Commentary: How to select a real estate firm

by Bernadette Starzee

Real estate transactions, whether commercial or residential, are rife with potential snafus. Just as you would carefully choose a property, take your time and select a real estate firm that can expertly guide you and proactively look out for your interests from contract to closing.

Great attorneys invariably have great word-of-mouth advertising. On the residential side, you should have no problem getting personal recommendations from friends, family, colleagues and neighbors who have bought or sold homes in the area. Ask your real estate broker and mortgage banker for recommendations, as well. As they work regularly with real estate attorneys, they know who the good ones are.

Similarly, commercial real estate brokers, commercial bankers and property managers should be able to point you to attorneys on the commercial end that are knowledgeable and thorough. The Nassau County Bar Association (www.nassaubar.org) and Suffolk County Bar Association (www.scba.org) can also refer you to member attorneys who specialize in the type of real estate law you require.

Once you have a few names, visit the attorneys' Web sites to get more information on their practices. The sites will include details about the attorneys' credentials and experience. Look for an attorney with several years of experience and a favorable reputation in the community.

The Web sites might also provide some insight into the attorneys' specific areas of expertise. For example, on the residential side, if you're buying or selling a co-op, find out how much experience the attorney has with that type of transaction. Similarly, if you're in the market for a commercial real estate attorney, look for a firm that has a breadth of experience handling matters like yours. For instance, if you're unloading a commercial building, purchasing an industrial site or leasing a property, find out how many similar transactions the attorney has handled.

Before you get too far along in the process, make sure there are no conflicts of interest with your attorney's other clients that would prevent him or her from representing you.

Search the Internet and the archives of local newspapers to find out what has been written about the law firm. Find out if the attorneys have authored any articles on real estate topics. And contact the New York State Bar Association (nysba.org) to confirm that the attorney is in good standing.

Will the attorney handle all aspects of the transaction personally, or will parts of it be handed off to an associate? If the latter, be sure to meet with this person, and that you are satisfied with his professionalism and his experience level. Over the course of the transaction, you will invariably want to contact the attorney and/or associates with questions or concerns, and it is important that you feel comfortable approaching these individuals. If they make you uneasy in your initial meeting, or if you sense that your deal will not be a priority for them, look elsewhere.

Even if an attorney was referred to you, ask for a few additional references, and call them. If you are able to speak to a couple of the attorney's former or existing clients, ask them how easy it was to get the attorney on the phone when necessary. If any problems arose between contract and closing, how did the attorney handle them? Were there any unexpected fees at the end?

Speaking of fees, find out how and how much the attorney will charge for her services. Will she charge a flat fee or an hourly rate? If the latter, ask if she can estimate the total charges for your transaction.

The Checklist

Great attorneys invariably have great word-of-mouth advertising. Ask around for a recommendation.

Visit attorneys' Web sites to get more information on their practices.

Look for an attorney with a breadth of experience handling transactions

similar to yours.

Search the Internet and local newspaper archives and read what has been written about the law firm.

PROPERTY MARKETING GUIDE

Thursday, October 23, 2008