The key to absolute success in the exchange deals with client counseling.
I couldn’t emphasize that enough. You would think “maybe I need to know a lot about exchanging.” You need to know a whole lot about psychology and it all starts with client counseling. Do it early, do it often. The more often and the better you perform, the more successful is your probability of doing an exchange in a very short period of time.
This is what I attempt to accomplish with my client counseling:
- First of all, I’d like to be able to introduce to my clients how we will work together should we choose to work together; the time frames, what I expect from them, what they can expect from me and the procedure that we will be going through.
- Number two, I need to be able to understand their goals, their objectives, their concerns, their strengths and their weaknesses. I like to do this because not every property is suited for that client’s expectation and not every property should be pursued. I need to home in on things.
The big reason that I client counsel:
Not every person deserves your attention with a tax deferred exchange.
You’re a highly trained specialist. Not everybody deserves that attention. It’s a process where I can understand and maybe cull those that don’t deserve the attention. Thank you.