Why the stars are all aligned for building your new office NOW!
Regardless of the ups and downs of the stock market, the stimulus packages, credit crises, the economy as being reported, if you have ever thought about upgrading, buying, building a new, bigger, or more functional medical office, the outlook couldn’t be better!
Uncertain times call for deliberate actions. Our current financial crisis should have little effect long-term on your investments, particularly if you are planning on living off those investments within the next few years. Your medical practice is one of your strongest financial investments. Right now is a once in a lifetime opportunity to build or strengthen that investment.
Why? The stars are all aligned . Here’s why:
- Contrary to media reports, the banks are still lending money, even the big banks to doctors for remodeling and office projects. I have several very strong lenders that are calling me daily looking for projects to lend on. These are cash flow lenders who understand your business and like doctors who can cash flow the debt for their office projects.
- Interest rates are at an all time low and should stay that way for awhile. Good credit and a good loan package are still necessary. You will need to justify the costs and have a detailed budget for your project. We can help you with this step.
- It is a buyers/tenant’s market. There is an oversupply of space out there. The commercial real estate market has been hurting lately. Commercial foreclosures are going to be the next hot news item. Commercial agents call me daily pitching their deals and their clients are willing to negotiate. That has not happened in years. Again, we can help you find that perfect space or site.
- There are lots of good contractors looking for work. There has been overbuilding and overconfidence on their part in the past and I have never found contractors so easy to work with as I do now.
- The equipment suppliers are offering great deals and prices. Now is a super time to upgrade!
- Your practice can grow because a lot of doctors are trimming their marketing budgets. This is the exact opposite of what you should do during slow times. Now is a great opportunity increase your market share if you increase your advertising and if you do it correctly, you can take patients away from those doctors who are decreasing the marketing efforts. If you are not marketing savvy, our strategic partners can help you, there.
If you’ve ever seen a solar eclipse, you know two things; one, they are very rare and two, they are blinding.
Where we are, right now, is like a solar eclipse. First, the economy has us in a rare position. Second, if you can filter through the blinding of the media and all the doomsayers, you should the opportunities out there and take advantage of them.
When the economy does pick back up and it will, you will be in position for some huge growth by having renovated, built new space or leased at a lower cost and at a lower rate. You will have a nice facility and a well honed marketing plan in place.
It is a fact that the economy is slow right now. People are being laid off and are suffering from a crisis of confidence. It is a fact that healthcare is doing very well and is one of those recession-proof businesses. Some of my clients are busier than ever and are topping previous year’s production. Patients have become much more discerning and value conscious. They recognize top facilities and amenities and prefer to go to those doctors that make these critical investments which results in a higher level of patient care and satisfaction.
Warren Buffet is well known for his investment savvy. With the stock market down, he is buying value for cheap. He sees the upside. This is the time for you to take advantage of this very rare alignment of the stars and make that investment in a new or updated office.
