RIDDLE ASSOCIATES, INC.
Helping medical practices find the perfect property
by Cristi Sanchez
Lindsey Riddle Elliott and Robb Riddle
It comes as no surprise that physicians have extremely busy lives. So, when the time comes for finding the perfect property to house their practices, the search to purchase or lease a property can be time-consuming at best, and confusing and daunting at its worst.
Commercial real estate company Riddle Associates, Inc. has comprehensive buyer and tenant representation services that help ease the burden on medical professionals by negotiating their lease or purchase of a property, as well as making their property search easier through the expertise and experience of its Vice President and Associate Broker, Lindsey Riddle Elliott.
A savvy, confident, petite powerhouse with 11 years of experience, this Chesapeake native uses her vast knowledge of medical office space and of the local market to effectively broker purchase and leasing deals on office spaces that best suit the requirements of her clients.
"I've been doing buyer and tenant representation
for medical professionals my entire career.
I really love what I do!"
I really love what I do!"
- Lindsey Riddle Elliott
"I've been doing buyer and tenant representation for medical professionals my entire career," Lindsey says smiling. "I really love what I do! There's satisfaction in solving one of the biggest challenges a business faces, which is getting a good, fair deal on buying or renting a property."
There was a time when tenants getting a good, fair deal wasn't always the norm. Tenant and buyer representation were only instituted in the commercial real estate industry about 20 years ago. "It used to be that one agent would handle both landlord and tenant, which allowed companies to take advantage of the buyers and tenants," Robb explains.
Seeing the inequity of the situation, the Real Estate Commission instituted regulations that allowed for tenants and buyers to be represented by separate agents to ensure fairness and reduce conflict of interest.
Many medical professionals don't know that commercial buyer and tenant representation services are available to them. "There are so many incentives and options that people aren't aware of," Lindsey points out. "We have insight on things medical professionals wouldn't, like available inventory, which landlords or sellers are motivated, and the various tenant improvement allowance options landlords are willing to contribute to the deal to help save money. Speaking of saving money, our representation services are free to the buyer and tenant because our fees are paid by the seller and landlord."
Riddle's mission is to educate their clients and provide them uncompromising tenant and buyer representation. "The market is ever changing and our goal is to get tenants the best rates and terms on their leases in today's market. With our tenant representation services, we help clients save anywhere from five to twenty-five percent on their leases based on current market conditions," Lindsey notes.
And money isn't the only thing Riddle's tenant representation can save. It can save time.
With access to extensive listings of medical office spaces in the area, Lindsey can do in several hours what it would take weeks for medical professionals to do on their own.
"Our services can save valuable time from their already full and busy schedules. If they try to look for office space themselves, it could take them at least 30 to 40 hours of searching. We can do it in just a few hours by finding and pre-screening the properties that meet their requirements," Lindsey says with confidence.
The Riddle Associates family left to right: Jack Hamilton, Hershey Browning,
Bill Brackman, Leslie Riddle, Robb Riddle, Lindsey Riddle Elliott, David Hunter,
Cindy Zofcin, Larry Rumsey and Haley Wayland
Savings of time and money are important to any prospective tenant, but one of the most important and valuable aspects of Riddle Associates' tenant representation services is representation through the leasing negotiation process. Lindsey can expertly navigate and negotiate the terms and rates of leases for clients to help ensure they get the most equitable transaction possible.
"Terms of a lease include things like renewal terms, lease renegotiations, and renewal options," Lindsey explains. "Many physicians wouldn't think to consider these options unless they have broker/agent representation."
For instance, many medical professionals may be surprised to learn that if they plan on canceling a lease at its expiration, they need to contact an agent or broker no less than one year in advance. "I encourage physicians to contact a broker at least one year prior, if not earlier, to the expiration of their current lease because medical office buildouts take such a long time. That way their new facility will be ready before their current lease expires and the transition will be smooth," Lindsey explains.
Tenant representation services are an extremely valuable tool for all medical professionals, from the doctor or dentist starting their own private practice to the established medical practice seeking a new office for expansion. Even medical professionals who didn't use Riddle Associates for their initial leasing process can contact them to help renegotiate more attractive lease terms.
"If you have an existing lease and you didn't have any representation at that time or had inadequate representation, you have the right to have another broker represent your interest and intervene to help renegotiate a lease to come to a fair compromise. We're happy to help any medical professional with that," Lindsey offers.
That drive and willingness to help medical professionals find the perfect office and leasing arrangement to suit their needs has made Lindsey Elliott a successful, sought-after broker by the medical community. It has put the spotlight on the Riddle Associates Buyer and Tenant Representation service as a desired, valuable tool to assist medical professionals in leasing or purchasing office space with detailed and thorough representation that fosters lasting business relationships.
"Our business is based on trust and relationships," Robb emphasizes. "Because we have established that with our clients, they come back to have us to represent them again. The key to our growth is our many return clients and referrals."
Providing clients options, insight, and guidance, Lindsey helps them make a decision on the property that's best for them and represents them throughout the entire process "We strive for excellence and client satisfaction," she states. "And at the end of the day, there's nothing better than the reward of having a satisfied client."
530 Woodlake Circle
Chesapeake, VA 23320