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  • link Your Relationship with your Real Estate Agent/Broker
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    Synopsis Posted by Steve Watts,
    Article Synopsis

    Real Estate Word Cloud Infographic ImageDid you know that your relationship with your real estate broker is fairly similar to your relationship with your attorney? To be sure, there are significant differences - but there are also significant similarities. Of course, we all hope not to have (too) much of a relationship with an attorney - at least when it comes around to legal “troubles.” To judge by current trends in the technology industry, many of us feel the same way about real estate brokers. Is it better to be “cagey” about committing to a real estate broker, or is it better to take the plunge and commit to one?

    Regulated Industry

    Both attorneys AND real estate brokers (and their agents) are tightly regulated by the states (maybe al statesl, but I certainly it’s the case in Texas where I live and believe it applies broadly). They are both expected to be fiduciaries. Attorneys can take upon themselves broad fiduciary responsibilities as defined between themselves and their clients. A real estate broker is generally limited to fiduciary responsibilities in the area of real estate with an extended obligation to only engage in types of real estate in which they are knowledgable. An example would be an agent who has only handled residential suddenly representing themselves as experts of retail or office properties.

    In most areas of your life, you can walk around and conduct business for yourself - buy a hot dog, rent a car, etc., etc. There may be rules those you deal with have to follow and prescribed rules around the transactions, but in most cases you have to look out for yourself - buyer beware and all that. In the real estate industry, buyer (and seller) beware applies as well, but the states I know about have decided that you will in most cases have a real estate professional helping to look out for your interests. Yes, you read that right - in most cases, it is strongly encouraged (not quite required) that a primary party to a real estate transaction employs the services of a real estate professional. If you’re wealthy, there are some ways around it that might save you money, but given the way most real estate regulations are structured, you should really be asking yourself why would I try to do it without a broker in my corner? The transaction fees required for their involvement are generally already built into most real estate transactions.

    Possible Upsides to Using a Broker

    This would be a long list if I were to list them all - I’ll list a few from various sources including the Texas Administrative Code, the rules of the Texas Real Estate Commission (TREC), and other sources for your consideration. A licensee must:

    • Exercise a standard of duty and care…”
    • Behave with “fidelity” by treating all parties to a transaction fairly (yes, the definitions of fairness are defined about as clearly as one could define them)
    • Behave with “integrity” by using “caution to avoid misrepresentation by acts of commission or omission.”
    • Maintain competence - in other words, you have a right to expect that if you utilize a professional, that this professional knows his/her business and can help you competently.

    This list could go on and on, and is highly specific to cases that have been encountered in any given state. If the above list isn’t enough, let me add a kicker that might push you over the edge. If you can prove the broker you hired isn’t what your real estate commission says he/she must be or doesn’t do the things your real estate commissions says he/she must do, that real estate commission has the teeth to enforce the rules they set out by force of law. In TEXAS, TREC maintains a fund collected from licensees to make certain that they can make settlements should they decide there were violations that warrant settlements.

    In layman’s terms, find a qualified broker with good communication skills and work with them exclusively. They will put in the time and effort using their resources to find, or sell/lease the property you want. Let them do the work while you manage your business and personal life.

    Possible Downsides to Using a Broker

    There are probably no real downsides to using the right “qualified” broker to represent you. However, we can touch upon why you want to be careful in your selection. The following is an attempt at a list - which I expect to improve and enhance over time:

    1. Using a broker who does not have adequate knowledge or the property type and area in which you are interested. They can waste your time, likely miss opportunities, and can possibly expose you to legal action. After all, no one wants to jeopardize a real estate transaction and have to pursue or defend a legal action with or because of an incompetent broker!
    2. Good communication skills are not as common as you would think among real estate professionals. Some of the most intelligent brokers are not that polished at communicating. The better brokers know what questions to ask, and how to actively listen so that they understand the client’s needs.

    Quick Summary

    When I was pursuing my license originally here in Texas, I was amazed to see the detail with which TREC describes their expectations for ethical behavior, and for the behaviors they expect in general. Not to brag (well, maybe), but it was not all that difficult for me since the bulk of it was how I strive to do business in any case. Evidently there must be people out there who need a lot of help, guidance, and at least a little enforcement - because the states decided that this industry, along with a few others, requires fairly tight regulation. Please seriously consider willingly letting a broker take you under his/her wing and help you through what tends to be a fairly complex business transaction - sooner rather than later!

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  • link CoStar Arial Survey of Houston CRE Market
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    Synopsis Posted by Steve Watts, on July 12, 2019
    Link Synopsis

    A Houston Chronicle article documents an effort by CoStar to take a video survey of the Houston CRE market.

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  • link Top 100+ Real Estate Crowdfunding Sites
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    Synopsis Posted by Steve Watts, on July 12, 2019
    Link Synopsis

    There are CLEARLY many ways to invest in commercial real estate (CRE). One of the newer ways is an offshoot of crowdfunding - but for CRE. This site does indeed seem to have the names of nearly 100. Actually, I counted tonight, and count 59 in “tier 6,” which appear to be unreviewed and unlinked. “Tier 1” is a wish-list set of categories that no one in the industry attains, and then “Tiers 2-5” comprise 25 companies that appear to have been reviewed fairly carefully. Some or all of the rest appear to have been assessed and found to have deficiencies that indicated to the author that they are not currently able to support a full assessment. I did sign up and download the latest version of his assessment spreadsheet available and am looking it over. It appears to be aimed at the more serious investor - which hopefully is a good thing.

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  • link Multifamily Classifications
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    Synopsis Posted by Steve Watts, on August 16, 2017
    Link Synopsis

    This is a nice little summary of Multifamily property classifications and what these classifications typically mean in terms of property quality. There is also a discussion of what it all means in terms of financing options.

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