If you’re a busy physician looking to invest in property, you need to have a real estate (RE) agent on board to take the stress off you.
Your agent will help you understand your loan options, provide recommendations you won’t find online, and handle the paperwork for you.
However, not all RE agents will be able to help you find and close on the property you want. In this article, we’ll look at real estate agent requirements that are non-negotiable for physicians.
Key Takeaways
- Specialized real estate agents save physicians time by understanding unique needs.
- Physician-focused agents handle loans, medical layouts, and exclusive property listings.
- Ensure agents have valid licenses, experience with physicians, and DRS certification.
- Avoid agents with poor communication, limited experience, or no off-market access.
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Why Physicians Need Specialized Real Estate Agents
When you work with a real estate agent, you save hours of work. You don’t have to find properties, talk to sellers, research and check locations, arrange tours with a conflicting schedule, or handle negotiations.
You also get access to off-market properties or exclusive listings that may not be available on popular websites like Zillow. Some opportunities may come to you by way of referrals.
Physician-specific agents bring all these benefits and more to the table:
- They have experience with physician loans, which help them find properties that accept these loans.
- They are already aware of the layout and other requirements of a medical or dental office. This means they’ll recommend spaces that meet your needs if you’re looking for commercial property.
- They can help you rent your property while making sure you don’t get taken advantage of on any escalation clauses, and decide whether you can get a triple net lease (NNN).
What to Look for in a Real Estate Agent for Physicians
Here’s what to look for in a real estate agent for physicians:
1. Valid Licensure
This is the bare minimum—your agent must have a real estate license to work in your state. This certifies that they meet all legal and professional standards for practicing real estate and have passed a real estate license exam.
For instance, if you’re looking to open a clinic in California, your agent needs to have a California real estate salesperson license. You can use the licensing body’s online database lookup to double-check that the agent has a valid broker license and is authorized to represent you.
2. Experience Working With Physicians
All real estate agents can recommend potential properties to you, but an agent who primarily works with physicians will understand the specific issues you might run into.
They’ll already know to consider medical facility proximity for any bigger operations and general layout requirements for medical and dental offices without you having to brief them first. This can help you find and close on properties faster.
3. Physician-Specific Certifications
A real estate broker who’s doctor’s agent certified (DRS) is trained to work with physicians, hospitals, and clinics. They understand how physician loans work, common relocation challenges for physicians, and the demands of your career.
These agents also have access to the DRS Agent™ Network database, which means they help you find properties that accept physician-specific loan programs.
There are fewer than 1,000 DRS real estate agents in the country, so you may need to reach out for referrals to find them.
Red Flags to Avoid in a Real Estate Agent
There are three red flags to look out for in a real estate professional. They are:
1. Limited Experience With Physicians
Physicians have different requirements when investing in real estate. Some might want a location closer to a hospital, others might prefer a specific neighborhood, and some might want a specific layout.
An experienced agent with a history of working with physicians will quickly pick up on your preferences and present medical practice options that meet your needs.
But it’ll take you longer to define your needs with someone who hasn’t had much exposure to physicians (even if they’re a licensed real estate agent). Worse, they may recommend properties that don’t meet your requirements, which can lead to wasted time and frustration.
2. Poor Communication
This is a general deal-breaker for all partnerships. A real estate agent who is unresponsive or doesn’t promptly communicate can make it difficult for you to find and close any property on time.
As a physician, you’re very likely to have a tight schedule, so an agent who doesn’t return calls, delays updates, or fails to provide the information you need on time may make it harder for you to find and decide on properties within your timeline.
3. No Access to Off-Market Listings
Many property investments are made when owners aren’t looking to sell. These deals can only be found through real estate agents who have access to off-market listings in the form of an MLS or real estate industry connections.
If the real estate salesperson you’re going with is only showing you listings available on online sites, you may need to look into hiring another.
Find a Doctor’s Real Estate Agent With Physicians Thrive
Real estate agents with a history of working with physicians are worth their weight in gold. They understand your needs without explaining and have access to mortgage lenders, investors, and developers. This can help you find and close properties you might never find on the market.
Unfortunately, finding a RE agent who specializes in working with physicians isn’t easy. That’s where we can help.
At Physicians Thrive, we connect physicians with RE agents who specialize in understanding your needs. Our team also helps you find the right listing, negotiate with sellers, get contracts ready, schedule inspections, and make sure everything goes your way.
Want to learn more about how we can help you make profitable real estate investments? Talk to our advisors today!