Earlier this year, brokerage firms from Boston and Quincy joined forces to speed up the sale of troubled real estate.

Boston Realty Advisors LLC and Daniel J.. Flynn and Co. created a new joint venture that will specialize in selling troubled real estate at auction.  Flynn/Boston Realty Advisors LLC will be accelerating sales for properties where buyers and sellers are finding it hard to finalize a deal.

Due to declining property values, it’s difficult to nail down what the actual price of the property should be.  The firm has taken a two-pronged approach for the quick sale of residential and commercial properties.  Sealed bid submissions and traditional auction on the premises will both be strategies used by the new firm.

Daniel Flynn, owner of Daniel J. Flynn and Co., is confident his company will benefit from the joint venture due to Boston Realty Advisors’ downtown presence and expertise and success in marketing and selling high-end residential and commercial properties.

Boston Realty Advisors were in the market for a new partner with auction experience due to the death of the chairman of the previous company they used.  Chicago’s Sheldon Good & Co.’s Steven Good committed suicide in January of this year.

Jeremy Freid, a principal at Boston Realty, stated that Flynn was the obvious choice for replacing Shelton.  Flynn’s company has been operating since the last real estate recession in 1991.  Fried called Flynn’s company an “auction machine.”

Freid stated that the primary drive behind the auction business is bank-owned foreclosures.  Private auctions are also in demand to speed up the sale of properties especially in the high-end market.

Flynn will be given access to Boston Realty’s luxury downtown Boston market, as well as the company’s unique marketing expertise.  The Flynn/Boston venture will market commercial property throughout the Northeast where a wave of defaults is predicted for commercial real estate loans in the coming years.  It is anticipated that the defaults could provide steady business for the new company.

Flynn expects the next wave of distressed real estate to come from the commercial side.  With that in mind, Flynn said that lenders and sellers will need accelerated sales.

Both Flynn and Freid will be principals for the joint venture.