GlobeSt.com: What lead up to the suit, Harvey?
Green: You build a relationship of 20 years with a national client, and when that client looks at an asset in another state, they'll naturally ask for representation by those who know how they negotiate, what their parameters are and how they do their due diligence. In many instances, there may be local representation involved as well because you need to be licensed in that particular state. We found that in certain jurisdictions, brokers outside the state couldn't be involved in any way, not even is an advisory capacity. You could only refer the client to someone who was local. The problem is that that client may not want to deal with a local broker whom they don't know. Plus, with the way the real estate commission wrote the laws, outside brokers couldn't even take a referral fee.
GlobeSt.com: To get down to brass tacks, at least the revenue would go to the same firm, Marcus or whomever, correct? It was only the outside broker who was out in the cold.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
