Navigating the path to career success in healthcare real estate
A career in healthcare real estate is extremely rewarding. It allows you to blend domain expertise in real estate with the dynamic healthcare industry. Forging a successful career path in this niche field also takes focus, perseverance, and a strategic approach. Aim to get broad real estate experience working for a commercial brokerage, appraisal firm, REIT, or real estate investment company. Gain well-rounded exposure to leasing, acquisitions, financing, development, asset management, and investments. Develop core real estate skills that will be applicable in any specialty. The healthcare sector has unique dynamics, so having a solid commercial real estate foundation is invaluable before specializing.
Develop expertise in healthcare real estate
Strong healthcare real estate careers are built on deep healthcare industry knowledge paired with real estate competencies. Take time to thoroughly understand healthcare trends, drivers, business models, facility types, terminology, and key metrics. Learn the critical factors like demographics, occupancy, reimbursements, and regulations that impact decisions. Read industry reports and publications to stay on top of healthcare and senior housing issues and developments.
Understand healthcare delivery models
Success in this niche requires an in-depth understanding of how Greg Appelt healthcare delivery models and services are structured, interact, and evolve. Learn the whole continuum from hospitals, medical offices, and outpatient clinics, to post-acute care, long-term care, and senior & and assisted living facilities. Be able to articulate how changes in one healthcare subsector affect real estate opportunities in related components. Focus relationship-building efforts within the healthcare real estate arena. Get involved with trade associations and networking events. Develop connections and credibility with operators, developers, lenders, brokers, and tenants in the healthcare space.
Find a healthcare real estate mentor
A mentor who has successfully navigated a healthcare real estate career provides invaluable guidance and sponsorship. Mentors advise you on sharpening your expertise, expanding networks, pursuing opportunities, and avoiding pitfalls. Connect with several seasoned professionals who provide different perspectives to shape your growth and advancement. Certain professional designations like a Certified Commercial Investment Member (CCIM) help strengthen your expertise.
Qualitative and quantitative factors
Success requires blending art and science – incorporating both qualitative and quantitative considerations into analysis and advice. Master the numbers and metrics, but also study what drives health systems, senior housing operators, and other healthcare tenants on a human level. Delivering value and differentiation means customizing real estate solutions to address each client’s unique needs and objectives. Develop focused strategies aligned to that client’s healthcare business model, service mix, competitive landscape, and other specific considerations.
Stay flexible and open-minded
The healthcare sector sees continual changes in service delivery, regulations, technology, payment models, and patient expectations. Success requires staying flexible and open to new real estate solutions as healthcare evolves. Avoid rigid mindsets and outdated assumptions. Be willing to learn, adapt, and help clients align their real estate to new healthcare realities unfolding over time. Bring together the right mix of healthcare, real estate, finance, and legal expertise to tackle each assignment. Draw on specialized partners as needed for complicated projects. Healthcare real estate solutions require aligning perspectives across multiple stakeholders and disciplines. A collaborative mindset and team approach is often essential for optimum outcomes.
