Renting room per day

[alialoggi]

I own a massage practice in Massachusetts and I am the only LMT. I would like to rent the room one day per week to an acupunturist. How much is a reasonable amount to charge her for the day?

Thanks

 

[nobodys home]

Renting room per day

I think it just depends on what the rents are in your area, what you are paying and what you and he agree is fair for the day. Something to take into consideration is to as if he has his own insurance that would cover him if a person should be injured. Also, is this a one time deal? What if he were to rent by the month? You'd need to figure out what you would charge if you were to pro-rate the rent to a per diem.

 

[Megan !]

Renting room per day

I had once agreed to rent my office one day per week for $30.

 

[Puffy]

Renting room per day

Thank you both for your reply. I was thinking about $30 for the day as well. Because I'm there the other 6 days and will be renting it only 1 day/wk to her I don't think charging her a monthly fee would be fair. With rent and utililities, I pay close to $700/mo. I'm not certain on the insurance part, I didn't get that far just yet. This is still in the beginning phase. My plan eventually is to incorporate other specialities into my practice but that's not for another 5 yrs. I'm testing the waters right now.
Is there anything else I should know? I'm still very new to this as I've only been in business for 2.5 yrs.

Thanks again

 

[GirlieGirl]

Renting room per day

Consider that you are giving up the use of the space for an entire day for only $30. If you take those days off anyway, you are coming out ahead. But over time, you want any other practices that share your facility to enhance, not detract from, your business as an MT. You can't make a living by renting out your space for $30/day. What you are proposing to do will be a good learning experience/test case. Long-term, you will need to revise your business model so that adding additional practitioners/therapies won't negatively impact your massage income.

People that come for acupuncture probably won't switch to massage, and vice versa. However, be prepared to work out how you would each handle situations in which one practitioner's client decides to start seeing the other person instead (i.e. one of your massage clients decides to just get acupuncture from now on, or vice versa). Better to have those discussions in advance (and a WRITTEN AGREEMENT covering rent, policies, etc. -including such situations) before the acupuncturist starts practicing there.

Another consideration: one day per week isn't much time for an acupuncturist to build a practice or earn income. At some point they will want more time, different days, or whatever else they think will enable them to grow and become more successful. This could also become a reason for them to leave. Consider that possibility and don't let yourself rely upon their rent. How you will handle such things in the future should also be covered in your WRITTEN AGREEMENT.

Last, don't proceed to rent the use of your space without a WRITTEN AGREEMENT. Have it reviewed by a professional (lawyer, business advisor, etc.) before showing it to your prospective renter. This step takes some serious thought and a bit of effort, but it may save you MONTHS of aggravation and preventable expenses later on. It will also serve as a model for future rental agreements with other practitioners, so you won't have to start all over again the next time.

 

[Pompal 09.]

Renting room per day

Technically considering rent alone your room cost approx $23/day before utilities, $30/day is fair price depending on other expenses you may incur. Don't forget little things like toilet paper, paper towels, telephone, fax, copy paper, and any other items the renter and their clients might be consuming. (I once had a landlord limit the bathroom to 1 roll per day because she thought we were using too much of it!!! Had to buy our own just to make sure our clients had TP!!!)

I agree on having a written agreement too. Makes everything easier in the long run!!

(Just a side note, someone wanted to rent me a room for $100/day or $400 per month! t017 )

 

[Johan]

Renting room per day

Another important item is to make sure the acupuncturist doesn't come in on a different day than the assigned one, which may have already been covered.

Sometimes you may have an instance where that person feels since they didn't have a client on "Monday", it's ok to schedule that client for "Tuesday evening when you aren't in the office" or some other such craziness. I think I recall that we had a thread about that happening to someone on the forum (not sure, but I think we did).

 

[jammyngirl]

Renting room per day

I second what JasonE said about having a written contract before you do anything else!! A friend and I decided to open a small 1-room massage office together and share the space. She'd have the space certain days at certain times, and I'd have it other days at other times. Because we've been friends for 20-some years, we didn't feel the need to have a written contract (we thought it was a good idea but never got around to it). Big mistake. It almost ruined our businesses and our friendship.
In this contract I suggest you discuss anything and everything, including the use (or non-use) of your items. I worked in a spa where I had my own room (which was closed when I wasn't around, but there were no locks), but one of the other Massage Therapists was never prepared and always needed to borrow my sheets, towels, oil, clock, etc. After wrecking a few too many things after borrowing them without asking, things got a little ugly. Make sure you have everything that is and is not included in this rent spelled out in plain english. It will save you time and prevent headaches in the future.

 

[Pauly]

Renting room per day

All the acupuncturist I know use more than one room, so there that issue. And you also need to work out where he/ she will be keeping their stuff. Or is the acupuncturist going to be doing community acupuncture?

 

[tophdguy]

Renting room per day

Thank you all sooo much! JasonE thanks for suggesting the written contract because I probably would have just settled on a verbal agreement. And I would do so only because we have a mutual friend and was told that she was trustworthy along with other great things. I know....I know written contract regardless. She currently works as a acupuncturist at a local hospital and is looking to see patients on the side.

I still have not met her. Because of our busy schedules, we've only communicated via email. We will meet soon to talk about her plans and show her the space. I only have a one room studio which looks much bigger than it is from the outside.Anyways, at least when we meet, I can have a more solid idea of what she's looking for. I do know that the hospital will be her main source as she works on building her clientele, so my guess is that this will be a slow process for her. And yes, I will definately make it clear that she can only practice on the agreed day. I understand one day per week isn't enough to build a practice and once it comes to that time, she may have to leave because it will not be possible for her to have additional days as I will be there the other days.

Mele--thanks for the tip about putting EVERYTHING in writing.

I'm not worried about the cross over of patients(or lack of) with the acupuncturist. My clients can see who ever they want to see. And many of them have asked if I could recommend a good acupuncturist so that they can incorporate it into their "treatment plan". So it would be nice to say "yes, she works here on Tuesdays".

Thank you all again for sharing your experiences and giving your feedback. I'm excited but also nervous. I know this is just the beginning........

 

[umad???]

Renting room per day

t006 I have a sample room rental agreement contract you're welcome to take a peek at sankofa.

 

[Martin F]

Renting room per day

t006 I have a sample room rental agreement contract you're welcome to take a peek at sankofa.

I'd like to see it as well, if you're willing to share