R.O.I. Properties

Beth Jo Zeitzer

Beth Jo Zeitzer is the President and Designated Broker ofR.O.I. Properties, a full-service real estate advisory and brokerage firm based in Phoenix. Before founding R.O.I. Properties, Beth Jo, served as the Director of Commercial Properties at Del Webb Corporation where she handled $96 million in real estate transactions and a 600-acre commercial property portfolio which included: regional and neighborhood retail centers, business, medical and professional offices, industrial parks, and light industrial spaces.

She is experienced in commercial development including planning, entitlement, infrastructure delivery, budgeting and financial oversight, marketing analysis, sales and marketing, contract negotiation, design review, and construction monitoring. Beth Jo is a licensed attorney in Arizona and California and a licensed real estate Broker in Arizona.

An Arizona resident since 1971, Beth Jo graduated from the University of Arizona with a B.A. in General Research (with Real Estate and Marketing emphasis). She is also a graduate of the University of San Diego Law School, where she was the Research Editor of the Law Review and the recipient of the Hahn Award for Excellence in Real Estate.

Key Considerations When Hiring a Real Estate Special Commissioner

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In Arizona, it is common for divorce, probate, or partition actions to involve jointly held real estate or community real property. These types of cases often involve the sale, distribution, partition, or division of community, estate, or jointly-owned real property. Appointed by the court, or stipulated by the parties, Special Real Estate Commissioners effectively facilitate these potentially complex transactions. As Special Real Estate Commissioner, one wears many hats by fulfilling the roles of a neutral broker, valuation consultant, market analyst, and closing agent. The Special Commissioner’s successful completion of the duties and tasks commanded by each role effectuates a timely sale of the contested property. If you are preparing to undergo litigation involving real estate or real property, here are a few key considerations to keep in mind when considering the appointment of a Special Real Estate Commissioner.

Type of Case

Real Estate Special Commissioners are typically involved in family law and probate cases, but also play an important of contested or disputed community real property, or jointly-owned real estate assets.

Family Law. Many times, divorce and legal separation cases include a court order for the partitioning or sale of community real property. In these cases, Rule 95G of the Arizona Rules of Family Law Procedure governs procedures for the appointment of a licensed real estate agent or Realtor® as a Special Real Estate Commissioner.

First put into effect in January 2006, Rule 95G states that the court “may appoint a Real Estate Special Commissioner, in accordance with local rule or policy and procedure, to assist the parties in the division and disposition of community real property when the parties are otherwise unable to agree on such issues.”

When Parties disagree on the selection of a real estate agent or Realtor®, and/or dispute the decision to sell or partition real property, the court appointment of a Special Real Estate Commissioner assists in moving the Parties forward toward the division or sale of real estate assets. Many times, the Party with possession of the community asset, typically the marital home, may make the property inaccessible to prospective buyers or agents; or, may not be incentivized to keep the property in market-ready condition. Additionally, pets, cleanliness, dangerous conditions, and/or health and safety hazards can pose challenges for marketing and sale. With an appropriately drafted and executed court order, the Special Real Estate Commissioner is empowered to make decisions, prepare the property for sale, and value the property, all of which help the Parties achieve the sale of a property on highest and best terms.

Probate, Estate Settlement. When a property is co-owned by multiple parties as a result of death and a settlement agreement cannot be reached amongst the parties, a Real Estate Special Commissioner can offer valuable assistance in the valuation, management, marketing, and sale of real estate assets. In Arizona, Arizona Revised Statute (A.R.S.) §14-3911 governs partition actions. This statute provides authority for the court with jurisdiction to appoint a Real Estate Special Commissioner to conduct the sale of a contested real property or real estate asset when multiple heirs are entitled to a distribution of “undivided interests in any real or personal property of the estate.”

Partitioning. As with estate settlement, partitioning is a common practice during a “business divorce” or the dissolution of other jointly-owned properties. Partition action is governed by A.R.S. §12-1218, which outlines the various options that are available should the voluntary and fair division of a co-owned property become impossible between contesting parties. A.R.S. §12-1218(A)(B) holds that when there is no foreseeable way to navigate an impasse between parties, the court will order the sale of the property in question. To effectuate the sale, section A.R.S. §12-1218(C) provides the court with authority to “appoint a commissioner to make the sale…and return the proceeds into court to be divided” between the co-owners according to their interests in the real property.

Receivership. When real property in question is income-producing, such as a rental property, the appointment of a receiver is likely a better choice than that of a  Real Estate Special Commissioner, as a court-appointed receiver may be authorized to collect rents, seize control of bank accounts, and manage or operate properties. The decision to forego the appointment of a Real Estate Special Commissioner, and instead, appoint a receiver, is most appropriate for income producing properties such as apartment complexes, hotels, office buildings, industrial buildings, or retail centers. In these instances, a receiver has the authority to collect rents, build financial data, operate the properties, and package the properties for sale with better operating and financial data in place.  We mention receivership here alongside the work of a Special Commissioner because receivers are often authorized to sell real estate assets within the terms of the court order, thereby allowing a receiver to seize control of bank accounts and operate businesses/real estate assets as a precursor to the sale of real property.

Type of Property

You should also take into consideration the type of property subject to a court action. For residential disputes commonly adjudicated in divorce or probate courts, you should ensure that the real estate agent or Realtor® under consideration for Special Commissioner has extensive experience in the local market. And likewise, for commercial properties, you should select or request the appointment of a Broker with relevant commercial experience, as well as close ties to the local business community and defined knowledge of the commercial real estate market.

Are you looking to resolve a dispute involving jointly held real property or real estate in Arizona?

Our above insight into the various measures taken for the appointment of Special Real Estate Commissioners and receivers should help you prepare for your journey through the division, sale or other disposition of contested real property or real estate.

The expert staff at R.O.I. Properties has decades of experience serving as Special Commissioners and receivers. Contact us today.

Solving Tough Real Estate Issues with a Special Commissioner

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As co-owners/co-investors of real estate, parties going through divorce (personal or business) or probate, often encounter challenging legal scenarios involving disputes real property. These disputes may include Residential real property such as single family homes, condominiums, and townhouses, as well as commercial real property, including office, industrial, special-use, and multifamily, as well as vacant lots and land. In these situations, any party with interest in a contested, community, or jointly owned real estate asset may petition the court for the appointment of a Real Estate Commissioner. Alternatively, the Parties may stipulate or agree to the appointment of a Real Estate Special Commissioner for assistance with the sale, disposition, or division of community or jointly-owned real property. Judicial appointments, such as Special Real Estate Commissioner appointments, are common in family and probate proceedings involving the division or partition of real estate assets.

The primary benefit of appointing a Real Estate Special Commissioner for resolution of complex real estate issues is the Special Real Estate Commissioner’s ability to resolve issues efficiently and cost-effectively while achieving highest and best value for the sale of real property.

The following examples show how Special Commissioners can lead difficult, and emotionally-charged proceedings to successful resolutions of property disputes where parties are ordered to sell, dispose of, divide, or manage community, or jointly-owned properties.

Overcome Post-Decree Petition Noncompliance

Our first example involves a hypothetical divorce case stalled in several years of appeals and post-decree petitions of noncompliance where, through the appointment of a Real Estate Special Commissioner, the Special Commissioner resolved complex real estate issues through valuing, managing, and selling real estate assets.

When the dissolution of marriage began in family court, the judge presiding over the case entered a consent decree granting possession of the shared residence to the Petitioner. Two years later, the court modified the decree, ordering the Petitioner to remove the Respondent’s name within six months from the two mortgages that had been taken out on the marital residence. When a year had passed, and after the Petitioner made no effort to remove the Respondent’s name, the latter filed a post-decree petition, requesting the appointment of a Special Commissioner to sell the marital residence.

The court granted the Respondent’s request. However, The Petitioner continued to refuse compliance with the order for removal of the Respondent from the mortgages and ignored the petition to force a sale of the marital residence. Less than two months later, the Respondent filed an emergency motion reiterating the intentions of the earlier petition, this time requesting an executed order for appointment of a Special Commissioner to handle the sale of the shared residence. The court granted the Respondent’s petition,  to proceed with the sale of the marital residence. The Real Estate Special Commissioner did in fact, sell the property, above appraised value, and paid off the mortgages, thereby assisting the parties in resolving debt issues.

This case demonstrates how Parties in Family Court can facilitate appointments for a Special Real Estate Commissioner. It is also a highly relevant example illustrating the benefits of a Special Commissioner and demonstrates how this judicial appointment can play an impartial, unbiased, and neutral role where Parties in family court, probate proceedings, or partition matters, are ordered to sell, dispose of, divide, or manage jointly-owned properties.

The Importance of Accurate Valuation

Our second example shows how the Special Commissioner can apply the Order for Appointment of Real estate Special Commissioner, thereby paving the way for a swift, yet fair resolution. A broker price opinion (BPO) is a valuation tool completed by a Real Estate Special Commissioner on a residential property.  After a detailed market analysis, Special Commissioners craft BPOs with the objective of determining the fair market value for the property, as well as identifying the buyer base (owner-occupant, investor, or other logical buyer).  BPOs are one of many tools utilized by real estate brokers serving as real Estate Special Commissioner to identify the type of buyer who will be a high-probability buyer for the subject property.

In a highly contentious “real-world” divorce case, the Respondent was in possession of the marital home, which had been ordered to be sold. The first task of the Special Commissioner was valuation, with the completion of a Broker Price Opinion (BPO). A physical, on-site interior inspection is key for an accurate valuation. In this case, the Respondent barred entry to the Special Commissioner, thereby blocking the Special Commissioner from performing the first of many duties as ordered by the court. As a result, and pursuant to the Order for Appointment, the Respondent was removed from the home, thereby allowing the Special Commissioner to take swift control of the property, and manage a successful sale.

Here, in the case of a party in contempt, we can see that without the appointment of a Special Commissioner, and the “teeth” provided by the Order for Appointment, proceedings may have been quite lengthy and costly for both parties. The benefits of the appointment of a Real Estate Special Commissioner may include reduced legal fees, an accelerated timeline, and the security, preservation, and enhancement of assets during the marketing and sale, lease, and disposition of Residential or Commercial Real Property jointly held by disputing Parties.

Solutions You Can Trust

Are you going through a difficult legal proceeding involving jointly owned property in family, probate, or civil court in Arizona?  If so, perhaps you could benefit from the guidance of an experienced court appointed Real Estate Special Commissioner? R.O.I. Properties and Beth Jo Zeitzer, court-appointed Special Commissioner, serve as a neutral broker or court-appointed Special Real Estate Commissioner in divorce, probate, and partition cases. We can help you achieve an expedited resolution, at the highest/best pricing, for jointly-owned properties that are the subject of pending litigation, and involve the division of marital, probate or other jointly-owned real estate assets.

Contact one of our experts today, to discuss ways that we can assist in the resolution of disputes involving jointly owned real estate assets.   

Los Angeles builder buys downtown land for more new housing

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Los Angeles builder buys downtown land for more new housing – Phoenix Business Journal

A Los Angeles builder has bought land in downtown Phoenix with plans for infill housing.

Daniel Bernstein & Associates bought just under half an acre at First and Willetta streets on the north end of downtown Phoenix just south of McDowell Road. The land is north of the Burton Barr Phoenix Central Library and along Metro light rail.

Phoenix Partners on Willetta Street LLC, aLos Angeles builder buys downtown land for more new housing – Phoenix Business Journaln affiliate of Daniel Bernstein, paid $1.1 million for the property. The seller was PSB Futures.

Daniel Bernstein & Associates bought a small adjacent parcel last year. The San Fernando Valley-based builder did not respond to requests for comment on its plans for the land.

Justin Cirell, vice president with R.O.I. Properties, helped to broker the deal and represented PSB along with Beth Jo Zeitzer. Cirelli said DBA is planning a residential project, possibly with some ground-floor retail. “It’s going to be residential,” he said.

The parcels are adjacent to a new apartment development under construction. The Willa is a 229-unit apartment complex being built by Tilton Construction, Hunt Cos., Civitas Capital Group and Ryan Cos.

Roger Phillips of Commercial Real Estate Consultants Inc. represented the buyer.

The Bernstein company has a number of infill housing developments in Los Angeles.

There are a number of new infill and multifamily housing developments either finished or under construction in downtown and midtown Phoenix along Metro light rail.

Valley Metro CEO Scott Smith said at a recent transit conference the light rail system and its link to jobs in downtown Phoenix and Tempe has helped spur more housing along the line.

 

Mike Sunnucks
Senior Reporter
Phoenix Business Journal

How Will Retail Weather the Perfect Storm?

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Beth Jo Zeitzer
Beth Jo Zeitzer

A wave has hit the retail sector recently, but it’s not a hip new fashion trend: It’s the announcement of store closures and mall closures across the country. Foot traffic in retail stores was reportedly down over the holidays, although this isn’t just a one-time statistical blip. Online purchases are expected to continue taking share from brick-and-mortar stores and more will shutter in the coming years—and the next phase in the retail sector is going to be all about retailers figuring out how to court and get consumers committed. The National Retail Federation expects online retail growth of 8-12% this year—as much as three times the growth rate of retail as a whole.

In some respects, it’s surprising how long it took for the internet-based buying environment to come this far. Even in the early 2000s, it was obvious that ecommerce was a force to be reckoned with—whether shoppers were focused on fashion and selection, or the ability to find deals from the comfort of their homes. Department store struggles have been a concern for quite some time and as of the beginning of 2016, the focus has been on store closures at Macy’s (100), JC Penney (140 by year-end), and Sears Holdings (50 Sears stores and more than 100 Kmarts), and even Walmart. Shopping mall closures are expected to reach 1,000 within the next five years. Troubled national boutique/specialty retailers include BeBe, Rue 21, Abercrombie and Fitch, Guess, Crocs, Wet Seal, Limited, Payless, Radio Shack, and American Apparel, among countless others. After liquidation sales, some have plans to go online-only, others will inevitably go bankrupt.

What’s in Store for the Retail Sector?

Despite the doom and gloom, local neighborhood centers and retailers are doing their best to cope. (Note that, when you subtract fuel and car sales, brick-and-mortar retail still makes up more than 80% of sales, according to Internet Retailer and Commerce Department statistics.) Last year, experiential retail became the go-to strategy—providing customers more engagement than what they’d receive in an online shopping experience.

Although this trend will continue, it may be too late for retailers who haven’t already implemented a plan to deal with the perfect storm of increasing rents and ubiquitous options for online shopping. Some local business owners, unable to keep their doors open with a traditional site, have been transitioning to online-only models. Other businesses are reinventing themselves by emphasizing service-oriented rather than product-based offerings.

Areas of Strength…For Now

Currently, there are several segments that seem more resistant to the conversion. The first is specialty shopping centers. The convenience of online shopping aside, people want to be part of a community and neighborhood: bumping into friends at stores, exercise classes, entertainment venues, salons, and so on. There are certain tasks that you physically need to do and can’t be accomplished on line. At the end of the day, we’re social animals, even if we spend a lot of time glued to our handheld devices while we’re out and about.

As part of that trend, we’re seeing clinics and medical practices moving into retail settings. They want visibility and foot traffic that comes from being in the middle of a neighborhood instead of lumped into a medical plaza campus. That’s an opportunity for reuse and it fits in nicely with the evolution of medical care delivery.

Grocer-anchored retail centers also seem to be faring better, since online grocery shopping hasn’t yet taken off here the way it has in many big cities with urban centers. While consumers still apparently like picking out our own fruit and vegetables, over time we’ll likely see these centers hit as well. The likely result will be grocery stores in a more compact format.

Rethinking and Repurposing

The retail sector has evolved significantly over the past two decades, and retail commercial real estate has been forced to adapt. Online shopping has placed pressure on shopping center owners and developers to rethink their properties. Ironically enough, there’s also a reverse trend occurring: Internet behemoth Amazon has already opened several brick-and-mortar bookstores, and will soon launch pickup locations for its AmazonFresh grocery outlets, particularly in light of the recent Whole Foods acquisition.

Changes are afoot. A recent New York Times article described the retail sector as being at a “historic tipping point.” After vacant spaces get repurposed or leased to healthcare clinics, lifestyle and entertainment tenants (including restaurants and service-related specialties), charter schools and worship sites, what will happen to the rest? Bankruptcy is rampant in this sector, and it will be interesting to see who the surviving players and places are after the retail-apocalypse dust settles.

Beth Jo Zeitzer, Esq., is the owner and designated broker of R.O.I. Properties, a full-service real estate brokerage firm focused on working with business owners, investors and property owners, regarding the marketing and sale of commercial and residential properties, including retail, office, industrial, multi-family, hospitality and land assets. She can be reached at 602-319-1326 or [email protected]

Balancing Act: Using Receiverships To Settle Family Law Disputes – Family Law Journal

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Family law and marital dissolution matters require a delicate balancing act between the parties as well as the required legal steps to bring them to resolution. The court appointment of a Receiver, which injects a neutral third party into the process, is a powerful yet underutilized tool when traditional processes fall short—either due to complexity or inability to reach agreement.

 

Receivership can be considered a Swiss Army knife when it comes to a wide range of family law issues, including preservation and protection of community property and closely held assets, as well as probate and trust disputes. It’s a tailor-made solution for attorneys and litigators who need to create balance in the resolution and settlement process.

 

Receivership, Step by Step

A Receiver is a court-appointed officer, charged with taking possession of, and protecting assets for the benefit of all interested parties—as set forth in A.R.S. § 12-1242 and Rule 66, Arizona Rules of Civil Procedure. With oversight and reporting duties, a Receiver is an objective third party who is responsible for marshaling, managing, protecting, preserving and enhancing the Receivership assets for the benefit of the Receivership estate, with court oversight, and not for any specific party. In Arizona, the right to appoint a Receiver is statutory, with specific duties set forth in the Receivership order issued by the court.

 

In a practical sense, Receivers are skilled turnaround consultants with an inherent sense of the law. In addition to being quick on their feet and resourceful, they need to be savvy business/operations managers and, in many cases, sophisticated real estate professionals capable of performing physical and financial forensics.

 

As an overview, the Receivership process generally follows these three steps:

 

Triage. The first mandate for a Receiver is to preserve and protect, making sure that money and tangible assets do not disappear due to improper controls over community money/resources or business assets.  In many instances, this arises through an imbalance/lack of access to information, and in many instances, this may be information related to an operating business.  For example, you might have one spouse running a business, and the other spouse is not involved.  Suddenly, money is going to other individuals or businesses, but the spouse without control/knowledge may have no access to even know where assets are going, and how the business is doing.  Other examples might include failure to pay mortgage obligations, temporary alimony or support, or other mismanagement of community assets. With a court order and a Receiver who is authorized to seize control of the assets, all parties are able to access the same information, which will enable both parties to have more parity in information critical to the marital estate, including assets and liabilities.

 

Corrective action. In a family law situation, the Receiver can take action to ensure that community assets are not dissipated or otherwise threatened. If there is a business involved in the proceedings, the Receiver can gain control over the operations, bank accounts, books and records, and take steps to provide information to both parties and the court, as well as implement systems and procedures to ensure that the community estate assets are maximized, while liabilities are minimized.  This process may include building an accounting system that provides all of the information to all interested parties, and submitting reports to the court, while doing the ongoing operational tasks and monitoring that is required.

 

Additionally, the Receiver can be used to enforce a judgment issued by a court including, but not limited, to the sale of real property or a business and distribute the proceeds therefrom to the respective parties.

 

Resolution. In a divorce proceeding, the Receivership order can provide for a wide- range of issues for the Receiver to tackle.  The Receivership Order may provide for limited authority, such as seizing control of books/records.  Alternatively, the court order appointing the Receiver may provide for more broad-ranging authority, including seizing control of bank accounts, preserving/protecting assets, paying invoices, collecting accounts payable,  developing financial statements, or even running the business.  This authority may also include the sale of assets in Receivership.   In the case of a business, this may include valuation, management and sale options, or mediating a new operational agreement.

 

Orders including the sale of assets in Receivership, or alternatively, through a Special Commissioner, may be beneficial to the marital estate. Through hands-on management, a Receiver should be able to stabilize the assets during Receivership, negotiate more favorable contracts and leases, and develop a meaningful and comprehensive due diligence package, leading to highest/best pricing, and a controlled sale environment.

 

All Receivership activity is completed with court oversight, and the Receiver must be prepared for individual party, and judicial scrutiny.

 

Striking a Balance

Family law matters are rife with suspicion and distrust. Receivership is a court-appointed and supervised remedy that has consistently proven to be an effective way for parties get to the bottom of things and bring them to resolution in a balanced fashion.

 

As with so many legal matters, California is leading the way in Receivership law, with a body of statutory provisions and case law that lead to, and guide, such appointments. We don’t have that body of case law in Arizona yet, and while Receivership appointments are very common in loan default proceedings, many attorneys are now utilizing this remedy in marital divorces, closely held business disputes, and contested estates, where there may be a need to seize control of assets, manage and marshal same, and potentially operate business/real estate assets. A well-executed Receivership is neither as complex, nor as expensive, as many lawyers and judges may think, and can actually be less costly than extended litigation, as Receiverships level the playing field among parties, and as a result, aid in equitable resolution, on a more expedited basis.

 

About the Author

 

 

Beth Jo Zeitzer, Esq. is the owner and designated broker of R.O.I. Properties, a full-service real estate brokerage firm serving business owners, investors and property owners in the valuation, marketing and sale of commercial and residential properties. She also serves as Special Commissioner/Special Master. Beth Jo can be reached at (602) 319-1326 or [email protected].

The End of a Trend?

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Beth Jo Zeitzer
Beth Jo Zeitzer

Starting about 18 months ago, there was growing concern about a bubble forming in the multifamily sector of commercial real estate. Amazingly enough, the upward multifamily trend has persisted, thanks to job growth and population increases within Arizona.

The most recent data show multifamily investment demand continues along steadily, with areas along I-17 and within the Midtown Phoenix area reporting the greatest amount of activity. In the third quarter, Colliers reported that the Greater Phoenix multifamily market even strengthened a bit, with vacancy dipping to 5.7 percent and average rents gaining 7 percent over the past year to $928 per month. While Costar reports that the number of multifamily transactions is mostly flat on a year-to-date basis (189 in 2016 vs. 191 in 2015), the average price per unit increased by 21% to $94,776 over the past 12 months.

  Average Price Per Unit CAP Rate %
2010 $39,530 5.4
2012 $44,900 6.24
2014 $58,584 6.28
2015 $78,207 5.7
2016 $91,718 6.6

Sounds great, right? Not so fast. Cap rates are up by 60 basis points, at 6.6%.  An increase in cap rate signals that investors expect a higher return, which eventually will be reflected in per unit pricing.  Noted Phoenix economist Elliott Pollack recently sounded a cautionary note: “This is as good as it’s going to get,” he said. “Normally at this point in the recovery cycle, unemployment is at about 3.5%. Right now, here it’s in the high fives. This is the boom for this economy.”

Two Key Caveats

You may represent lenders who have multifamily assets in their portfolios, or represent apartment developers or owners and investors, to name just a few examples. The current environment offers both dangers and opportunities for two specific reasons.

First, even with the thousands of new units delivered to the market in recent years, more multifamily units are planned or currently being developed.  As that supply increases, the optimists may believe that the demand will continue to increase—but can it increase enough to meet the supply?

The second factor is that, for some of the existing currently owned product, 10-year loans made in 2007-08 (prior to the pop of the last bubble) are coming due. With the market softening and banks not as willing to finance multifamily properties, this may be brewing into somewhat of a perfect storm: rapidly increasing supply and steady-but-slowing demand running headlong into a front of tightened lending standards.

Interestingly enough, the potential for rising interest rates isn’t the critical issue at the current juncture. It’s a matter of lenders trying to decrease their portfolio exposure to commercial real estate in general, and multifamily in particular. As some of these loans come due, there’s a serious possibility that replacement financing won’t be available for them in that specific asset class. In many cases, it’s not even an option for the bank—regulatory constraints and ratios will not allow them to refinance a loan in an asset class at risk, forcing the borrower to find replacement financing or pay them off however they can.

Challenges Delivering Opportunities

If you’re looking for a silver lining in the dark clouds, the current or near-term situation may mean increased opportunities for your legal practice. Possibilities include working with:

  • Borrowers who need to search for other opportunities to sell off an asset if no financing is available
  • clients, whether borrowers or lenders, may need some assistance on the workout or bankruptcy side (whether there’s an opportunity to refinance or not, a lender may need to decrease its exposure in this asset class)
  • investors, who are looking for transaction assistance on properties that need to be sold at lower or even distressed values.

The big, looming question remains: can the supply of multifamily projects possibly justify rental demand, or will it inevitably result in increased vacancy?

The bubble has persisted longer than this author thought it would, and history shows sub-6% vacancy levels won’t last forever. The upcoming year could be a tricky one, whether the multifamily market holds steady, develops a slow leak, or pops. In either case, what’s happening in the marketplace may impact your practice. No one wants to cheer for disaster, but you/your clients need to be prepared. If you’re properly positioned, it will provide opportunities to assist existing clients and potential clients—helping them minimize the financial and psychological pain after a half-decade of great returns from this asset class.

Beth Jo Zeitzer, Esq. is the owner and designated broker of R.O.I. Properties, a full-service real estate brokerage firm serving business owners, investors and property owners in the valuation, marketing and sale of commercial and residential properties, including multi-family/apartments. She also serves as Special Real Estate Commissioner. Beth Jo can be reached at (602) 319-1326 or [email protected].

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