Perhaps you are one of the majority who are part of activerain.com, real estate professionals. I have a real estate license that is used for referral purposes and I meet all of the requirements to renew that license, every three years in New Mexico. However, because I don't practice the profession, I never claim to know the best of practices and do not represent real estate, residential or commercial. No doubt every state has its own regulations to follow. However, it is beyond regulation and more about knowledge.
What I do know is the brokering of businesses. There is a difference. The difference is in interpretation, valuation, risk, marketing.
There is cross over, of course; the business with a lease, needing a lease, owning a building or land; the building or land with business potential. It is in the cross over that some professionals have the correct expertise in both to represent the whole or the option of partnering with their counterpart to have the right professional sum.
Knowing and being willing to say "I do not have all the expertise needed in this situation and would like to bring in a colleague" is the rigor of the day.
Being reasonable about the means of proceeding with the listing and sale is the best of professional.
In my practice of business brokering I
- appraise the business and ask a real estate professional to appraise the property owned.
- list the business for sale, including property (with listing forms with the real estate professessional.)
- market the business for sale as a business for sale with property.
- if it is only property with no or a dramatically declining business, have the real estate professional list the property for sale with notation about the business opportunity.
When the proper buyer is found and the close arrives, the real estate professional receives the commission (usually around 6%) on the property and I receive the commission (usually around 10%) on the business. Referral fees are paid depending on the referrals made.
My willingness to work this way with real estate professionals increase referrals both ways and assure sellers and buyers a most professional practice.
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