"They have a lot of contacts in the Washington, DC area,"according to Adam Cockey Jr., SVP of Prudential CarruthersRealtors. That is one reason why the firm is limiting its initiallaunch to the Mid-Atlantic area. Eventually, though, he tellsGlobeSt.com, the company hopes to expand nationwide.
"We are becoming increasingly aware of a customer base segmentthat we can reach with this service – investors that have boughtproperties to pay college bills or pay for retirement. Now thatthey have reached these ages and they want to liquidate theirproperties they are finding the tax consequences are enormous."
Cockey says he expects the new service to bring in an additional6% to 10% in real estate commissions to the company. The firmalready has a potential deal in the making: a $4.5 milliontransaction that if it goes according to schedule could close inJune, according to Cockey.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
