Question: Are there any lawsuits or litigation going on with the Pan American lofts building? #panamerican #lofts #dtla
Pan American Building
Answer: Not to our knowledge. Regarding Pan Am Building at 253 S Broadway, we have not heard of any current or upcoming litigation. If anyone has any information on current or potential upcoming lawsuits, please let us know legal@laloftblog.com otherwise we will assume that there is no current or planned litigation at that magnificent historic condominium building. | Pan American Lofts
Making a move is rarely an easy process. There are often a great many steps that need to be taken, with advance planning required, and with a large financial outlay at stake. #relocation #moving #dtla
Most relocation companies focus on moving, storage and resources for helping to find a new home or office. Some relocation companies, however, have real estate revenue in mind as well. A recent Downtown Los Angeles home seller recently had some confusing issues arise from a relocation company provided by the transferring employer.
Early in the listing period, the listing agent received a concerning call from the seller, who had been difficult to reach by phone. The home seller asked the listing agent to contact and coordinate with the relocation company. The agent called the relocation company, which was attempting to get a referral fee for referring the home sale to another real estate company. The only problem is that the listing agent, (a successful specialist in the condo building that has a 55.6% failure rate) already had a listing agreement with the home seller, and the relocation company was apparently not respecting the pre-existing agent-client relationship.
The relocation company talked to the home seller again, seemingly to pressure the seller into cancelling the listing agent’s agreement by threatening to take away the relocation benefits due to a lack of “compliance”. This left the seller feeling very concerned that the listing agent was not complying fully with their process. The employer offers wonderful relocation benefits and the home seller cannot afford to lose them. The seller can’t proceed without complying with the employer’s policies.
The home sellers asked for the listing agent’s assurance that they will comply completely with what the relocation company needs from the to act as the seller’s realtor? If not the seller will have to cancel the listing agreement.
The listing agent and senior agents had never seen a relocation company behave in the manner.
Relocation companies do not usually interfere with hired brokers, and it is usually unacceptable in California for brokers to interfere with other brokers and their clients. In this unusual situation where the relocation company really wants to make real estate money, the seller and listing agent need to know exactly what they and are being asked to comply with. The relocation company needs to explain how and why the home sale is allegedly causing the seller to lose relocation benefits, and exactly what benefits stand to be lost.
The seller became concerned enough as to put off showing the home to prospective buyers. This is very serious, and of great concern that any company could be possibly make the home seller lose money by threatening or otherwise causing the seller not show their home to buyers. The listing agent must take extra care to make sure this situation is handled properly for the seller client.
First of call, we want to make sure the seller doesn’t lose $17,490 to $39,750 on their real estate transaction while trying to gain what is commonly only $1,500 to $3,000 of relocation services. Those are the approximate amounts at stake by switching from the best home sale plan to a less effective idea in order to seek relocation services that most home sellers do not feel they need. It appears as though one home seller was being steered off-course, away from a highly successful home sale plan, toward a plan that is questionable, by a non-real estate expert, a completely unknown salesperson.
Relocation companies typically focus on their core competency of moving furniture. Most employers and home sellers do not employ a relocation company at all because the costs outweigh the benefits.
Listing agents need to cooperate with relocation companies even though the relocation company may have no interest or expertise in complying with real estate industry best practices, such as not interfering with broker-client relationships. Relocation professionals are not usually real estate agents, thus they have no ability and no requirement to represent the seller’s best interests regarding a home sale.
Real estate transactions are far more valuable and important than relocation services. The vast majority of home buyers do not use this kind of relocation service. Downtown loft and condo sellers usually obtain best results from a local area specialist who is obligated to look after the seller’s best interests with guarantees in writing. A successful home sale plan is a big deal to throw away. In fact, using out-of-area agents is one of the most common big mistakes in Downtown Los Angeles real estate.
Jeopardizing a home sale based on pushy, threatening sales techniques of a unknown relocation company is guaranteed to be a big mistake. Relocation companies are not real estate companies. Some relocation companies go as far as offering the seller an uncommon real estate transaction like a BVO with unknown tax implications, out-of-area broker referral or other inferior transaction. With these unorthodox home sale methods, the condo unit is likely sell for far less than the full market price. Instead of these sketchy methods, Downtown sellers particularly benefit from using a proven Downtown specialist who has a list of buyers, and a history of very successful sales in the neighborhood.
The listing agent called again and discussed compliance requirements with the relocation company, and provided additional information, including the date of the signed listing agreement. The relocation company confirmed by email that the company will not interfere with the home sale, confirming that they will not ask for additional requirements. But if they should need anything, the listing agent agreed to cooperate fully. The home seller will not lose relocation benefits.
If the seller is not yet ready to sell, then the listing agent should be 100% on board with taking as much time as necessary, otherwise the home seller should be sure to get all pertinent relocation benefits information in writing from the relocation company and employer. Home sellers should not jeopardize a successful home sale plan all based on a verbal promise by an obscure salesperson.
The seller has the most successful possible plan for a home sale that will get the seller $17,490 to $39,750 more than average agents or inferior home sale options. The listing agent reminded the home seller client to let other real estate professionals know that the seller has a listing agreement so that they may not push or hassle the seller.
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