Frequently Asked Questions
Q. Why don't you list property cities or addresses on your spreadsheet/website data?
A. First, many Sellers do not wish us to do this here - they prefer us to wait until you have contacted us personally and we have ascertained that you are a serious, qualified prospect. In short, they don't want their property "shopped all over."
Second, limited space available on spreadsheets - we think the salient facts we include are far more important than the property address. If the deal is secure enough, the Buyer really shouldn't care where it is as much as things like what it is, credit behind the lease, nature of the lease, length, escalators, etc. If it is solid enough, and headache-free enough, it should be able to be on the moon!
Remember, you will get the address and other details when you call to request an individual setup.
Q. Why can't we ever seem to get you on the phone ("live") on the our first call?
A. First, because we often get over 30 calls (and about the same number of fax calls) per day ... We either have to staff up for an unpredictable load (which we won't..!) - or we have to return urgent calls first...
Second, because to handle our workload practically, we have to work a late schedule - so that we have the "quiet time" after hours to get fax traffic out (setups, L.O.I.s, contracts, etc.) without the phone constantly ringing. Our "normal" days starts around 11:00am - answering and making calls from our home offices... Then we usually have a "late shift" from about 5:30-6:00pm which lasts until past midnight week days - and about 7:30pm to 12:00am on Sunday.
You may feel free to call during these late sessions, but usually a detailed voice mail, email or fax (better) from you will get you want you want from us overnight. (NOTE: Believe me, if you enter into negotiations through us on one of our properties, you will find us very available, live, day or night!!!
Q. How long has 1400 Group been specializing in net deals?
A. Since 1993 (augmented by Developers, third party Sellers and Brokers bringing us deals they couldn't sell locally... too big for local market... no local interest in that type of deal, etc).
Q. How did "1400 Group" get its name?
A. We were originally in Suite 1400 (of a different building) so we called ourselves the 1400 Group. Today our network of Sellers, Brokers and Buyers numbers close to 1400 people at any given time-see the name still "tracks"...!
Q. How many deals do you do a year?
A. As many as we can (about 30).
Q. Where do you get your inventory?
A. About 40% directly from Owners and Developers (we list them on our "A" list), 60% from Brokers who have properties they wish us to expose nationally - but who cannot justify the expense or time themselves, (we list these on our "B" list).
Q. Are these properties listed exclusively?
A. No. We cannot accept exclusive listings because (1) we are only licensed in Colorado and (2) with the time it takes to follow (track) some 500-600 NNN properties on a regular basis, we cannot afford the time to focus on any specific deal to the extent an exclusive listing requires. Same is often true for our "Broker-providers"... the main reason is, sellers aren't generally motivated to give exclusives on this rare, sought-after type of real estate.
Q. When you have a hot deal, don't you run to your buyers first? What chance do we have?
A. Of course, if we have a specific buyer hot & ready - but we now serve around 200-300 buyers at any given time they go in and out of the market...their motivations change. We don't have time to constantly call this many people so we mail to them at intervals just like to you. Many don't read what we send! (Often we get an L. O. I. from a Broker that's signed by one of "our" buyers That's fine with us - it's whoever "brings in the bacon. . .") If you are a Gold member, you get a new deal so fast your odds of beating us to a buyer are high because we are obligated to send it to you before contacting our buyers (except for Gold member buyers).
Q. What does it cost me to "join the club"?
A. $500/year (see Club Membership)... (many local MLS's cost more...)
Q. Can I hold a membership in my name - or does it have to be in my Broker's name?
A. Whomever writes the check owns the membership.
Q. If I’m "too tight" to join the club will you still talk to me?
A. Of course - especially if you know what you want, are ready to act and will make reasonable (close!) offers on what we have.
Q. How often do you do supplements to your Master List?
A. We revise-and supplement new deals to our Master list every week.
Q. How do you split with other Brokers?
A. 50-50 on our direct deals ("A" list properties). Various ways on other Broker's deals (our "B" list deals) depending on how the "listing" Broker splits with us - AND DEPENDING ON WHETHER YOU ARE A 1400 GROUP "GOLD CLUB" MEMBER. See split rules on page 1 of our "A" or "B" spreadsheet property lists.
Q. On your "B" list deals, do I wind up dealing with a "daisy chain" of Brokers?
A. No! We only accept deals with only one Broker involved - who is direct with the Seller - and if you are a Broker, in the "Gold" group, we will back out for a 20% share of the entire fee - and connect you directly with the "listing" Broker: (See Club Membership).
Q. Your set-ups are frequently poor quality xeroxes of other's data on your stationery... Why?
A. We apologize - but it's necessary. First: We don't have time to "re-invent the wheel" and generate, say, 1,000 tailored pages on 500 to 600 deals on a revolving basis. Second: We show you the "facts" as given to us by sellers or brokers - any inaccuracies are a result of their work - not ours.
Q. Why is faxing individual property setups such a problem for you?
A. Because there are so many of you! We get up to 60 requests per day at times! You try doing deals, answering around 30 calls per day, and then tack on going to (computer or paper) files and dragging out (60) two to ten-page set-ups and faxing each individually, .... . That's why we ask that you first peruse or present our deals in our spreadsheet form. (We've done our work -now you do yours!). Then - when you have real interest (hopefully at close to asking price), then call us for a setup to see more data, PLEASE!!
Q. How often do you verify that these properties are still available?
A. With between 400 and 700 active NNN properties on our scope at any given time, we attempt (by computer, by fax) to verify availability every 45 days. We have found that we "wear out our welcome" by verifying too often with no offer in hand. Because at least 75% or better are still available the day you get our list (any status changes we know about are updated in our database on a daily basis) you have a very good chance of availability - say - within 60 days of the day you receive a list. But because they move much faster than ordinary real estate - we still offer to re-verify availability before you write a Letter of Interest (L. O. I.). Surprisingly, some deals stick around and get better with age (many of these are not actively being marketed) … last year we closed (4) deals that had been on our list for over 10 months.