Dr. Cathey and his wife found their first dental office space right at the start of the Coronavirus pandemic. The location was solid and they felt like they got a great deal. Dr. Cathey and his wife were excited to start implementing business systems and investing in new technology. And after six months - their ideas were no longer just ideas - they were growing their business. Ms. Cathey’s systemic approach to dental office operations was streamlining patient experience and Dr. Cathey’s new technology was such a unique offering that he was attracting patients from other cities, even across state lines.
But along with that daily excitement, came frustration. The Catheys started noticing problems with their dental office space and they became aware of issues on the property.
They kept working on their business, though, and as they fine tuned the approach, Dr. Cathey and his wife realized that to serve the patients on their long waiting list, they needed a bigger office. A larger dental office space would allow them to hire associate dentists and, therefore, see more patients.
As the dream developed, Dr. Cathey and his wife met with their financial planners at Cain Watters to discuss options. How could they keep their current dental office space, which so many patients found convenient, while at the same time building something new where they could be their own landlords and see more patients?
Cain Watters advised them to buy land and build their dream practice. So Dr. Cathey and his wife talked to local commercial real estate brokers, but their planner introduced them to a dental real estate broker at Practice Real Estate Group (PRG).
Based in Austin, TX, PRG has a process where they research an area through and through using a variety of sources and approaches, from layers of distinct demographic data to hand checked competition reports. PRG’s reports are so accurate that they allow dental real estate brokers on their team to advise dentists and doctors anywhere in the nation.
Dr. Cathey saw the value and signed on with Practice Real Estate Group.
Dr. Cathey knew where he wanted to look for land - he even had an intersection in mind. His dental real estate broker at PRG went to work researching that intersection and came back with ratios, income data, and other demographics that would help Dr. Cathey decide whether the intersection could actually support a new dentist office or if it just seemed like a good idea. When the demographic data came back validating Dr. Cathey’s suspicion, PRG went to work looking for available property. Their first find was at the preferred intersection, but after making an offer significantly over asking, the seller took a cash offer instead. That experience didn’t deter Dr. Cathey and PRG, instead it served as confirmation that they were searching in a desirable, up-and-coming area.
PRG then found another tract of land in the same search area. Dr. Cathey made an offer that was accepted. The team was elated. The property was exactly where he wanted to be, for a price that worked for both the practice and the bank.
However, after getting plans back from the architect, Dr. Cathey and his wife realized they needed just a little more space to make the new build worth it. Mrs. Cathey researched the surrounding land and uncovered that the seller of their new property owned a piece of adjacent land. If they could purchase that land too, there would be plenty of room for them to develop and build their dream dental office space.
Because the property was not officially on the market, their dental real estate broker at PRG researched comparable properties and recommended a price that the seller accepted. Although the land was zoned residential, PRG worked with Mrs. Cathey to apply for rezoning.
Recently, the Catheys learned that a national grocery store had purchased the land across the street.
With the encouragement of their financial planner at Cain Watters, the initiative of their dental real estate broker at PRG, and their own entrepreneurial spirits, the Catheys found a piece of land in their dream location and purchased an additional piece of land off market that allowed them to build their dream practice.