Talking to Your Real Estate Lawyer

I have been asked many times by my students how to approach a lawyer about getting their contracts reviewed, getting general real estate law advice, etc. After providing some general guidance, I have heard many times how the lawyer wanted to charge them hundreds and sometimes, thousands of dollars just to look over some paperwork.

Interestingly enough, I have traveled all over the US and Canada using various lawyers and have NEVER once been charged for my contracts to be reviewed or just general legal advice.

What's the difference between me and my students? No, it isn't just that I'm incredibly good looking and big enough to intimidate a lawyer into giving me free stuff! The difference is simply in how I approach a lawyer, or for that matter, any professional that I need something from.

As I have been in business over the years, I have come to learn the value of my time. There are so many people out there that will waste your time and pull you away from money making activities when you are in business if you allow them. Pretty soon, many business people come to realize that if someone is not coming to them with something to offer them, then this person better have some cash for them to make up for the lost time!

While this may sound harsh, it's a simple fact of business and those in business who manage their time to produce the best results for their business. A lawyer who could be billing his client $200 an hour to provide advice on some matter is not going to tell that client to just wait while they take time to talk to you and look over your contracts just because you need something from them. They are going to want to be compensated.

So how have I been able to convince these busy professionals to give me their time for free? Actually, I don't. I do offer them compensation for their time. As with any business person, the promise of increased business is more than enough to compensate them for a simple service such as looking over some documents.

Here's my approach- I set an appointment for an initial consultation by telling them that I am an investor who has just moved to the area and is looking for a lawyer to help with my real estate deals. I tell them I would like to meet with them to see if we might be able to work together. This does something very important right up front. I am the one "interviewing" them. I am the one offering something to them. I am establishing myself as a potential client that will bring increased business to their office.

When I go to meet with the lawyer, I will briefly describe the types of deals that I do and see how familiar they are with them. In most cases, I have had lawyers tell me that they have never heard of these types of deals that I do. However, I do not really allow the lawyer to do much talking since I am not waiting to hear them say "these types of deals can't be done here". I go on to say that I have researched local laws and made some modifications to my contracts to allow for certain local regulations. I will then bring out the paperwork and ask the lawyer if their office would be able to close these types of deals for me.

I am doing a number of things in that meeting. I am conveying to them that these deals can indeed be done. I am showing them that I am not completely helpless and relying on their every word since I have already done the legal research to confirm that my paperwork will work. I am taking control by showing the paperwork and NOT asking for it to be reviewed, but asking if the lawyer's office can handle these types of deals!!! This is a VERY IMPORTANT KEY POINT!!

Because of the way that I approach this situation, as I mentioned before, I have never been charged for a "contract review", consultations, or any legal advice when I call my lawyer or stop by their office. Now, of course, I do bring business to them as I do deals. I have them title searches for me, handle closings, etc. Try it this way and you'll have much better cooperation from one of your most important "team members".

Article reproduced with permission from Matt Bowman of www.REItoolbox.com.

 

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