FEATURE What If My Landlord Is Also My Patient? H by Shay Vogg ow do you handle a real estate negotiation if your landlord is also your patient? Many healthcare tenants find themselves in this situation when approaching a lease renewal or relocation. Compounding the situation, is that most healthcare professionals are not prone to conflict or confrontation and would prefer to avoid them. This creates a scenario where tenants want to obtain the best terms possible for their practice without upsetting their landlord and losing them as a patient. In an ideal world, you could tell people exactly what you hope to achieve and then expect to receive a fair response. Unfortunately, commercial real estate is not one of those worlds! The difference between a properly or poorly negotiated lease or purchase contract can benefit or cost you tens to hundreds of thousands of dollars over a ten-year period. Understanding how much is really at stake during a commercial real estate negotiation changes how you should approach every transaction. 4 BUCKS/MONTGOMERY PHYSICIAN spring 2021 To help your perspective, look at these foundational questions: * Do you realize your landlord's objective is to maximize their investment and achieve the highest returns? * Do you realize that just like your landlord comes to you for healthcare services because they are not trained in your specialty, that you should follow the same approach and go to others that are trained in specialties that you are not trained in, such as commercial real estate? * Would you rather risk losing a patient or overpaying by tens to hundreds of thousands over a ten-year period? * If your landlord is only your patient so they can get away with overcharging you, do you really want them as a patient?