Consulting Service Launched to Acquire Distressed Real Estate
- Jun 25, 2008
By Erika Schnitzer, Associate EditorPensacola, Fla.–Distressed Real Estate Consulting Services, Inc. (DRECS), a real estate research and consulting firm based in Pensacola, Fla., has launched a flat-fee annual subscription-based service for REITS, opportunity funds and investors. “We serve as a clearinghouse and detailed research service for institutional investors looking for products,” says Howard Liggett, president and CEO of DRECS. The firm identifies for its clients distressed properties due to foreclosures, bankruptcies, discontinued financing and market oversupply.”It’s our experience that there is a cost for every participant that plays a role in helping investors in their quests to acquire property,” Liggett says “When you look at the number of hands that touch a particular transaction, these additional costs can really make some of these deals seem not quite as attractive.”The annual fee for the Subscription Acquisition Research Service (SARS) is $15,000.”Our feeling was that if we could offer our services for a fixed fee, something that could be line-itemed, that it would just be easier for the client to plan,” Liggett says.The service will provide unlimited 24/7 access to the company’s research and consulting services, which include the identification of distressed properties and will provide clients with purchase opportunities, as well as information about the property and the area in which it is located. “We talk to area business people to get a real world assessment of the property and any red flags before any offer is made on behalf of the client,” Liggett tells MHN. The company will also travel onsite to inspect property or retain an appraiser in the property’s jurisdiction.The network includes all 50 states, Puerto Rico and the U.S. Virgin Islands and Distressed Real Estate Consulting Services represents clients nationwide.