This episode of The Best Practices Show is all about real estate. Austin Hair and Nathan Palmer sit down with host Kirk Behrendt to discuss how to handle relocating your practice and how to navigate whether to rent or to buy. After briefly discussing how COVID has affected real estate, Nate goes on to give some insight into how to determine whether to buy or rent a dental office space. He explains the importance of considering your strategies and goals, as well as the capital available to you, when making this determination, so that the real estate and the decision is the best value for you and helps you achieve your goal.

Nate and Austin go on to discuss the importance of location and new patient acquisition. Austin suggests that location should be the main consideration over whether you buy or rent a space. Nate also points out that it’s not only important to consider you physical location, but also your digital location. They recommend doing research yourself to determine which location would be best and to figure out the correlation of increased space cost and increased patient acquisition. In addition to doing research, Austin also stresses the importance of using someone who is experienced in your area of industry. Nate encourages the listener to be creative as you consider your options, because the perfect place doesn’t always exist. Overall, it’s an extremely important decision that needs to be handled with great care and intentionality, and Nate and Austin do their best to equip dentists to make that decision with Real Estate University.

Main Takeaways

It’s important to identify long-term and short-term strategies when determining whether to buy or rent. (8:54)

Both physical and digital real estate is important to consider. (15:13)

It’s important to make sure you do research and use someone who is experienced in this specific area. (18:12)

It’s important to be creative as you consider options, because the perfect option isn’t always out there. (28:57)

Consider which location will best serve your needs and help you become most profitable. (30:01)

Key Quotes

“Not everybody starts at the same point.”

“The most important thing is optimizing the value of your lease.”

“You’ve got to have some goal in mind, and then try to find the right real estate that compliments that goal.”

“For dentists, this is one of the most important decisions you’ll ever make in your life, because the cost of buildout is so high.”

“Consumers and patients are becoming less loyal and more convenience driven.”

“You have the ability to take a strong, stable practice, great provider, good patient base, and when the right times come up with your lease and expiration, then move that to a prime location.”

“Priority number one should be location over whether you’re going to rent or whether you’re going to buy.”

Snippets

How COVID has disrupted the real estate market (4:46-7:53)

Buying vs. renting (8:43-11:54)

Data analytics behind patient flow and location (12:42-17:51)

The value of increased rent with new patient acquisition (22:47-26:05)

Bio of Guests

Austin Hair was a professional wake boarder for twelve years who began buying residential properties on the side and turning them into Air BNBs, as well as buying and opening gyms. Later, after an invitation from Nate, Austin went on to complete the Tony Robbins Mastery Program, and after selling his gyms, he now does commercial real estate full time.

Nathan Palmer has been in real estate since coming out of college. Because of an apprenticeship right out of college, Nate was introduced to the health care retail niche and has been focusing on that ever since. Initially, they focused exclusively on urgent cares, but in the last few years, his team has started to expand to the dental world.

Austin Hair and Nathan Palmer’s Contact Info:

Email: [email protected]

Website: https://reuniversity.org

Additional Resources

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