Real estate agents and brokers get no respect.
Who is the engine that drives the real estate transaction? Who is the warrior that goes out to prospect and dig up these deals in the dirt and then puts them together?
It's the real estate agent or broker.
Real estate agents work hard to put these deals together, and then everyone comes in and creates obstacles:
- The environmental company raises objections about potential contaminants in the soil
- The title company raises objections about flaws or difficulties in the title
- The bank comes in with their level of requirements
- The lawyers get involved in parsing the verbiage in the contracts
The poor real estate agent or broker has to persevere, taking their client from start to finish. And they don't get paid unless the transaction closes, so they're basically working for free during this entire process.
A Tip of the Hat
I tip my hat to the real estate broker or agent who perseveres, puts the deal together and then at the end of the transaction, gets little or no credit.
- 1031 Hotline: If you have questions about the role of real estate agents or brokers in a 1031 exchange, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
© 2017 Copyright Jeffrey R. Peterson All Rights Reserved