Want to appoint an agent to help you purchase a medical practice? Here are three critical questions to ask first.
Buying a medical practice is often a goal many in this profession strive towards. Not only does it assist with reducing risk and increasing certainty in business, but for many, it represents a path to wealth creation. Health professionals purchasing a practice have the opportunity to create and build up a significant asset which will benefit them for many years to come. And while it’s an attractive option, it’s also something best done with the help of an expert. Here are three critical questions to ask before selecting an agent or buyer’s agent to assist with this process.
Are you a specialist commercial real estate agent or buyer’s agent?
While it’s true, both commercial and residential agents have the same end goal (to help you buy or sell), they still have significant differences. A commercial agent will have access to the right database of clients to fulfil your needs, plus the relevant experience to help you navigate the process. Buyers agents who specialise in commercial property are equally as important. They can often have access to off-market opportunities that a residential agent does not.
Are you familiar with building codes and compliance issues in the medical industry?
Compliance is a critical factor when purchasing a medical practice. That’s why it’s of the utmost importance that your agent is familiar with these requirements. Your agent must be aware that there are key rules and regulations to be aware of relating to a medical property. Your agents should also have extensive knowledge of building codes which form part of the Building Code of Australia which classifies buildings and structures.
The most common issues relate to:
- Understanding building codes and different classes
- External Disabled Access
- Internal Disabled Access
- Fire Safety
There is no room for complacency when it comes to compliance or building codes. So please, ensure the agent you select to help you purchase a medical practice is familiar with this requirement.
Will you provide in-depth research into the demographics, amenities and competition of each potential purchase location?
An experienced commercial real estate agent or buyer’s agent will be one who isn’t afraid to go the extra mile. Your best bet in purchasing the perfect medical practice will be when an agent is prepared to provide you with in-depth research into the proposed location’s demographics, its strengths and weaknesses and who is your competition.
It’s not enough to merely be shown a host of available properties – your agent should drill down into the intricacies of why each could be the right fit for you. This is an expensive asset so make sure you select an agent prepared to do their due diligence.