For the second time in the last twelve months, a "Buyer" calls me and asks for information about several properties that I have been marketing -- either my own listings or a couple of my Real Estate Agent friend's listings that I want to help them sell.
Of course, I ask the usual qualifying questions about money, their real estate property ownership experience, etc. But, beginning today, I need to re-start asking the most valued question of all again, "Are YOU licensed?"
You see, recently I received an email and then a call from a "Buyer" who works at a California based capital investment company. He proceeded to present himself to me as the "Buyer." And, since he and his partner were going to 'Buy" some Las Vegas distressed properties, he wanted me to get him information about various properties that he said he has experience in acquiring and investing in Las Vegas CRE.
Well, after listening to this guy tell me how he is able to raise capital, acquire properties, re-position them economically, and then, re-sell at a later date, I completely left out the above question that I should be asking right up front with every Buyer who approaches me.
Well, after a couple of weeks of going back and forth, I began sensing something just wasn't right. So, I surprised him with the most important direct question: Are you a licensee?
To my surprise, he knew what that meant. And, the reason he knows this term is because only licensees are familiar with that term because in the course of their licensing experience they have heard it used about them by the state licensing division.
He admitted he was licensed, challenged me to check him out, and was going to present the properties to real Buyers. He said he would get back to me. I asked for a co-brokering agreement -- to which he turned to some one on his end and stated: "He wants half the commission." Boy, I never knew California Real Estate was so bad right now that CA licensees would have to go out of their way to screw NV licensees.
I asked for his broker's name and contact information. He gave it to me and I said I'd need to talk to his Broker to continue working with him.
Chest fallen, I then composed an email to the agent that suggested since we were already working on finding properties, we have an oral agreement to share any commission on the properties 50/50 that I already sent him. But, I still want to hear from his Broker so I have an agreement in principle which would solidify the oral agreement.
So far, there has been no return email either from the agent or broker. However, my attorney friend said, since he failed to disclose his status up front, I would have a legal basis to file a law suit against the agent AND his broker for failing to disclose "as soon as possible' IF they do proceed to help a Buyer acquire one of the properties that I sent him -- IF they close.
Moral of the Story: Expect the unexpected. I guess that is a bit more civilized than gun them all down and let God sort them out.
For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net OR 702-501-9388
Of course, I ask the usual qualifying questions about money, their real estate property ownership experience, etc. But, beginning today, I need to re-start asking the most valued question of all again, "Are YOU licensed?"
You see, recently I received an email and then a call from a "Buyer" who works at a California based capital investment company. He proceeded to present himself to me as the "Buyer." And, since he and his partner were going to 'Buy" some Las Vegas distressed properties, he wanted me to get him information about various properties that he said he has experience in acquiring and investing in Las Vegas CRE.
Well, after listening to this guy tell me how he is able to raise capital, acquire properties, re-position them economically, and then, re-sell at a later date, I completely left out the above question that I should be asking right up front with every Buyer who approaches me.
Well, after a couple of weeks of going back and forth, I began sensing something just wasn't right. So, I surprised him with the most important direct question: Are you a licensee?
To my surprise, he knew what that meant. And, the reason he knows this term is because only licensees are familiar with that term because in the course of their licensing experience they have heard it used about them by the state licensing division.
He admitted he was licensed, challenged me to check him out, and was going to present the properties to real Buyers. He said he would get back to me. I asked for a co-brokering agreement -- to which he turned to some one on his end and stated: "He wants half the commission." Boy, I never knew California Real Estate was so bad right now that CA licensees would have to go out of their way to screw NV licensees.
I asked for his broker's name and contact information. He gave it to me and I said I'd need to talk to his Broker to continue working with him.
Chest fallen, I then composed an email to the agent that suggested since we were already working on finding properties, we have an oral agreement to share any commission on the properties 50/50 that I already sent him. But, I still want to hear from his Broker so I have an agreement in principle which would solidify the oral agreement.
So far, there has been no return email either from the agent or broker. However, my attorney friend said, since he failed to disclose his status up front, I would have a legal basis to file a law suit against the agent AND his broker for failing to disclose "as soon as possible' IF they do proceed to help a Buyer acquire one of the properties that I sent him -- IF they close.
Moral of the Story: Expect the unexpected. I guess that is a bit more civilized than gun them all down and let God sort them out.
For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net OR 702-501-9388
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