A Reminder to protect yourself on off market deals...
Just a reminder for commercial brokers who do off market deals. While I can say I have been very fortunate in this arena, I just got burned on an off market lease deal that I brought together for repositioning an off market shopping center. Long story short, I have something in writing from ownership that they would pay me if I bring in a buyer and close on the deal. I don't have the same as far as a "lease".

I suggested they reposition a tenant with a grocery store. Ownership thought it was a great idea. I reached out to a few potential suitors and found a great fit. Problem is, I wasn't "papered up" with the potential tenant and they back doored me with their own broker. 

Long story short....I brought the parties together on a +/- $2MM lease and I won't get a penny. Also increased the value of the center by at least $5.6MM in sales price....unsure if my Buyer will pay that. Just beware and be sure to protect yourself. I've been in the business a long time....doesn't stop us from getting burned at times.
[{"id": "h132ryu", "text": "Sorry that happened to you, it's absolutely infuriating.   \n\n\nIf this is someone that you won't be doing business with again then I would let absolutely everyone know about it. Any real estate groups I'm a member in, I would flag that owner as someone who backdoors deals.   \n\n\nI had an owner try to pull a quick one on me before. I had listed his property, a $5 mil apartment building, brought a buyer and the buyer told the owner privately that if he cancelled the listing agreement then he would buy it from him without a commission. Well the owner had some excuse for why he wanted to take it off the market, so I took it off, but I sent over my list of clients that I had contacted (listing agreement says he can't sell to them in two years without paying a commission). He sucked it up and ended up paying my fee to sell it to that buyer. After it closed I let my entire brokerage, and any other brokers that I'm friendly with, know about both the buyer and seller.", "replies": [{"id": "h1399rt", "text": "Yeah, I haven't ever had a good experience with a certain brokerage...Its the same brokerage that I compare their offering memorandums to unicorns....because the assumptions they use have NEVER occurred on the property at any point in time.\n\nI am going to see how things play out. I still have it in writing if I were to sell the Center, which would be in the $25MM range now. Depending on what happens with that will determine what I decide to do. I do appreciate your input.", "replies": [{"id": "h139lvp", "text": "Oh, yea if you have a potential $25MM sale I would hold my tongue for a bit. That definitely tempers the fighting spirit, hahaha.", "replies": [], "depth": 3}, {"id": "h142omg", "text": "Does it start with \u201cM\u201d and end in \u201carcus &amp; Millichap\u201d?", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "h14d4nz", "text": "Why aren't the brokers who burned you concerned with their reputation in the community?", "replies": [{"id": "h14ncgm", "text": "Many of them work institutional clients so they could care less. Their \"name\" allows them to do it...and get away with it.", "replies": [], "depth": 2}, {"id": "h156ecl", "text": "They\u2019ve probably done it and gotten away with it so many times that they don\u2019t care. Just happened to me with the eldest, \u201ckindest\u201d agent in my office. Wasn\u2019t a lot overall but the fact that he\u2019d make a decision without me that ended up screwing me blew my mind. And my broker \u201cdidn\u2019t want to get involved\u201d.", "replies": [{"id": "h1y60od", "text": "That's why I suggest getting your broker's license and after a few years and enough clients, go your own way.", "replies": [{"id": "h20tc1o", "text": "My dad suggested the same thing. In due time, I hope to move into development.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "h14fn6u", "text": "Paper trail? Can still sue if you can prove.", "replies": [{"id": "h14nq0v", "text": "Yes, I have a paper trail. I doubt it in the commercial sandbox. I could be wrong though.", "replies": [], "depth": 2}], "depth": 1}, {"id": "h1775gp", "text": "What was the asking price before?", "replies": [{"id": "h17q0uz", "text": "Sorry, I errored in using  the entire new rent for the grocer. This deal will boost the value of the Center from $19MM to approximately $21MM. This is a stronger tenant which allows for a lower CAP rate.", "replies": [], "depth": 2}], "depth": 1}, {"id": "h1b8ary", "text": "Trust is a hell of a drug", "replies": [], "depth": 1}]