by Diane Acken, REALTORS® Commercial Alliance Chair
As members of Greater Tampa REALTORS®, we have a legal advantage that most REALTORS® may never have. While not all Tampa area REALTORS® utilize the legal information that our association provides, the information is available for those who attend Legal Lounge with Mercedes Gonzalez Hale, Esq. or Commercial Legal Update with Michael Boutzoukas, Esq. Litigator Gary M. Schaaf, Esq. also helped give legal information to our CAP students and Commercial REALTORS® during last months Commercial Legal Update. We are very lucky to have these professionals and Bay Area Real Estate Council on our team to provide recent case law examples, pending litigation, or legal updates which may help us to better practice the business that we do best—help buyers and sellers with their residential or commercial purchase or sale.
Even experienced Commercial REALTORS® need to be concerned about due diligence and risk management: are you helping your customer to make an educated decision, or are you making the decision for them? How much do you know and if you are making decisions, are they based on past experiences? “If yes, communicate this to your customer.” It is important that you don’t accept risk that does not belong to you (www. Friedmanrealestate.com). “Buyer beware” exists in Commercial Real Estate. Confirm that as a Commercial REALTOR®, you are not participating in concealment, omission, or misrepresentation of the property. Boutzoukas recommends that you check your site plan and zoning reports—what is permitted on the site and what changes will need to be made? Are there legal concerns?
Other professionals who may help with due diligence and risk management are: insurance practitioners, inspectors, engineers, appraisers, surveyors, and more. Michael Boutzoukas says, “ surround yourself with the correct professionals.” The key takeaway, says Michael, is to “develop and cultivate a professional team that will assist you in gathering the necessary information to deliver to the parties in such a manner that:
- Each of the professionals assumes their risk for their scope of the review.
- The decision makers have what they need to make an informed decision.
REALTORS®: Be careful out there. Utilize your resources. Include REALTOR Commercial Alliance (RCA) and Commercial Legal Update at Greater Tampa REALTORS® as a resource. Remember: RCA meetings are the first Wednesday of every month at 10:30 AM. As a Commercial Realtor®, you can make our alliance more effective. Commercial Pitch is 1 PM every month after RCA meetings. Meet in the auditorium where you may pitch your Commercial listings and buyer needs. I hope to see you there.
Do you have an interest in Commercial Real Estate sales but are not a Commercial REALTOR®? The goal of CAP training is to help agents understand some of the complexities of Commercial sales and know when to refer the business to an experienced Commercial agent or find a mentor to guide you through a commercial sale. Look for our Commercial Ambassador Program (CAP) in 2017 or attend one of our 2016 events.
Join the REALTORS® Commercial Alliance (RCA) at GTAR if you have interest in or practice Commercial Real Estate. You may help plan future CAP tours and expert panels. RCA meets the first Wednesday of each month at GTAR, 10:30AM. The next CAP event is September 28 Commercial Circle Training. The focus will be on marketing and finance of Commercial properties. Meet and ask questions of lenders and Commercial marketing professionals who can help with your Commercial Real Estate business. See you there!