Need help with CRE and pharmacies
So, I am a Residential broker now and stay very busy with that. I know next to nothing about CRE, and the area I live in is not thriving what so ever and it never seemed like a wise career move so I never ventured down that path. I have quite the predicament though... A family member of mine owns a few buildings that contain large chain drug stores in my local market, and recently has been receiving phone calls about 2x per month from out of state investment groups, wealth managers, CRE brokers who are all interested in buying. He has never had the listed and has owned them for over 20 years. He has gotten verbal "offers" from 4 people now, but every time he starts getting down to brass taxes with these people they say something along the lines of "Well my client is willing to pay X, but I think maybe he is low-balling so how about we list for Y." When pressed to see an offer in writing they seem to avoid the question at all and then state that they have " hundreds of investors who would jump at the opportunity to buy these stores". So are these folks just prospecting and looking for some listings? The stores just merged with a large conglomerate and in October 2015, and I assume that is why there is now a spike in interest. I tried to refer my family member to a well known CRE agent in our local market, but he is insisting I list it, and the fact that I could pay off my house with the commission makes me think I might just give it a shot. Any tips, advice, anything at all will surely help. Thanks for reading!
[{"id": "czb9hva", "text": "Well firstly, they are just trying to get listings.  If they did want to list, the guy that is saying his buyer client will pay more probably shouldn't be your first pic if you want someone kinda ethical that looks out for their clients.\n\nPer you listing it, there are a lot of things to know there to value it, market it, close it etc you probably don't know.  If you are looking out for him, I'd advise against that.  If he trusts you and wants your involvement in selling them,  the best thing you can do for him imo is to refer it to a commercial broker, take your cut, and stay involved in the sales process.", "replies": [{"id": "czbduqj", "text": "Thank you very much for your advice. The alarm bells went off immediately when I spoke to the seller as to what the other brokers had said. I do 30-40 Residential transactions per year, do you think I could \"learn\" my way through the transaction without making an ass out of myself? I do know the properties very well and I have also done repairs/shoveling for the owner for years.", "replies": [{"id": "czbebhe", "text": "Kindly no.  They are going to be tearing apart the leases, debating spreads of a tenth here and there on cap based on terms renewals increases etc.  \n\nIt's really more similar to selling debt as an investment than selling re.  No one gives a shit about shoveling etc.   That confuses me a bit though.   A cvs walgreens etc ushually handle that on there side and all repairs.   Can you name some tenants?   The big guys trade on credit ratings from wall Street agencies.  \n\nI do agree with  /u/limkar though about any commercial agent not being best here.  Those things have national tenants and national buyers.  There are lots of national brokers handling them.   I'd focus on who is selling the specific brands and talk to them.  You can offer to be broker of record in your state too", "replies": [{"id": "czbgjjy", "text": "Browsing through emails from last week, here are a few players to consider.\n\nSperry Van Ness: The Kase Group [Link](http://thekasegroup.com)\nCalkain Companies: [Link](http://www.calkain.com/)\nStan Johnson Co.: [Link](https://www.stanjohnsonco.com/)\n\nI get emails from all of the above with Net leased deals, hell I revived emails from the three above last Wednesday...\n\nOne thing though, if you go this route and refer it out, fight as best as you reasonably can for the referral fee split.  NumNum's comment about being the broker of record in your state may come into play there.", "replies": [{"id": "czc0iao", "text": "Thank you for those resources, they will be very handy indeed. I will find a CRE broker soon to handle this one, I already feel way out of my league.", "replies": [], "depth": 5}], "depth": 4}, {"id": "czc0am8", "text": "The seller has a double net lease with them now and seller must maintain parking lot. He also took care of shoveling the roof because the tenants were always very slack about getting the 5 feet of snow off the roof and if it didn't get done larger issues would have arisen. When I was a youngster I did help with those chores because at one point I was a broke ass teenager. Now I'm just a poor adult lol", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "czbdczi", "text": "If they are considered \"credit\" tenants then I would imagine your family member is getting quite inundated.  The number of CVS (or CVS equivalent) deals on NNN leases for sale now is unreal.  At rather low cap rates too!\n\nI understand someone with a buyer wanted some protection, either via a single party commission agreement or some kind of limited listing, but to say, \"my guy is offering X but we can get more\" sets off a lot of alarm bells when it comes to ethics.\n\nAs NumNum said above, you could probably refer it out and stay actively involved int he transaction.  At that point, you just may earn a higher referral fee/split.  Not all referrals have to be 20%, if you are acting as a true consultant to your family member be upfront with a CRE guy and tell them.  At that point there is nothing wrong proposing a 50/50 split or some variance from there.\n\nAs to your local CRE agent, depending on the asset type and your specific market, just because he is well know may not make him the right guy.  For example... I know industrial, but if I have someone that needs retail I immediately go to one of the retail guys in our office because I  only know enough to be dangerous in retail and well, that is dangerous for me and my client.\n\n Short version: Check around from someone that just handles NNN retail sales and propose a higher referral fee/split.\n\nGood luck!", "replies": [{"id": "czbdyer", "text": "Thank you for your response. It just seemed as though these guys were trying to bullshit their way to a listing. Not one of these folks ever sent over any offer in writing and they said that is what they were originally contacting him.", "replies": [{"id": "czbe1r7", "text": "This is the niche market for mm and some others right now.  They take new grads, tell them to make a few thousand calls an if they get a listing they have a job, if not oh well ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "czbgc6a", "text": "[Quickly found this firm that specializes in drug stores](http://www.pharmapropertygroup.com/about-pharma-property-group/). I can't vouch for them, but it gives an idea of the space for brokers.  \n\nAh, to dream of having two credit rated triple net buildings...", "replies": [], "depth": 1}, {"id": "czbszo6", "text": "If you have operating statements and/or P&amp;L's on the properties I can help underwrite it for you. I work on the capital side but spent a couple years as an analyst at a retail commercial real estate brokerage. PM me", "replies": [], "depth": 1}, {"id": "czc5rsd", "text": "I can list and sell it for you, if you are interested in doing that. PM me. ", "replies": [], "depth": 1}]