About PRA

Pro Realty Advisors exclusively represents buyers or lessees of residential, commercial or investment properties.

PRA was originally formed as an affiliate of Pro Development of Tampa (PDOT), a real estate development company I formed 2005 with former Tampa Bay Buccaneers' Mike Alstott, Dave Moore and Derrick Brooks.

When establishing Pro Realty Advisors, I drew upon my own experience to incorporate the best attributes of the brightest real estate professionals that I have had the pleasure of working with. First and foremost, I made the rare decision that Pro Realty Advisors shall operate only as a Single Agent for our principals. If you are not "in the business" you may not realize the significance of this but it is paramount.

Single Agency (Click here for explanation) is the highest form of representation a Broker can provide to a principal. I am required, by law, to place your interests above my own, but I would anyway.

Thanks!

Steve Mordue
Licensed Real Estate Broker/Managing Partner

Buyer Representation

Pro Realty Advisors offers buyer and lessee representation to a select clientele.

If there is one thing I am good at, it is negotiation. The only way that a broker can truly negotiate hard for his clients is if he is in the capacity of Single Agent. You will not find many brokers willing to operate as Single Agents (click here to see why).

There is usually no cost to you for my services. It is typical for the Seller's of real estate to cover selling expenses. Ordinarily Brokers listing properties offer a percentage of the commission to cooperating brokers, such as myself when I bring the buyer or renter to the deal. If you contact a broker directly about one of their listings, they will simply keep all of the commission, you save nothing, and you had no representation. Why would anyone do that? Understand that the Seller's broker does not have any fiduciary, and very little other responsibility to you. There are two exceptions to this "no cost" rule, a) On rare occasions, a broker will not offer to share their commission, or b) for properties that are not listed with a broker. In these cases, if you acquire a property through me, you will be obligated to pay me a fee, however my first effort will always be to be paid by the Seller.

Rarely, and with people who do not know me, the fact that I am working for a percentage of the transaction, can cause some to be concerned about my loyalties. In addition to the fact that as a single agent I am required by law to place your interests above my own, the math also helps clarify for the skeptics. Frankly, the net difference in my fee from the low end of a client's range to the high end, is typically insignificant. I would much rather have you happy, and referring me to your friends and associates for years to come.

Pro Realty Advisors recognizes that certain buyers of real estate prefer anonymity in their search for real estate. Professional athletes, celebrities and other well-known people are aware that the price and terms of their prospective acquisitions can be unfavorably altered if their identity is known too early in the buying process. In these situations we strive to maintain the confidentiality of our clients as long as possible to insure negotiations are not effected.

PRA works closely with the market and our Buyers to insure that our Buyers are getting the best deal at the best price and terms.

Click here to see a pdf copy of our standard Buyer Representation Agreement

Agency 101

Single Agency is the highest form of representation a Broker can provide to a principal. We are required, by law, to place your interests above our own.

As a Single Agent, I provide you with the full spectrum of services including the fiduciary duties of loyalty, confidentiality and obedience. This is the type of representation that I seek as a buyer and Seller of property for PDOT, but most real estate companies have opted not to adopt Single Agency as a relationship for working with clients. Most firms, and certainly the larger firms, have chosen Transaction Broker, which, by law, is the default relationship between a client and brokerage in Florida.

Agents acting as Transaction Brokers are required to facilitate the transaction by assisting both the buyer and seller, and not representing one party to the detriment of the other. They provide fair and honest dealing, skill, care and diligence, accounting for all funds, and disclosure of all known facts that materially affect the value of a property in which you have interest. The reason most companies have adopted Transaction Brokerage is the significantly reduced level of liability versus Single Agency. In other words, a Transaction Broker represents neither the Buyer nor Seller but rather represents the "deal"

The third type of relationship is the "No Brokerage Relationship". In this relationship the agent owes the party three duties: To deal with them honestly and fairly; To disclose all known facts that materially affect the value of the property which are not readily observable; and, to account for all funds entrusted to the agent. Period. If you engage our firm to sell property for you, this is the relationship we will have with potential buyers. I am legally allowed to use any information they give me for the benefit of my principal.

Often a broker in a Single Agent capacity will seek to transition from Single Agency to Transaction Broker to keep a potential unrepresented buyer/seller from seeking representation elsewhere and thereby being required to split the commission. This is not placing your Principal's interest above your own.

1031 Basics

1031 Exchange Basics

Many owners of investment and business properties are not aware of the opportunity to save thousands of dollars in capital gains taxes by exchanging, rather than selling, these capital assets. A Like Kind Exchange under Section 1031 of the Internal Revenue Code provides that the federal capital gains taxes are deferred when business or investment real estate or personal property is exchanged rather than sold. Basics about exchanges include:

Most sellers of business or investment property will pay federal capital gains taxes of 20% of the appreciation, plus 25% of any depreciation taken on the property, less sales costs.
Most states also impose their own income tax on the sale of business or investment property, but many recognize the deferral of such taxes for a Like Kind Exchange under Section 1031.
Payment of the federal capital gain taxes, and most states' income taxes, is deferred until the property received in an exchange is sold or otherwise conveyed in a taxable transfer.
A sale of business or investment property followed by reinvestment in other property does not qualify as a Like Kind Exchange. An investor must set up an exchange before title to the property being sold is transferred.
A qualified independent third party must be used to facilitate the exchange to satisfy the requirements imposed by the I.R.S. for a valid 1031 exchange. Using a Qualified Intermediary under Section 1031 ensures an exchange will receive favorable tax treatment. The Qualified Intermediary participates on the investor's behalf by acquiring and conveying exchange properties and holding the sales proceeds.
Property to be exchanged must be investment property such as raw land held for appreciation or second "vacation" homes, or trade or business property such as rental real estate, farm and ranch real estate, and aircraft, equipment and other personal property used in the taxpayer's business.
All properties given and received in a Like Kind Exchange must be "like kind" to one another. Fortunately, all interests in real estate are like kind to each other, making it possible to exchange improved property for unimproved property, urban property for rural property, a condominium for a duplex, a rental house for a motel, vacant land for an office building, etc. Most corporate aircraft, both fixed wing and helicopters, are also like kind to one another.
An investor exchanging property has 45 calendar days after the closing to identify up to three properties he or she is interested in acquiring, and 180 calendar days after the closing to acquire any or all of the identified property or properties as part of the exchange.
To defer all of the capital gains, an investor must acquire property of equal or greater in value to the property sold, and must reinvest all equity from the property sold. Receiving cash, or trading down in value, is treated as boot and taxed as capital gain.

NOT TO BE CONSTRUED AS TAX OR LEGAL ADVICE.

The Broker

Steve Mordue

Licensed Real Estate Broker
Pro Realty Advisors P.O. Box 669 Brandon, FL 33509
Direct 813.263.7129

Professional Background