Eye Own a Business Episode 34: Negotiating a Lease or Purchase? Here’s What You Need to Know

In this episode with Colin Carr, founder of Carr Realty, we explore the intricacies of securing an optimal space for your practice. Our conversation begins by highlighting the significance of leaving room for growth over the coming years. To gain a tangible grasp of spatial dimensions, Colin recommends using tape to visualize and assess potential layouts. Delving into the realm of property procurement, our discussion underscores the advantages of collaborating with contractors attuned to the unique needs of optometrists. Colin advocates a structured three-step evaluation approach: analyzing your options comprehensively, assessing location compatibility, and then delving into the financial aspects. This episode places a spotlight on the importance of enlisting a seasoned broker. Recognizing that negotiations can often be skewed in favor of landlords, a skilled intermediary adds essential expertise to your side. Colin’s insights also touch on a key negotiation pitfall: prematurely indicating an unwillingness to consider alternate locations. This inadvertently shifts the balance of power to the other party. Emphasizing strategic negotiation tactics, he endorses meticulous research as a potent strategy. Creating a sense of uncertainty can potentially strengthen your bargaining position. Finally, Colin demystifies costs by clarifying that commissions are typically covered by the seller, thus incurring no direct expenses for the buyer. From making informed decisions about space to navigating negotiations, this episode equips you with versatile knowledge to approach real estate endeavors with confidence and strategic finesse.