Did you know that there are little to no websites that offer specific information aimed at the buyers involved in a Tax Deferred 1031 Exchange?
Sure, there are all the Qualified Intermediary (QI) or accommodator sites, which offer significant information and guidance to those buyers, but they do not discuss any processes around finding the right property to exchange into, nor any kind of strategy involved. Of course, there are myriad listing broker sites that showcase their listed inventory of outstanding exchange property options. And then there are “all the others;” the financial advisors or security transaction specialists who have other options to an exchange that do not involve buying a traditional, fee simple, investment property.
It is my hope that the Best 1031 Online.com site, will be the first site to focus purely on what is best for those buyers involved in an exchange.
Better to Give Than to Receive
When I made the decision to create this niche in my career, I made the specific decision to focus on helping clients, as well as fellow agents and brokers, understand all of the nuances of a Tax Deferred 1031 Exchange. I’ve reached a point in my career where I can focus more on giving then receiving, and I want to give my knowledge to those who could benefit most from it. My new mission is to educate the investor and real estate agent community on the power of a Tax Deferred 1031 Exchange. Included in this mission is a Broker Referral Program, giving up to fifty percent (50%) of the commission earned to a referring agent when they commit to staying in the middle of the transaction, and learning the process.
My career path has allowed me to learn from the ownership, point of view. After 1,500+ lease and sale transactions, including dozens of exchanges, there is not much I have not seen. Yet with that said, every year I am presented with something challenging and new.
In 2019, I personally witnessed four (4) different entities void their exchange opportunity. Two (2) were deals where owners sold to their neighbor with no agents involved and took possession of their proceeds, which automatically voids the opportunity for an exchange. One of those owners ended up having to pay more than $400K in capital gains taxes! The other two (2) exchange opportunities were lost due to lack of planning and good representation.
I also know of several dual agency transactions; buyers buying directly from listing brokers with no representation, including one on my own. This happens regularly, and while I get the lure of a double-ended deal, they mostly make me uncomfortable because even while dealing with both sides fairly, the buyer never gets the deal they could have, had they been represented by their own agent.
Think for a moment, if I alone, witnessed four (4) transactions with opportunity lost in one year, how many do you suppose are happening nationwide?
We Must Do Better!
We as real estate agents can do better, and I’ve come up with an idea on how to do just that. TheBest1031Online.com will be a place where we will start to make a change in doing better for our clients. We are starting this process with offering up to 50% Referral Fees to any agent/broker that refers a qualified exchange buyer to us; the more they are involved in the transaction, the more they earn. Yes, you read that correctly. Think of how many more listings you will win, knowing that you have an exchange resource! Please feel free to contact me through this website for further details.
Why offer such a generous referral fee? It is because we are committed to better educating the real estate community and ensuring that the buyers are getting the representation and service they deserve in building and preserving their wealth.
Stay Tuned and Follow Us!
Please stay tuned for “Why We Are Launching Best 1031 Online.com, Pt. 2! And please follow us on LinkedIn, Twitter, Instagram & Facebook and keep a look out for our exchange-specific blogs and coming YouTube Channel!
If you are an investment property owner who is interested in a no obligation, private consultation, please visit Best1031Online.com, or contact:
James Bean of SVN-Rich Investment Real Estate Partners, CA DRE# 01970580
james.bean @ svn.com
If you are an agent/broker, I am happy to discuss strategies with you on how to best serve your next listing client in preparing them for a successful exchange.