Letter of Intent Negotiation

A Letter of Intent is a non-binding agreement between the Landlord and the proposed tenant that establishes the lease economics to be integrated within the final lease agreement.

The lease economics are usually limited to lease rate, tenant build-out allowance, and free rent offered by the Landlord.

The purpose of the Letter of Intent is to arrive at the lowest lease costs and see if agreement can be achieved with the Landlord, prior to spending many hours discussing the complex business terms necessary to achieve a well-negotiated final lease. Like most real estate transactions, the starting point is merely the “asking” price. The Landlord’s starting point usually includes an inflated quoted rate in order to be able to agree to a rate reduction.

Dental Real Estate Experts typically saves an average of 8% to 12% in overall lease costs. There are many more dollars saved in provisions throughout the entire lease contract that protect the practitioner’s large capital investment. These provisions are not legal in nature – they are negotiated for business protection and risk avoidance.

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Dental Real Estate Experts Podcasts

Looking to learn more about how Dental Real Estate Experts handles your lease negotiation? Check out the Dental Real Estate Experts podcasts. Norman Gelfand, Founder and President of Dental Real Estate Experts, shares his insight on expert dental lease negotiation and a host of other related topics.

These podcasts highlight the importance of a well-negotiated lease that contains business risk protection and its affect on practice profitability.


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  • Thank you for your counsel and negotiation of our practice’s commercial real estate lease. Your role as a facilitator greatly helped the process of determining a flexible strategy for our business and then, executing that strategy. You negotiated the terms of our contract specifically to meet the needs of the practice. The counsel and direction you provided in the partnership’s expansion plan is indicative of your sound business judgement. Your knowledge and experience has been invaluable to Austin Endodontics as we manage our business into the future.

    It was a pleasure to work with a professional whose skills and experience I trust, and who provided such a high level of service. I look forward to a long business relationship with Gelfand Group. I will certainly refer other dental professionals to your firm for representation and advice on dental commercial real estate matters.

    - Michael B. Doughty, DMD Austin Endodontics

    Austin, Texas
  • I would like to formally recognize Mr. Gelfand and his team for Lease Negotiation services. My husband had known “Norm” for several months and we are thankful for the decision in selecting him to negotiate for us. He is very knowledgeable and detail-oriented, all while providing exceptional customer service. Throughout our lease negotiation process, he took the time to explain each and every decision and secured lease terms that were very favorable for my practice. We were granted 7 months of free rent from the Landlord – huge for a startup to receive. His team actually cares about their clients. Although our negotiation process was complete, Norman himself called to check on us as we received record hurricane flooding. He offered his services to revisit the lease if we were affected in any way.

    I highly recommend Gelfand Group. Please, if you have any questions, call or email me.

    - Courtney P. Jones, DDS

    Baton Rouge, Louisiana
  • I have used Mr. Gelfand’s services and found him to be very knowledgeable about dental real estate. He is very thorough, is available to answer my questions quickly, and works well with the Landlord’s brokers.

    I recommend Mr. Gelfand for your real estate needs.

    - Sreekanth Emani, DDS

    Chicago, Illinois
  • When we started thinking about opening a practice, we asked our friends about real estate representation. Gelfand Group got rave reviews in conversation, as well as in recommendation letters. We learned a lot in the process due to Norman’s expertise in lease negotiation about the importance of a well-negotiated dental lease and how the right terms and conditions can positively affect a practice’s profitability by minimizing risk to protect the practitioner’s capital investment. Our Landlord was a “tough cookie”. Norman’s professionalism and negotiation ability resulted in a lease that protected our interests, and was key in establishing a positive landlord-tenant relationship. It was a win-win result.

    Norman not only looked at the “now” issues. He negotiated our lease by anticipating “over the horizon” issues and safeguarding against financial loss should they occur. We saved 22% in our real estate costs – a measurable and immediate benefit to our pocketbook!

    We unreservedly recommend Norman and Gelfand Group for your dental real estate. He exhibited a consistent attitude of protectiveness above and beyond the call of duty.

    - Robert & Kristen Hendricks, DDS Bright Smiles Dental

    Pflugerville, Texas
  • Mr. Gelfand helped me with my lease 2 years ago. I was having some issues with the Landlord. I emailed Mr. Gelfand regarding a question. I expected a quick reply, but Mr. Gelfand took his time to review my lease and answer my questions. My landlord still was not listening to me and continued to violate the lease. Mr. Gelfand called the landlord and helped me connect with the landlord by phone. Also, Mr. Gelfand was injured due to an accident during this process; however, he still worked on my lease issues during the recuperation process.

    I am very happy with my lease. Due to Mr. Gelfand’s work on my lease, the Landlord was unable to charge me additional fees. The Landlord was required to honor the lease due to his work.

    If any dentist is, or will be, negotiating a lease, do yourself a favor and hire Norman Gelfand.

    - Andy Game, DDS

    Charlotte, North Carolina
  • I recently had the opportunity to work with Gelfand Group Commercial Real Estate. I am a dental professional that knows very little about dental real estate who would be signing my first dental lease. I needed their assistance in this process.

    I want to thank them for their assistance in helping me negotiate my lease. They were very responsive and forward-thinking with my best interests at heart. Their hard work decreased my proposed lease rate and secured additional tenant improvement dollars-which I didn’t even know I was entitled to receive!

    I would strongly recommend Gelfand Group to anyone that is in need of professional guidance in terms of lease agreements. I would be happy to speak directly with anyone that has questions or wants to discuss my experiences with this company.

    - Daekyu Hwang, DMD

    Hartford, Connecticut
  • Norman Gelfand became a part of my team after a recommendation from Breakaway Practice Seminars. Also, a fellow dentist had high praises for Norman. Norman delivered huge in service and on paper. He negotiated a great deal by delivering a rock-solid lease that I had confidence in signing.

    Thanks, Norman, for the hours of hard work and dedication to my lease!

    - Jonas Ashbaugh, DDS, Owner Blue Sky Dental Group

    Jacksonville, Florida