A normal broker asks:

• “What’s it worth?”

• “What cap rate can we get?”

An Exchangor asks:

• "What’s your basis and expected tax hit if you sell?"

• "Do you need debt replacement or want to get out of bank debt?"

• "Do you want more income, less management, different geography, or better depreciation?"

• "How much cash can you take without blowing up your tax plan?"

• "What’s your risk and control tolerance?"

Most brokers live in this box:

• Seller gets cash

• Buyer gets property

• Bank fills the gap

An Exchangor lives where that box breaks:

• Equity for equity

• Installment sale / Created paper

• Seller carry structured to replace debt in a 1031

• Partial interests, JV interests, or “neutral vehicles” to bridge gaps

• Multi‑leg exchanges where A doesn’t match B, but A + C + D closes the circle

A specialist Exchangor is constantly thinking:

• Tax deferral vs recognition How much gain is realized vs recognized?

• How do we preserve basis or move it where it’s most useful?

• Can we turn a “sale” into an “exchange” by changing sequence or form?

• Debt replacement without creating a trap in a 1031, you must replace debt or add cash to avoid taxable “boot.”

They’ll engineer non‑bank debt replacement:

• Seller carry notes -Wraps / assumptions.
  
  
• Paper structured to meet IRS rules but avoid new institutional loans.
  
  
• They’re watching DSCR, refinance risk, and future exit—so you don’t solve today’s tax problem by creating tomorrow’s financing problem.
  
  This is where they’re very different from a typical broker who just says, “Talk to your CPA.”