When choosing a doctor, lawyer or CPA do you go after a relative, friend or lowest price professional as you can? I doubt it for you know in your heart the possible repercussions.
The same thing holds true for a commercial real estate brokerage professional. Experience, longevity, knowledge of the asset group, integrity with track record to back it up and reputation are the top credentials to consider.
Ask tough questions but remember the commercial real estate broker is not your lawyer or CPA. In order to get the best of all worlds hire all three pros for the best results.
Each pro has their own responsibilities and should not cross over intruding into another’s job. Tax issues, CPA. Lease interpretation and title issues, lawyer, real estate commercial brokers; valuation of the potential investment opportunity and it’s positive and negative traits.
The CPA is not the person to ask about the quality of the listing it is the commercial real estate broker. When asking about title issues consult the real estate attorney. How about depreciation and 1031 tax issues, CPA. When using the 1031 rule you need a professional intermediary in addition to the other pros.
When deciding to move forward after consulting with your pros, don’t allow a friend or relative to come in at the very end with their two cents that is worth just that in changing the direction of your thoughts. Stick with the plan and most of the time you will come out the winner.
