With this year’s 1031 Tax Group (Ed Okun) and Southwest Exchange (Donald McGhan) disasters fresh in investor’s minds, deansguide has focussed on providing information for investors to consider during their due diligence investigations of this investment strategy. Our recent installment spotlighted Haven Exchange and Union Bank’s “transparency program” aimed at making every step of the exchange process completely clear and under the investor’s control.
In my analysis, with the urging of other industry professionals comments, I posited the idea that true transparency can only be gained if an investor has in place a two signature clause on any exchange accounts holding their money. The two signature clause is the most fail safe approach, I have hear of to date, in preventing fraud or embezzlement during a 1031 exchange.
Below is a recent comment by Haven Exchange President Dorothy Zink. Dorothy has provided the missing link to the question: Does Haven Exchange and Union Bank provide a two signature clause for investors during the 1031 exchange transaction? We are happy to report that Haven Exchange and Union Bank do provide this very important feature in their transactions according to Dorothy’s comment below:
Remember always perform your due diligence with a qualified professional ie attorney, CPA, or investment advisor for added protection. Thanks again to Dorothy for bringing this important information to our readers.
Foxbusiness.com picked up this article 11/29/2007
The world of real estate is going through a paradigm shift of the highest order with marketing campaigns moving from print to online (see therealestatebloggers.com for data), clients becoming more active in their search for information, and lead generation for Realtors becoming informational rather than self promotional. Understanding this massive shift is just the beginning to stepping into the progressive changes that are occurring in the industry.
Many Realtors deserved or not (my mom is a Realtor) have over the years been perceived by the public as information hording (MLS data), win-lose based, high pressure salespeople. The perception of the greedy Realtor is being changed with the adoption of Web 2.0 sharing of information, blogging and the tone of the blogisphere, as well as the continued demands on extensive Realtor education.
Therefore Step #1 for a Realtor to understand this paradigm shift is to cease being a salesperson. For an example of a salesperson view our video above. Stay away from selling clients, pressuring decisions, cajoling, or using any number of outmoded-outdated sales tactics meant to elicit the magic “Yes” word. Those days are over! Now repeat after me: “Those days are over.”
Today’s Realtor is a collaborative partner, information wellspring, and a thought provoking ally to the client. By becoming an expert in your niche, providing an endless amount of value through expertise and information, and allowing clients to feel comfortable, you will create the type of business you wish to achieve.
Step #1: Drop the salesman persona and you will begin your ascent into the future of real estate.