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You need to
find the right firm for your troubled assets. Someone who knows how to
preserve property values, restructure debt and dispose of troubled assets
when appropriate. Everything must be done to achieve the best results for
the client. Work only with a firm that can show through its people and
processes that maximum cooperation, combined with experience, equals
maximum value.
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Trust is Vital
You must work with people who know it’s important to listen and then
apply what they’ve heard to the situation.
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Experience Matters
You must insist on working with people who have been through enough
cycles to have short and long term perspectives.
Second, insist on working with highly trained sales professionals.
Ask how they will find buyers. If cold calling and reaching out to their
investor network isn’t front and center, move on.
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Right Team
All transactions require team work. Make sure the team you rely on
comprises the skills to help you get the job done. Pick a team that has
strong analytical skills, sales and market data and has worked closely with
the credit side of lending institutions.
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Reliable Connections
Most brokerage firms are small. And if they aren’t, the local
office is. It’s important to have reach beyond the local market. In
addition to being part of the major listing services, insist that the firm
you choose has access to other brokers and professionals. As an example,
The Dohring Group is part of CREW-Commercial Real Estate Women, a network
of 8,500+ where the motto is, “There are no cold calls to a fellow CREW
member.” This type of association is vital so you get local expertise in
and exposure to national markets.
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Right Tools
Commercial real estate transactions are heavy with paper and
process. Find the team that will immediately put in place the right
processes and technologies to streamline the transaction to save money and
frustration.
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