,

Top Considerations for Medical/Dental Providers in Red Deer Looking to Move Their Practice

Relocating a medical or dental practice is a significant decision that can impact both the provider and their patients. Whether it’s to expand services, improve accessibility, or explore new opportunities, moving a practice requires careful planning and consideration. For medical and dental providers in Red Deer contemplating a move, this blog outlines the top considerations to ensure a smooth transition and continued success in their new location.

1. Demographics and Market Analysis:

Before relocating, it’s crucial to conduct a thorough analysis of the new area’s demographics and market trends. Understanding the population’s needs, income levels, and healthcare preferences will help determine whether the services offered align with the community’s requirements. A well-matched demographic will improve the likelihood of attracting a steady stream of patients and enhancing the practice’s success.

2. Competition and Referral Network:

Research the existing medical and dental practices in the target area to gauge the level of competition. Assess their services, reputation, and patient base to identify gaps that your practice can fill. Additionally, establishing a strong referral network with other healthcare professionals in the vicinity can facilitate patient referrals and collaborations, contributing to a thriving practice.

3. Accessibility and Visibility:

The new practice location’s accessibility and visibility are crucial for attracting and retaining patients. A central, easily accessible location with ample parking will make it convenient for patients to visit. Consider the visibility of the practice from major roadways or public transportation hubs to increase awareness among potential patients.

4. Legal and Regulatory Considerations:

Moving a medical or dental practice involves legal and regulatory complexities that must be addressed diligently. Ensure compliance with all local, provincial, and federal regulations, including licensing, permits, and professional certifications. Consult with legal and financial advisors to navigate any legalities and financial implications associated with the move.

5. Patient Communication and Transition:

Communicate transparently with existing patients about the upcoming move well in advance. Notify them through various channels such as emails, letters, social media, or signage in the current office. Provide clear information about the new location, contact details, and any changes in services. Keeping patients informed will help build trust and retain their loyalty during the transition.

6. Staff Considerations:

Consider the impact of the move on your staff and ensure they are involved in the decision-making process. Address their concerns and provide adequate support during the transition. If the new location is far from the current one, some staff members may be unable to relocate. Plan for potential staffing changes and make arrangements for hiring and training new employees if necessary.

7. Technology and Infrastructure:

Assess the technological infrastructure of the new location to ensure it meets the requirements of your practice. Reliable internet connectivity, advanced medical/dental equipment, and electronic health record systems are essential for delivering quality care and maintaining efficiency.

8. Marketing and Branding:

To establish a strong presence in the new area, invest in effective marketing and branding strategies. Create a website, update online listings, and employ digital marketing techniques to reach potential patients. Networking with local organizations and participating in community events can also enhance brand visibility.

Moving a medical or dental practice in Red Deer can be a rewarding endeavor when undertaken with careful consideration. By analyzing demographics, understanding the market, and implementing robust communication and marketing strategies, providers can seamlessly transition to their new location. Adhering to legal requirements, maintaining staff morale, and prioritizing patient care will contribute to a successful and thriving practice in the new community.

Now Leasing in Red Deer! Turnkey Medical/Dental Clinic at 5018 45 Street, Red Deer, AB.

 

  • Lease rate: competitive market rates
  • Operating costs: $10.28 sf
  • Zoning: C-1 (commercial city center district)
  • Site size: 34,921
  • Ample surface parking
  • Well located on gaetz avenue with great exposure to high traffic areas
  • Top pylon signage position (x2)

 

For more information on medical office space for rent in Red Deer, or to book a tour, contact Jennifer Clark today at C: (403) 200-9264 E: Jclark@investplusproperties.com

/by
,

A Reliable Source of Income

Our unit holders have been with us for a long time because of the reliable source of income they have come to depend on. A majority of them–around 50-60% of them are RSP unit holders. RSPs are a great way to invest in REITs and these types of investments especially when it comes time where your RSPs turn into a RIF. A lot of our clients have come to realize that during the earlier part of the investment, they would earn drip units (reinvestment units). Instead of earning cash, these reinvestment units would go back into the company. And over time, they have accumulated units which they can now convert into cash. Instead of earning units, they earn cash distributions that were p aid to them every quarter.

Now, the investment has become a reliable source of income that most of our clients are looking forward to. This gives us comfort and when we look to buy an asset, we ask ourselves if we can continue to do this sustainably. There is a risk every time. Despite the risk that the distributions are not guaranteed, we’ve been able to still pay out over 6% over the last 7 years every year. What made this possible for us is industrial real estate. We’re also looking for an asset that has a tenant–that asset being the tenant, which allows us to pay consistent distribution over time. Being a popular asset, industrial real estate is in demand, it has an added value in terms of building values and appreciation, factors that contribute to sustainable returns.

/by
,

The Fight Against Inflation – Where Are We Heading

Inflation from 2023 is coming down from where it was–hopefully to a point where things like groceries can be afforded by families, and that the average business can function. We’ve heard of businesses who had to close because their costs of goods were too high and they couldn’t pass that on to their customers, or it’s affecting their business as a result. The good news is that I think this year, it would turn around.

One of the main reasons why we got into the real estate business was learning how to protect my investments and hedging them against inflation. For me, the answer was real estate, and it still is a great way to protect investments. This is also why we’ve seen a lot of clients invest in real estate with InvestPlus because they want that hedge against inflation as well. And for this year, we’re headed in the right direction.

/by
,

What’s shifting in the marketplace – Looking ahead into 2023

What we’ve seen that’s different from the transition of 2022-2023 is that at least for the Bank of Canada, there is light at the end of the tunnel in terms of keeping inflation somewhat tamed or maybe even lower. This gives investors a bit of confidence that we are not going to have such a tumultuous year like last year. The previous year was a year filled with uncertainty. While it was a much needed effort in trying to keep inflation under control, it really made a lot of investors nervous! Once you have a market that you can somewhat predict or make decisions on, you will see a lot more activity. Given that, I think we are going to have a better year.

/by
,

Positioned for Success – Macro Global Economics & InvestPlus REIT

The global macro picture is going to be favorable for Western Canada. It’s opening up people’s eyes on how critical it is to have security in energy. In a big wat, this has opened up the doors for global manufacturers to look at Alberta and Saskatchewan as placed where they can sustainably and reliably manufacture their goods, knowing that they have a resource base and that they have energy supply.

There are always other parts of the world which was brought to light by the war in Ukraine where companies had to shut down just to ration the energy that they had. From a standpoint of global risk and global positioning, we’re positioned very well. In terms of responsible energy, Alberta and Saskatchewan are doing that.

/by
,

The Future of Western Canada

We see a very bright future ahead of Western Canada. We have a resource-based economy, giving Western Canada a great position there. Over the course of the past 2-3 years where the movement has been towards renewable energy, it has shifted to some degree. Those who are inside and outside of the oil and gas district recognize that we need to do something.

The biggest aha! moment for everyone was when we realized we needed affordable energy. That put Alberta, Saskatchewan, and BC in a very good position from a natural gas standpoint. This also creates a much more sustainable growth situation as opposed to the boom-bust cycle. Companies have also realized this—giving more attention to paying down debt vs. increasing production. Those companies are going to be responsible for getting us to net zero by 2050!

/by
,

Tenants-First Case Study

We’ve had one client who was looking to consolidate two or three of their locations into one. In this specific case, they were very specific in the size that they were looking for. We went out and searched the market, found a really good location and a great looking building. However, it turned out to be twice the size they were looking for.

We showed it to them nonetheless, and they ended up moving forward with it. What we learned from this situation is that sometimes, you’re given a task but you don’t know what the ultimate goal is. By providing that solution to the tenant, they realized that they can create a new business model with the additional space. Simultaneously, we were able to work out a deal for both parties where they were able to continue their normal course of business but also allowed them to invest in another business to grow.

 

/by
, ,

Tenants First

We all start somewhere! For InvestPlus REIT, it was in 2015, in Calgary, Alberta. InvestPlus Real Estate Investment Trust is a private real estate investment trust provides investors an opportunity to participate in the industrial real estate market across Western Canada, without the responsibility of having to own or manage a building themselves. Since then, we steadily grown WITH our tenants, and this is one of the things we pride ourselves on.

We Put Our Tenants First

First and foremost, without our tenants, we just own bricks and mortar. This is at the core of our business and is something we give the highest importance to. Without our tenants, our buildings will just be stagnant spaces, and in the real estate industry, nobody wants that! Our tenants are our NUMBER ONE assets. They are the top driving factor that have contributed and continue to contribute to our upward trajectory.

From the start, we partner with tenants who align with our goals: to scale our business and continue growing—locally and nationally. The better we understand our tenants the more we can understand their needs.  This alignment of goals help us see our destination clearly, and with common goals in mind, we are able to provide each other that supportive environment that can push both of our businesses upward.

From our end, we offer the business support that can alleviate some of the load that our tenants have to face. From locating new locations for our tenants, to streamlining their business by standardizing lease terms, we anticipate how to positively impact their business to bring returns to their businesses, and ultimately, ours.

Our Relationship with Our Tenants

We differentiate ourselves from other real estate/commercial space providers by building a genuine and solid relationship with our clients. We pay attention to their needs and hear them out—communication is key! It is imperative to hear out their concerns and keep ourselves updated with their changing goals so we can find ways to provide business support where we can. By focusing attention on what our tenants need, we create the business model we want, but we also develop sustainable return for our unit owners. With this kind of business synergy, everybody benefits and that’s the kind of environment we’re after. The majority of our tenants operate internationally within the transportation, e-commerce, energy sectors and distribution services. 

Whether our tenants are looking to grow locally or nationally, we’re prepared with real estate solutions to grow alongside them. We believe that tenants shouldn’t have to start over from square one when they relocate or expand to a new region. By striving to be their one-stop-shop for real estate solutions,  offering real estate solutions and communicating to our tenants that we will be with them along the way, we lessen the burden that comes with expanding their business. This allows our tenants to bravely entertain the prospects of expansion, and at the same time, we are able to provide valuable insights on locales they may have their sights on. 

With our philosophy, we nurture a space for them to grow their business, and simultaneously find creative ways to grow our business as well.

/by
,

Operational Excellence and Hidden Assets in Real Estate

There are so many factors that contribute to or prove to be detrimental to any business’s success. Being in the real estate industry for many years now, InvestPlus REIT has seen and experienced all sorts of challenges. During times of adversity, this is when businesses are tested most, and this is where operational excellence comes into play.

What is operational excellence, and why is it important to your business?

Operational excellence in real estate is being able to manage a huge volume of real estate properties really well—consistently. Not everyone can do it right, and it takes a certain skill set to grow a real estate company successfully. With operational excellence as part of your arsenal, better business-related decision-making can be expected, resulting in positive effects for your company.

Handling the marketplace can truly be stressful at times, especially during recessions and special unforeseen events such as the pandemic. When everyone is affected by soaring interest rates, measures must be taken in order to ensure profit for both the seller and buyer. How do we achieve this?

Debt Can Be an Asset!

About 5−6 years ago, we started exiting multifamily and went into industrial real estate. It is important to note that exiting and knowing when to sell falls under operational excellence too. Always keep in mind that exiting or selling will depend on where your company is, what your goals are for your company, and how exiting aligns with those factors.

For InvestPlus REIT, there were challenges when we moved into industrial real estate. Buyers wanted long-term financing and we found ways to work on this as well as timelines ourselves. Fortunately, we locked in our rates before the W.H.O declared the pandemic which drove interest rates up. It is in this kind of scenario that assumable debt becomes an asset.

With solid mortgage terms, you can sell your property along with it assumable debt that in time, still proves to be profitable even for the buyer. From the outside, this asset may be invisible! This is why working with reliable real estate investors can truly pay off for interested parties, as advice and factors taken into decision making are backed by years of experience.

Creativity is an Asset Too

It is important to note that each and every scenario is different. As an example, InvestPlus REIT President and CEO Domenic Mandato has faced about four recessions in his years as a real estate investor. All those instances raised the following questions:

  • How are the problems going to be handled?
  • How can we take advantage of the situation?
  • What is working/not working in the company?
  • What S.O.P.s can be standardized and improved?
  • How can we still generate income even within our portfolio?

Market crashes and times of adversity are always great opportunities to look inward. It’s a good time to reflect and rethink what works and how to build on it along with what is no longer serving the goals of the company. Discovering inefficiencies help us improve and exercising creative thinking plays an important role in coming up with solutions!

Scratch that—being creative is critical to success. No matter your role in the company there are always different perspectives that can and should be taken into consideration when coming up with innovative solutions. Consider this…

Ask your co-workers, spouse, someone who isn’t in the same field as you are, or even your kid a question that relates to your business and listen closely to their insight. This kind of creative brainstorming can spark genius solutions you would not have thought of because you’re so deep into the world of real estate. Hearing fresh input can re-jig your senses and come up with new answers to the all important real estate question: Where else can we grow?

Remember operational excellence and your hidden assets!

/by
, ,

From Dom’s Desk: Let’s Talk About Growth…

Right off the bat, if you’re not growing, you’re dying. It may sound harsh, but that’s the truth! For any business, growth is of utmost importance, and even more so in the real estate industry. Traditionally, the primary factors that contribute to growth in real estate include (but are not limited to) finding properties and investors. Here at InvestPlus REIT though, growth means something else.

We strongly believe in growing together with our tenants. In our years of experience, this has largely contributed to our continued success, and this is one of the things that makes us different and evergreen in the scene! So, what makes us different and how do we go about it?

We focus on understanding our tenants’ needs. This is crucial when it comes to providing an environment that helps our tenants grow. What are their plans for the future? What are their goals? Are they a national or international company? What can WE do to help them achieve these so that we can ultimately grow together? Unlike the classic landlord-tenant relationship where oftentimes there is a certain level of antagonized interactions, we eliminate that by maintaining a great relationship with our tenants—which we achieve by focusing on them; understanding their needs and putting those on the forefront of our business relationship.

Having been in the industry for a good amount of time now, we’ve come to view “assets management” in a different, more personal way. Hear us out… This technically refers to the size of one’s portfolio; the number of buildings owned, figures on a spreadsheet, etc.. But it isn’t just that. Our relationship with our tenants is THE absolute asset. This is why we do our best to build and protect it. From the get go, we build authentic relationships based on communication. This circles back to communicating about what they need and what we can do to provide it. By understanding their goals and providing a support system, we help them become more successful. This, in turn, makes us more successful too!

Further to the above, we are a solutions-focused real estate business, and we look for solutions for our tenants’ needs. This is important because this makes a positive lasting impression on our tenants. Whether it’s providing a meeting room for 10 or 30 people, or having free parking that gives them and their clients the added convenience, we take all the measures to provide as much business solutions as we can. It’s these little thoughtful touches that go a long way. This is why even in struggling economies, we are able to rise and grow through the challenges because we are able to add value to our business and our tenants love us for it.

Providing solutions and support for our tenants is a powerful factor that tips more of the odds to our favor. We aim to be the first in our tenants’ mind when they need anything related to real estate by showing them they can depend on us when they need solutions for growth. By building and continuously taking care of our relationship with our tenants, our history of providing solutions allows us to standardize certain factors—terms and conditions in our growing relationship moving forward. If they’re considering an expansion outside of Western Canada (where we are), we willingly explore all options and communicate with all our tenants to find the most viable solution that support everyone’s growth.

We see even more opportunities in the months and years ahead. What’s amazing is how these opportunities open up and in part are supported by the tenants we have been growing with!

/by