Perform a cash flow analysis and run various scenarios to determine how much rent you can afford over the next 2-4 months. Review your lease and know your expiration date. This is critical in determining concessions that may be available. Check with your financial team regarding loans and options. Monitor new legislation.
HAVE A PLAN
Once you know your options, craft a strategic and creative plan. Many landlords are getting relief from their lenders, but only distributing to tenants according to need. Consider timing. A Landlord’s willingness to make concessions could change as disruption continues.
BE A PARTNER
Don’t say, What can you do for me? Instead ask, How can we work together? Landlords know healthcare practices are strong tenants and they don’t want to lose you. They do, owever, have their own obligations. Don’t go into default just to create leverage. Approaching them as a partner will generate better results and help maintain a good relationship.
GET IT IN WRITING
Get any short-term relief in writing as an amendment to your lease. Consider medium- and long-term options, also.
REQUEST A FREE LEASE CONSULTATION
Rent is typically one of a healthcare practice’s highest fixed expenses. Crown Tenant Advisors is offering a FREE Lease Consultation to assess your current situation and determine what options as a tenant you may have.