressful. In fact, most people involved in the process will experience high stress levels, sleepless nights, and blame if anything goes wrong. To minimize delays and errors, it is essential to understand the best approach and how to customize it for your move.

To help you get started, we have compiled a best practices guide for moving your medical practice to a new location.

Plan Ahead, Be Proactive

Planning ahead is essential, as it will usually solve 50% of the potential problems your practice could encounter during a move. Planning ahead and getting started early can reduce costs, alleviate stress levels, lessen missteps, and cause less misjudgments often caused by rushing.

Plan at least a year in advance. Allow even more time if you have more than 50 employees.

Create a Timeline and Schedule

Organization is everything. Creating a timeline can help set expectations, ease anxiety, and ensure everything gets done when it needs to – all in a specific order. For example, you will need to have your phone and network cables installed before you have your business phone system set up. A timeline can help manage these numerous tasks.

Assign a Move Coordinator

Appoint someone to be in charge as the move coordinator. Your ideal candidate will be a highly organized individual willing to internalize the best practices of planning the move of a medical practice. They will be responsible for managing the office move committee, communicating with vendors and keeping involved parties informed.

Select the Right Movers

A quality professional mover is essential to office relocation, so it’s essential to choose carefully. Office moves and relocation difficulties often occur when companies simply select movers on a whim without any real research. Thoroughly vet through service providers for a successful office relocation.

Plan IT Relocation Carefully

IT service providers and commercial movers can wreak havoc if IT equipment is mishandled. Many medical practices store the majority of their essential data on servers. If an IT relocation goes wrong, it can lead to serious operational and financial problems. It is imperative that your IT professional backs up your data and performs a test recovery prior to moving your IT equipment off the premises.

Plan Your Budget

It is very easy a move to go over budget. Revisit your budget regularly to make sure everything is in-line with initial estimated costs. An over-budget move can lead to financial headaches and setbacks. So keep track of all quotes and costs in a budget worksheet, and plan for contingent expenses.

If you need help finding a new property for your medical practice, get in contact with Boulevard Medical Properties.