Exciting Software Innovation

The Society of Exchange Counselors throughout its history has been on the cutting edge of innovation in marketing properties. Most often we have been known by our members’ innovations in equity marketing and creating formulas to solve complicated real estate problems. However, two of our members also lead the industry with some practical software for improving our ability to find the possible transactions within a marketing session or later, after the meeting.

A number of years ago Bill Warr, S.E.C. designed a program to target multiple exchanges. Tom Langel, S.E.C. more recently took this program and upgraded it to a higher level. We now have the benefit of a program called “Trade Tracker” which is a tremendous support system for our national marketing sessions.

One initial practical benefit of “Trade Tracker” is the communication language that it spawned. We now react in our marketing sessions with a new vernacular with the terms “Super Taker, Taker and Interested.” This is highly superior to simply raising our hands or shouting out our registration numbers during the meeting. We can now easily tell the level of the response and know whom to contact first, in following up a package presentation. (See panel for “Taker” Definitions below.)

The second powerful benefit of “Trade Tracker” is the support it gives our communication. We now can review properties prior to a meeting, start communication through emailing the brokers, submit notices that we are a “Taker” for a property, write Preliminary mini offers and see a record of everyone who responded to our presentation, or who we responded to at the meeting. Whether it is a review of the “Cash” represented at the Meeting or a list of “Haves and Wants” presented in a “Quick Pitch” forum the info is all there to quickly follow up after the meeting.

The third unparalleled benefit is to have “Trade Tracker” point out possible multi legged exchanges that could give several parties a property they will “Take” as an alternative to their equity presented. I had the benefit of working with Tom Langel in a personal property and services forum to demonstrate the capabilities of “Trade Tracker.” In approximately three hours we viewed and listened to presentations of approximately 30 people and the computer pointed out a 24-way exchange. The computer balanced all equities and we closed that transaction at that meeting. It was incredible to see the computer review some 80,000 transactions and arrive at this combination where everyone involved would get to exchange their property for one that they liked better.

This multi exchange capability is still in its infancy with regard to national real estate exchanges. I feel this is due to the cash prevalent market place that we have been experiencing for a number of years. It is difficult to close a multi legged exchange because someone comes along with cash and takes out one of the properties before all of the due diligence is completed. Most of us who have been in the real estate business for 25-30 years remember a market place where cash availability was a huge problem. I assume that we will again in our careers see similar times and then “Trade Tracker” will be an outstanding gift. In the meantime the other benefits given us are outstanding and we are indebted to Tom and Bill for their vision and expertise.

So if you attend and participate in a Society of Exchange Counselor’s marketing session or attend a session where “Trade Tracker” is being used, jump quickly on its bandwagon and put it to work to help make some deals.

To see how “Trade Tracker” can work for you, go to www.REX-TT.com

“Taker” Definitions

“Super Taker” with Cash:

  • Personal Cash or Controlled Cash by Broker and Broker will sign a purchase contract at the meeting subject to normal inspection and due diligence.

“Taker” with Cash:

  • Listed Cash in the book, cash available from counseled client, or “know about” cash that may be a buyer for the property.

**”Super Taker” with number ______:

  • Property to be exchanged is owned or Controlled by Broker and/or Broker has written permission to enter contingency exchange contract at this meeting.
  • Property is in book with all equity and loan information correct.
  • Property value is easily verifiable and justified by the market.
  • Principal willing to balance transaction with paper or cash.

**”Taker” with number ________

  • Property to be exchanged is in the book and is Exclusively Listed by Broker representing the property and Listing Broker has counseled the client.
  • Property is in the book with all equity and loan information correct.
  • Property value can be a little more uncertain but should be justified by the market.
  • Broker believes client would balance with paper or cash.

“Interested” with number______:

  • Property offered for exchange needs a creative solution but it is the opinion of the Broker that the solution could involve the property being presented.

“Interested”:

  • Broker has an idea or contact that may be helpful to the presenter.
  • Broker knows of a possible Taker or Taker Property that is not in the book or currently not listed.
  • Boker wants to learn more about the situation to possibly develop a solution.

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