January 2004

Realty World

Results Pros

145 West Calaveras Boulevard

Milpitas, CA 95035

After four months of intense work and cooperation, I wanted to acknowledge the excellent service and support that were provided to me by two members of your staff, Kathy Xiao and Laura Spano.

In October, 2003, I was faced with a real challenge when I elected to initiate a 1031 Property Exchange. This involved selling an existing single family residence that was being held for investment purposes only.

Upon contacting Kathy and Laura, they graciously agreed to meet with me at my residence and discuss some of the details involved. It was a real “get acquainted” session in the true sense of the phrase. I felt a genuine sense of camaraderie during this introductory session. Both real estate representatives took a sincere interest in my business situation and tailored a program to suit my specific needs. It was through their suggestion that my single family residence be exchanged for a two unit dwelling that could generate more cash flow from both units combined on a monthly basis.

After agreeing upon this strategic advice, Kathy and Laura prepared an elaborate market analysis report which helped us arrive at a reasonable market price. They prepared an attractive “staging” of the house which included many tasteful and decorative displays.

When no offers materialized during the first month, Kathy and Laura prepared a new market comparative analysis based on updated sales and recent activity which helped the three of us reassess market conditions and price the home more accurately. Within one week, I received an “as is” offer which was above the asking price!

According to the rules which govern 1031 Property Exchanges, replacement property must be identified within 45 days after the first escrow has closed. This is a relatively short period of time and puts a lot of pressure on the buyer. Again, my sales representatives were very proactive in studying my needs and developing an extensive list of properties to be visited and evaluated.

Within three weeks, I was able to locate very suitable replacement property, and I expect to make a successful venture into the world of being a landlord. I have forecasted that the cash flow from these two separate units will yield approximately 50% more in gross rental income versus my previous investment residence in San Jose. Any benefits can be attributed to the prudent advice given to me by Kathy and Laura.

The entire process associated with 1031 Exchanges can be difficult to comprehend and even more complicated to execute. Although there were several deficiencies in the way the Property Exchange company handled my transaction, Laura and Kathy went over and above the call of duty to ensure that I received everything. They were both instrumental in bringing about effective action when points of impasse arose, and made an extra effort to ensure that proper documentation was expedited. They also reviewed all applicable documents to ensure accuracy and save me some money due to inaccuracies in the original paperwork by the title company.

All things considered, both Kathy and Laura turned a real challenge with a unique subset of problems into a pleasant and satisfactory experience. They both made me feel as though I was being adopted as their friend, rather treating me as just another client.

Based on the foregoing comments, I fully intend to utilize Kathy and Laura in future business transactions and also highly recommend their services to anyone who has full service real estate needs and ambitions.

Kathy and Laura, I am fortunate for having both of you serve as my agents. Thanks for making me feel like an important and valued client.

With professional regards,

Nick Antonacci

Fremont, California