Is your dental office lease approaching its renewal deadline or expiry date?
Before you groan at the thought of an office lease negotiation with your landlord, consider this as an opportunity that can place you in control of your continued success.
Specifically, you’ll want to look at the fine print of the “Option to Extend” or “Renew” provision in your dental office lease. These renewal “options” give you as the tenant the right to continue leasing your space for an extended period of time. The good news is that the option – if written properly – can protect you and provide you with the flexibility to stay, even if the landlord has other plans for the space at the end of your term (sorry accounting firm – this spot is taken!). More importantly, options may provide leverage in a renewal negotiation with your landlord.
However, as always, the devil is in the details, and there are a number of particulars to be aware of in your options to renew to make sure they are working for your practice, not against it.
Ask and You Shall Receive
When negotiating or renegotiating a dental office lease, remember that it is just that – a negotiation. Landlords aim to have you sign their “standard form lease” that is almost always written in their financial favor, putting you, the tenant, at risk. But remember, the details in your lease are not set in stone, and almost everything is negotiable.
That’s a Wrap
Once you’ve done your homework, reviewed your options, and understood how they affect the flexibility of your practice, you can better negotiate favourable terms in your renewal negotiation. It’s a comfort for those in all stages of their dental career to know that some vague wording is not going to hurt your chances of selling your practice and embarking on your next adventure.
You’re in the driver’s seat with the option to extend, so review the terms, negotiate as necessary to make them work to your advantage, and steer clear of obstacles on your way to the winner’s circle.
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