Commercial Real Estate Investing: Handling Issues with Your Real Estate Broker

 Posted on December 00, 0000 in Commercial Real Estate

When you choose a commercial real estate broker, there are some real benefits to doing your homework. You need to know that they suit your investing style, and that they have the knowledge, skills, and experience to handle the tasks you need them to complete. Most of all, you want one who is honest and acts with integrity. After all, it is your business and financial future on the line.

What do you do, though, when you have practiced due diligence, selected a broker that you believed would fit your needs, but begin to run into troubles? What should you look out for as far as issues? More importantly, should you look for outside help, and if so, when? The following covers some advice for those dealing with real estate broker issues, and explains when and where to find assistance.

Self-Doubt and Questioning Your Broker

Everyone wants to believe that they can make sound decisions, but business owners literally depend on it. So, when you start to suspect trouble with your broker, you may begin to doubt your ability to make good choices. This is not the place to direct your energy. First, it can lead to self-doubt. Second, it can make determining if you really do have a problem with your broker more difficult. Focus instead on analyzing the situation to help you ensure you do not make the same mistake twice.

Signs Your Broker Could Be Trouble

How do you know if your broker is playing more than one side of the fence, or does not have your best interests at heart? Start by listening to your gut feeling. If you suspect something might be “off,” you could be right. Certain behaviors may also be considered signs of trouble on the horizon, including:

• Questions about important matters (i.e. environmental hazards, zoning, etc.) are either ignored, dismissed, or addressed poorly;
• You feel like you are being steered toward certain properties;
• Failure to share important information about your needs when speaking with persons of interest;
• Your broker seems to be overly-anxious to close the deal;
• Glossing over issues or matters that truly concern you; and
• Failure to negotiate the terms you have set for a potential property or investment site.

If you do feel that any of these issues are present in your broker, you might attempt a face-to-face conversation first. It could simply be a misunderstanding. However, if your concerns still are not addressed, or if you suspect more insidious behavior, it may be time to speak to a professional.

When and Where to Find Outside Help

In some instances, a broker or his boss may be willing to voluntarily terminate a contract. In others, you may be able to fire your broker on legal grounds, such as a breach of contract or a breach of fiduciary duty. However, this may not always be the case. In such instances, you may need the assistance of a real estate attorney – one that understands the real estate process and can protect your rights and interests.

At Lindell & Tessitore, P.C. we understand the importance of professionalism, honesty, and integrity. Dedicated to protecting your investment and financial future, our Naperville real estate attorneys can help you deal with contracts, project stalls, zoning problems, and broker issues. We fight for you. Ask how we can assist with your situation. Call 630-778-3818 and schedule a consultation today.

Source:

http://www.latimes.com/local/lanow/la-me-buyers-sellers-agents-20161122-story.html