Who Tracks My Deadlines...?

Who Tracks My Deadlines...?

Three principles from a real estate investment company interviewed their local Qualified Intermediary, who was with a prominent title company, about handling their 1031 exchanges. While the QI was showing them his file drawer of clients, he mumbled, “Hmm. Gotta clean this out. This one’s dead… this one’s dead… this one’s expired…” and so on. One by one, he pitched folders in the trash. True story! Names changed to protect the guilty.

These three reps were shocked to see that about 80% of his exchanges were failing because he never bothered to inform his clients about their deadlines! Now it was too late, and nothing could be done about it. “Not my job” he shrugged. “That’s THEIR responsibility.”

We at 1031 Exchange Experts don't agree. We know that missing important deadlines in a 1031 exchange will kill a transaction dead. As a full-service QI, we believe it’s important to cradle your 1031 exchange from beginning to end. That’s what we get paid to do.

This other QI could afford to take the more cavalier attitude toward deadlines because tax-deferred exchanges weren’t his main line of business. He was actually very good at his niche, but 1031s were just his sideline. Therefore, it didn’t matter to him if his client’s exchanges failed or not.

Needless to say, those three real estate investors didn’t use this title company for their exchanges. After researching 1031 companies for a few months, they flew in from another state to meet with us. They finally chose 1031 Exchange Experts, LLC, as their 1031 Qualified Intermediary.

So if you're going to do a 1031 exchange, don't settle for a taco stand that also does 1031 exchanges on the side. Go with a 1031 company that is FULL-service, FULL-time.

--The Experts

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