The real estate industry is one of the most pertinent industries in society at large. This is especially because it services every other industry.
Sectors such as commerce and industry, agriculture, aviation, transport, and even the healthcare system depend so much on this industry. This is so that they can get access to the right facilities and even amenities for smooth operation. For more on this subject, you can read this.
You need to understand this industry well as a healthcare player. This is especially true as a tenant.
The reason is that the facet of the real estate market that services them can be quite complicated. So, they need to understand the basics at least. This is why this article is dedicated to discussing some things you need to know about this industry.
What Is the Real Estate Market?
This is the market that is focused on the sales, lease or renting out of properties. Properties in this context have to do with land (including or excluding natural resources on it), buildings (movable or immovable), and so much more.
The truth is that there are several sides to explaining what this age-long market is. This is especially dependent on the real estate services that are being rendered. However, the definition above pretty much covers the basics and cuts across all facets of this market.
What Healthcare Service Providers Need to Understand about the Real Estate Market
Having gone through the definition above, it is time to explain some basic facts healthcare service providers need to know about this industry. In light of this, you should pay attention to the following points:
The Market Is Multi-Faceted
There is no doubt that you may be a novice in matters that regards real estate. However, the truth is that everyone has been involved one way or the other. This is as long as you have a roof over your head.
If you bought the property you live in, you have played in the industry. In the same vein, the same applies if you live or function from a leased or rented property. The point here is that everyone is involved directly or indirectly.
Having established that, here is a golden rule for navigating this industry. It is the need to understand that the market is multi-faceted.
There are at least four aspects of the commercial real estate market alone for instance – Industrial, Retail, family rental, and office space. The fact is that you cannot approach all of them the same way.
If you must buy, rent, or lease any of them, you need to understand their peculiarities and play by that rule. This is so that you will not be on the losing end. Speaking of peculiarities of the real estate market, let us discuss some more about how this concerns healthcare service providers.
The Healthcare Real Estate Market Is Complex
The real estate facet that services the needs of healthcare service providers is very complex. This stems from the fact that the roles and services offered by healthcare service providers are peculiar.
So, to get real estate for healthcare companies, you need to understand the nitty-gritty of the industry’s facet that meets the needs of healthcare service providers.
For this to happen, you are strongly advised to work with a professional. This simply means that you need good tenant representation. Let us talk some more about this in the next point.
Tenant Representation Is Crucial
Tenants are gradually beginning to see the need to get representation when sorting out real estate issues. This is so that they are not taken advantage of.
The truth is that many healthcare service providers that did not get tenant representation have been cheated. This is because of their ignorance of the market. This is especially about the peculiarities of the healthcare real estate market.
It is for this reason (and more) that you are strongly advised to get capable tenant representation when handling healthcare-related real estate deals. Doing this saves time, offers clarity on complicated things, and helps get you the best deal. This is provided you work with a capable professional for this reason.
Not All that Glitters Is Gold
The next statement is not aimed at demeaning the industry. Rather, it is aimed at helping you navigate it by seeing the negative possibilities.
The truth is that there are agents in the industry that are only about their earnings. They try to force unfavorable deals on you. They do this often by taking undue advantage of your ignorance and/or by offering deceptive offers.
Speaking of deceptive offers, the triple net lease strategy is one way they do this. This leasing system simply means that your rent base charges will be cheaper. However, you will take up the responsibility of the property owners by paying for taxes, maintenance, and insurance.
It is not always a bad idea but you need to understand all that there is to it. This is so that you do not end up being cheated.
We strongly suggest that you get acquainted with all the lease systems used within and outside the healthcare real estate industry. For more information about this, you can visit: https://www.investopedia.com/ask/answers/040115/what-are-differences-between-single-double-and-triplenet-leases
The healthcare real estate market is different from the average commercial real estate market. This is why healthcare service providers need to understand certain things to properly navigate the industry when the need arises. We have shed light on some of these things here and hope that you make informed decisions going forward.
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