Healthcare Property Group is acutely aware of and possesses the necessary skills and experience required to properly manage these facilities.
Innovative managers are always looking for ways to generate above average net operating income.
To maximise the income generating potential of individual medical facilities one must have a clear understanding of the dynamics of that particular facility and be cognisant of factors that will influence the success or otherwise of each of its occupants. To achieve this, it is necessary to have an understanding of the health industry as a whole and the specific nature of the property under management.
Managing medical centres is not simply a matter of collecting rents.
Effective property and asset management of medical centres will directly influence the long term occupancy rates of the facility. Whilst situations arise where tenancies become vacant and subsequent leasing activities are required to procure a new tenant, vacancies can often be minimised by recognising and then taking advantage of potential opportunities that surface from time to time. To recognise these opportunities it is necessary to understand the nuances of the medical industry.
Properties occupied by the health care professions such as Hospitals, Day Surgery Facilities and Medical Suites are highly specialised facilities.
Successful medical environments incorporate numerous and varying uses. In isolation these uses may not necessarily be unique, however, to be appropriate, conducive, productive and successful within the particular environment they are required to genuinely complement the other occupants within the specific clinic. In addition, many medical facilities incorporate retail and service/retail components which are capable of successfully trading in their own right, and which, at the same time, provide those complementary services for the benefit of the overall facility. Typically, these components may include cafes, pharmacies, newsagencies, florists, gift shops, health insurance branches, optometrists, post offices, ATM’s, various kiosks and the like.
Healthcare Property Group has a unique skill set that is well suited to managing these tenancies. In addition to focusing on properties occupied by the healthcare professions, Healthcare Property Group has successfully undertaken large retail projects. Prior to establishing the firm, Phillip Apelbaum worked in the retail property sector for approximately 11 years. In that time, he was directly involved with numerous retail centres, freestanding supermarkets and “high street” retail premises in many major suburban and regional localities throughout Victoria, New South Wales, and South Australia.
Successful property management requires the manager to develop a working relationship with the occupants of the building. Health sector properties require a much stronger collaborative approach between the landlord and occupier than would be the case for the greater commercial property sector.
Satisfied tenants are much more likely to remain at the property beyond initial lease terms, therefore leading to greater stability and higher occupancy rates. Additionally, situations arise from time to time which may be resolved by a landlord/tenant collaborative approach. Tenants who are satisfied with the overall management of their issues and the property are more likely to be cooperative at these times. We believe that the best way to establish this type of relationship is to treat each tenant issue with the same level of urgency, no matter how minor the problem may appear and to ensure that at all times the tenants are kept informed as to the progress of all circumstances such as the status of lease negotiations or any remedial works that may be required.
Unique to the health professions is the multiplicity of ways in which these properties are utilised and occupied.
Understanding the idiosyncratic nature of each of the many types of facilities is critical to delivering appropriate and effective property asset management services. Without a detailed understanding of factors critical to the successful operations of specific facilities, an effective relationship between the property manager and the tenant is difficult to engender. Consequently, it is essential to ensure that asset/property management functions are strategically tailored to the circumstances.