On Wednesday Insider talked about four ways shady outdoor advertising brokers cheat buyers and sellers.  Here are 6 steps to protect yourself when using an outdoor advertising broker.

• Ask for references and contact them to see what the broker’s like to deal with.  Good brokers have a long list of satisfied clients.  People know who the bad apples are.

• Search the internet on the brokerage firm’s name and the broker’s name.  Go several pages deep looking for derogatory information and lawsuits.  The internet is making it harder to hide.

• Get a brokerage agreement in writing and read it beginning to end.

• Insist on full disclosure of fees. Run from any broker who refuses to disclose what they are making.  A high integrity broker has nothing to hide.

• Insist of full disclosure of roles.  Does the broker represent you as the buyer or does the broker represent the seller. Who is paying the broker’s fee?

• Don’t do business with a broker who marks up assets and don’t do business with a broker who attempts to hide who the seller is.  Brokers who are hiding the seller are trying to mark up assets.

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