Evan Reynolds is a blast from my past with an extremely important role in the present circumstances, as the leader of the Dental Space Advisors group. Eleven years ago, Evan Reynolds and his real estate team helped me find my practice’s space and connected me with all of the professionals needed to negotiate my lease when I was still just a startup.
Evan Reynolds may be a familiar name to some of you. He’s done a lot of work to help dentists realize their dreams of opening their own practice by finding them the perfect space for business to commence, answering all of their questions along the way.
Having launched in 2001, Dental Space Advisors has worked with over 1,000 dentists seeking ideal spaces to work from. His team works to determine the ideal location for your practice based upon opportunity potential versus the competition, and negotiates prices on your behalf for initial lease and subsequent renewals.
In the last four weeks, the Dental Space Advisors Group has been working closely with dental professionals to navigate our new COVID-19 affected world. They have found that the best approach for interacting with landlords about these new challenges is a personal one. Reynolds even explained that using a third-party such as his group may not even be as effective as a personalized letter sent directly to your landlord.
A personal phone call to your property manager or landlord is also highly recommended. Landlords are often reasonable and only looking to ensure that their clients are not trying to take advantage of them, so be honest and explain your full situation.
While a few are not, most landlords are willing to help. A reasonable request could be to ask for rent deferral until your income stream has recovered. Reynolds also recommends that if you’re planning on renewing your lease soon, use this opportunity as a negotiating factor to petition for rent abatement. For example, you can sign up for another five years of lease commitment in exchange for a three-month abatement. This could be a great negotiating factor because it is a win-win opportunity. If abatement isn’t an option for you whether you’d like to renew your lease or not, work to negotiate for at least a twelve-months repayment period to ensure that your cash flow remains healthy once things return to normal.
Learn more about lease renewal in my chat with Evan and feel free to take up Evan Reynolds on his offer of free advice on strategic lease negotiations and requests. You can contact him at [email protected] or by phone at (214) 718-6777.
Find out more about Dental Space Advisors here.
Find out about:
Achieving rent deferral or abatement through negotiation
Leveraging your renewal timeline for better rates
COVID-19’s potential effects on start-up practices
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