What is the difference between a client hiring just one real estate attorney or a one real estate broker for pursuing the triple net lease and 1031 exchange? The answers is NONE!
I have always scratched my head when an investor comes to me and asks what do I have in the way of an investment property for their exchange? If I say I personally don’t have a listing that matches their criteria but I can still help them with 45 years knowledge and give proper guidance to eliminate their chance of making a mistake for the 1031 exchange and they say we will call others, no thank you.
Why would anyone proceed to call numerous brokers that they don’t know and some with little experience just because they may have a listing that looks to be somewhat suitable for the client but could have numerous factors that will be inappropriate in the end?
Doesn’t the client understand that the broker with the listing may be very one sided or prejudiced toward selling their own listing instead of showing all listings in the country that may fit the investor’s needs. Will they tell the investor of the negative aspects of their listing or just praise how great the property is hoping questions will not arise?
What Does The Professional Advice When Buying a Triple Net Lease or Carrying Out a 1031 Exchange Actually Include?
Do investors ask three attorneys to represent them at once or just utilize one they seem to respect and like? Why is it any different with a real estate professional? Especially since the fee to the broker is not directly paid by the buyer but figured already into the commission of the listing property that will be split with the listing agent. Thus you gain an outside viewpoint not just the listing agent’s viewpoint but an independent viewpoint bringing up negative aspects of every deal.
When you decide to move forward with a real estate broker for a 1031 trade or triple net lease, make sure the broker has vast experience in the field themselves not just took a course or learned from an office seminar of what to say.
The bottom line is when you have a great conversation with a real estate broker with vast knowledge of the industry and they tell you the good, bad and ugly about the deal you are looking at and you get a comfortable feeling about them after checking them out, stay with them, not look around for every website for property and play guessing games with numerous strangers that may tell you anything you would like to hear.
