By Steve Goldman, CCIM

Did you know that all real estate agents licensed in Tennessee are allowed to work on any property type? (The only exception is Timeshares, which requires a specific license.)

However, your best interests are served when you select an agent who is experienced in your property’s type. In fact, the National Association of Realtors ® Code of Ethics state that an agent must act within their expertise for the specific type of real estate (for example, whether it is residential, commercial, industrial or land.)

When buying, selling or leasing a commercial or investment property, a professional trained in your property type is always best to use. The agents at Goldman Partners Realty have specific skillsets tailored to meet your investment needs. This knowledge and experience brings added value to the transaction both before and after contracts are entered.

Primary is understanding the current value of the property, utilizing appropriate contracts, strong relationships with lenders, insurance agents and specialized inspectors; and when challenges arise, knowing how these might be best addressed.

We have encountered this concept countless times when a seller is working with an agent who is a residential agent but tells an investor that they can list their multifamily property for sale. While we are nearly always able to still assist a buyer with completing the transaction, it can be extremely frustrating for all parties when the listing agent is not adequately familiar with real life multifamily issues such as:

• Constructing a proper rent roll which includes all the proper columns including Lease Start, Lease Expirations, whether a tenant is currently Month to Month, Past Due rent, and security deposits split between refundable and non-refundable portions.
• How might past due rents be addressed for rent proration?
• Options for addressing delinquent tenants when selling a property.
• Which issues are likely to be considered deferred maintenance? How might we anticipate these as objections and address it with buyers?
• What issues should a seller of a multifamily property consider addressing prior to listing a property?
• When an investor has multiple properties, when should they be split up and when should the be combined in an offer?

There are many more matters than these! Working with an agent experienced specifically with your property can truly be the difference between a great experience and a disappointing outcome.