November 22, 2007
Dear Ms. Nancy M. Morris
I am writing in support of File No. S7-26-07 which, if adopted, would allow licensed real eatate brokers to be compensated for their real estate expertise in securitized Tenant-in-Common (TIC) transactions.
Since this type of transaction involves a fee simple interest in a securitized TIC (fractional-deed real estate property) for the buyer, it is important to have competent licensed commercial real estate brokers involved in the transaction, and earn commissions for our services.
Competence is evidenced by having fulfilled the requirements for holding the real estate broker's license, and by having sufficient experience and knowledge of property valuation to insure suitability for the buyer.
Broker experience is highly subjective, and difficult to quantify. I would suggest that a minimum of five years experience as a real estate broker, with at least the three most recent years as a commercial real estate broker, with no legitimate complaints blemishing his or her performance, would be a sufficient requirement.
If you have any questions regarding my thoughts, please feel free to contact me. Thank you.
Senior Vice President
Westwood Net Lease Advisors
9375 Dielman Industrial Drive
St. Louis, MO 63132