Renting a medical centre room in Sydney is an important step in your business’s journey. Here are our top five tips to help make the rental process as smooth as possible.
1. Check what is Competitive Rent
Sydney has a reputation for being an expensive place to rent commercial space. And this isn’t completely unfounded. Typically rental spaces in prime locations (such as in the CBD), or with good amenities, will attract higher rent prices.
But don’t be alarmed, the higher price comes with a larger patient pool and therefore more opportunities to build your client base faster.
Understand the value of prospective rental rooms by researching. Look up what the going rate is for medical centre room rent for other centres in the area.
Doing your research will help you to avoid a situation where you are overpaying and eating into your potential profits.
Also on the topic of fair rent, ask if your rent will be net, gross, or effective.
Some landlords may also prefer percentage rent—where rent is set at a percentage of the tenant’s income. So as profits go up, so too does rent.
Understanding the various types of rental arrangements will help you to understand which will be in your businesses best interest.
2. Exit fees and Renewals
Before signing any agreement, ensure you understand what the process is if:
Many medical centres may have early exit fees or will require you to replace yourself with another practitioner using the room before releasing you from your agreement. If changes were made to the room during the rental period there may be some ‘make good’ stipulations. Being aware of this from the beginning can help you to prepare for a smooth transition should you need to move on sooner than originally planned.
Another circumstance that may arise is that your agreement may end, but you wish to continue to run your business from the property. It is good to know when signing an agreement if there is an option to renew. Having the option to renew offers peace of mind in knowing you don’t have to relocate after the initial term of your agreement. Even if you plan at this stage to relocate after the initial term, having the option of renewal ensures you have some time to change your mind -without the pressure of a replacement tenant already being discovered.
If you’re renting out a room in a pre-existing medical centre, it’s likely that there is an existing security arrangement to protect patient privacy and ensure the secure storage of medications and equipment.
When touring a medical room you’re considering renting, be sure to ask about the security of the room you are leasing. Here are a few questions to consider:
Your security concerns when hiring a medical centre room may differ, depending on the services you offer. But usually, understanding the security protocols in place should offer you peace of mind.
When touring a room, take note of potential risks, including those in security. Ensure there is somewhere for you to store your belongings while at work. If you’ve needed to provide your own equipment or furnishings to the room, it’s important that security is adequate to protect your investments.
In some circumstances, you may be able to request additional security installations as a part of your agreement negotiations.
Before beginning to practice from your new room, make sure your insurance is adequate and up to date. At a minimum, you will need at least professional indemnity and public liability insurance. It is best to check with an insurance specialist or broker to make sure you don’t need any others.
Ask your landlord or centre manager what their policies regarding insurance are. Some may require tenants to have additional insurance. For example, you may need contents insurance in the case that there is a theft from your room or other circumstance resulting in the loss of your property.
Other insurance areas to consider:
Consult an insurance specialist prior to beginning your agreement to ensure that you’re covered. Things go wrong sometimes, so it’s important to know that when it does, you’ll be saved some stress.
When renting a medical centre room in Sydney, it’s important to consider the location of the centre. Foot traffic is an avenue for attracting potential patients and being in a central, easily accessible location is critical. Visibility also ensures that both new and existing patients are able to easily find their way into the clinic for their appointment.
It may also be worthwhile looking at the online visibility of the centre. Do they have a website? Are they active on social media? To ensure you choose to work within a viable centre, it’s worth checking this out. Spend some time online looking up the centre, think about the digital experience the broader centre is offering patients.
Is the information about services and medical practitioners easy to access? Can appointment bookings be made online?
Ask the centre if you will be able to list your business on their website, or whether you will need to arrange your own booking systems and digital presence. Often, it works in both parties' favour to combine efforts and present prospective patients with a comprehensive health hub.
If the centre is unwilling to collaborate in digital visibility, this may mean you need to be strategic when it comes to marketing your own services. Or it may be a factor as you weigh up the opportunities that come from renting a medical centre room.
If you’re looking to rent a medical centre room in the Sydney CBD, look no further than Wellshare. Our beautiful rooms in the Dymocks building have blended historical charm with modern design. We have a range of rooms available for rent, suitable for medical practitioners looking to start their own business.
We value the autonomy of our members. At Wellshare you’ll be offered maximum opportunities, for a great low-price. Book a tour today.
Renting a medical centre room in Sydney can feel overwhelming at times. Remember that help is out there. Take enough time to think through your decision carefully and set yourself up well for success.
If you’d like to do some further reading about setting up your own practice, check out: Starting a Medical Practice by the RACGP. Even if you’re just renting a room within a broader clinic, this document has some useful information for medical practitioners launching their businesses.