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As seen in New England Real Estate Journal Financial Digest November 10-November 16, 2000
There's A New Role for Real Estate Counselors
By: Carl J. Izzo, CRE
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Real Estate Counselors are known for providing counseling to owners and developers in a variety of specialties. You can find a real estate counselor that specializes in waterfront property, racetrack valuation, shopping center development, real estate financing as well as single and multi-family dwellings or any other discipline. One specialty that is becoming more in demand is in the area of probate and trust real estate.
Real estate owned in a fiduciary capacity requires a somewhat unique expertise that has historically been available only to the very wealthy. Large financial institutions, independent trust companies, large law firms, or private trustees were the only organizations that provided these services. In many cases employees who were inexperienced to handle the often times complex and time consuming issues associated with fiduciary owned real property provided the services. In addition, attorneys were at a loss to find someone to assist them settling trust or estates real property issues or managing real estate for clients who did not have the substantial assets required by the larger institutions.
Recognizing this trend, Burns & Levinson LLP, a full service Boston law firm, recently formed a wholly-owned subsidiary Fiduciary Real Estate Advisors LLC to provide real estate services and professional technical advice to clients holding real property in any fiduciary capacity. The subsidiary will also serve as a corporate fiduciary. David P. Rosenblatt, managing partner of Burns & Levinson LLP stated, "This is a service we have been looking for to complement our own strong trusts and estates practice. The formation of this new subsidiary is the natural outgrowth of our trusts, estates and probate practices. Fiduciary Real Estate Advisors LLC will enable the firm to provide a greater range of services to clients and attract new clients in need of the specialized services which Fiduciary Real Estate Advisors LLC will offer. Fiduciary Real Estate Advisors LLC will fill the void in the trust and estate field for professional expertise in real estate matters. We are fortunate to have Carl J. Izzo, CRE as Managing Director of Fiduciary Real Estate Advisors LLC."
Although many real estate counselors are capable of providing this service to clients, few classify themselves as specialists in probate and trust real estate. As large financial institutions continue to consolidate their organizations they may find that providing these services may be too costly for the return they realize. Clients will be required to pay higher fees for these specialized services. Smaller institutions, attorneys and independent trustees will be called upon to provide these services and will look to alternative providers of these services to satisfy their clients needs.
It is clear that this is a different role than what real estate counselors are typically associated with. The role of the Counselor of Real Estate will be in greater demand as this trend continues. As the financial services industry continues to change institutions will look to "outside" sources for these specialized services. Real Estate Counselors will be called upon to provide this service.
Carl J. Izzo, CRE is the former Director of BankBoston's Private Bank Trust Real Estate Department. He has over 30 years experience in dealing with real property assets held by banks and individuals in a fiduciary capacity.
Copyright © 2002 by Burns & Levinson LLP