June 2023

When Magnus Larsson came to the U.S. around 20 years ago, he learned just how hard it was for immigrants to open a bank account, much less navigate the U.S. financial system. Eventually, in 2019, he co-founded MAJORITY, a neobank aimed at making it easier for new arrivals to get access to mobile banking services.

Central to MAJORITY’s services are “meetups”, spaces in areas with large immigrant populations that MAJORITY targets. There they can meet in-person with advisors who often are also originally from those countries and can help them understand the nuances of life in the U.S. They can also attend workshops and other events with compatriots.

To that end, Larsson just announced the opening of a new meetup space—its fifth —in Laredo, Tex., the better to provide financial services and other aid for migrants crossing the border from Mexico. Situated in a visible spot, “It will be the first thing you see when you pass the border,” says Larsson.

A Meetup for the Unbanked

So far, the Laredo location has hired about ten advisors. They will help with everything from how to get a drivers license to signing up for a credit card. “We think about the whole migrant journey,” says Larsson. That’s particularly important for many Mexican immigrants, who may lack a bank account in their own country. Mexico is ranked number six in the world of the least banked countries, according to Larsson.

MAJORITY opened its first meetups in 2020 in Houston, focused on services tailored for Nigerian immigrants, and in 2021 in Miami, for arrivals from Cuba. (It also helps Columbians and Venezuelans). Now, there also are meetup spaces in Hialeah and Orlando. (All the meetups are open to immigrants from any country). Total number of advisors: about 250.

Later this year, MAJORITY will release a financial handbook for Mexican immigrants, a version of its Migrant Handbook, that will focus on the nuanced needs and concerns of Mexican immigrants. To that end, it will include tips on everything from how to budget, save and invest to how to enroll kids in school.

For a $5 .99 monthly fee, MAJORITY subscribers get mobile banking services, including a bank account with no overdraft fees or minimums, a Visa debit card, access to a network of ATMs, remittance services and international calling. Subscribers need to have a government-issued ID and a proof of a U.S. address.

Funding for Expansion

In 2015, Larsson became CEO of Swedish technology firm Rebtel, which allows people to make international phone calls at a low-cost. (He’s now the board chairperson). The initial funding for MAJORITY came from Rebtel’s founders and venture capital investment.

MAJORITY also recently announced $9.75 million in funding from Valar Ventures and Heartcore Capital. The new funding serves as a top up to MAJORITY’s Series B round led by Valar Ventures raised in September last year. Total raised: over $86 million in equity. The latest funding should help Larsson expand his services elsewhere along the Texas-Mexico border.

Offices across the country are still sitting empty. The nationwide office vacancy rate reached a high of about 20% in the first quarter of 2023, according to JLL, and while big tech companies are pressuring workers to return to the office, the hybrid work model has led to an increase in commercial office delinquencies. According to Trepp, a real estate analytics firm, the office delinquency rate surged 125 basis points in May to over 4%. 

This spells trouble for the commercial real estate market and the broader economy, according to some experts. Analysts at Morgan Stanley are predicting a decline in commercial property values of up to 40%, a crash akin to the 2008 financial crisis. Fred Cordova, CEO of Corion Enterprises, believes the crash is already underway. But while most firms agree the office sector is under stress, some are more optimistic than others about the outcome for commercial real estate. For example, UBS Global Wealth Management asserts the problem is manageable, and a crash resembling 2008 isn’t likely. 

Peter Margolin, National Broker Network Manager at Alliant Credit Union, agrees. “While we do not think the CRE market will fully crash, we do believe there are certain markets that are going to struggle more than others going forward,” says Margolin. “This cycle is different from 2008, in that the capital markets are still open, if not as liquid as they were last year. Today, there are still commercial real estate lenders like Alliant that are actively lending on specific asset classes demonstrating strong demand to borrowers with sound credit quality.” 

Commercial real estate has been historically viewed as a high-risk investment, according to the FDIC. Investors who risked purchasing commercial office space are finding themselves in a tight spot now that demand for the space has fallen, but there is a way out. “There should be opportunities for property owners to adaptively reuse their unoccupied office space,” says Margolin. 

Repurposing Vacant Office Space

While remote work is here to stay in some capacity, retail space demand is rebounding from the pandemic slowdown, and the outlook for self-storage remains promising. The demand for multifamily housing is expected to wane, but housing shortages and rising rents in many markets still make the option attractive to investors in the right locations. 

“For older, less-amenitized buildings, multifamily and residential products are popular

conversions. This can include market-rate rentals, workforce housing, student housing,

senior housing, and even affordable housing, depending on location and market

demographics,” says Micah Solit, Senior Project Manager at national real estate advisory firm Project Management Advisors, Inc. Matt Silvers, Vice President at the firm, says “Other conversion options are hotels and, depending on building size and configuration, self-storage, document storage, and technology uses, like life sciences.” 

But what kind of an undertaking is required for these conversions, and can the cost be recouped? When does it make sense for commercial real estate investors to repurpose office space, and when is it not worth the endeavor? We asked several experts in the commercial real estate space so you can evaluate your options. 

Mixed-Use Retail 

Shopping malls began dying out long before the pandemic, and the retail space sector has been shifting towards services since reopening. Mixed-use retail is gaining momentum as people seek more amenities where they live and work. The homebuying slowdown may contribute to the popularity of mixed-use space as well. “Mixed-use is the past, present and future,” says Sean Slater, Senior Principal at RDC. That’s especially true in areas of the country where multifamily housing is in high demand, like New York, where investors are rapidly developing Class B and C properties into mixed-use space. 

Repurposing office space to mixed-use retail works better than an office-to-retail conversion, according to Slater. “Multi-level retail is rarely successful, and offices are rarely at street level, so taking a mixed-use approach seems to be most appropriate,” he says. “Street-level retail and Food and Beverage with residential and smaller office lease spaces might diversify many vacant buildings without swinging too far into the residential-only conversion.” 

It’s better for the future of the economy as well. Slater notes that office space is still in-demand and may even become undersupplied at some point if too many urban Class A office properties are converted to residential housing. “I believe a patient approach and a move to diversifying within individual buildings will create a more stable market,” he says. 

Office tenants are paying an average of nearly 25% more for mixed-use space when compared to traditional office space, and investors can expect renters on the multifamily side to pay a premium for an amenity-filled building as well. But there are definite challenges, including finding the right management for a property with multiple use cases. 

Self-Storage 

While rents are moderating in the self-storage sector, the outlook looks promising when compared to other types of commercial properties. A conversion from office space to self-storage could be advantageous for investors holding onto a property with low occupancy rates. 

“While it can be a challenging undertaking, conversion of office floors can be rewarding,” says Margolin. “In some cases, for truly outdated spaces, self-storage might even command higher rents than offering the space for office use. For example, lower floors with less ideal views would be ideal locations for storage,” he says. 

But investors who choose to repurpose office space into self-storage face obstacles. “The good news is that there is likely plumbing and a lot of lighting already in place to tap into for storage conversion,” says Margolin. “The bigger issue would be how much work has to be done with those floors to remove all of the walls, flooring, furniture, and other equipment to clear out the space before converting to storage use. The next biggest cost would be designing storage units to fit the floor plates and being able to transport the materials up to those floors.”

Margolin says securing financing has also gotten more difficult but not impossible. “There is a natural trend that when the economic outlook becomes more choppy, traditional lenders pull back,” but that creates an opportunity for non-bank lenders and private equity firms to enter the space and even work with more traditional lenders to offer note-on-note financing packages and A-note financings. “Financing is generally still attainable for strong credit borrowers on properties with strong fundamentals,” says Margolin. 

Multifamily Housing 

Despite housing shortages and rising office vacancies, the conversion from office space to multifamily housing remains an uncommon solution, and that’s not expected to change because of the significant costs associated with making the switch. “What investors must realize is that a conversion may ultimately cost more than a new development on a cost-per-unit basis,” says Solit. But it remains a financially viable option in certain circumstances. “Owners will have to get granular about the economics of their project and determine the market for additional residential units, along with a clear path toward re-entitling their building for this new use.”

States looking to promote conversions have removed fees, implemented more lenient zoning change processes, and even provided tax incentives to redevelopers, but a 2022 Moody’s report notes that office property values would have to plunge significantly to make the conversions worthwhile. In certain areas, however, it may already be the case that an office-to-multifamily conversion is a good solution. 

“Location is a major factor,” says Solit. “Investors will want to limit jurisdictional and regulatory hurdles that could complicate a conversion, but there also has to be housing demand in the area, which drives values and rents. If the location works, the building itself should have a relatively high vacancy rate” so owners can avoid lease buyouts.

“Finally, the building itself is important. Operable windows, high perimeter density, and

shallow floor plate depth are all conversion-friendly features, presenting owners with more square footage for eventual living space. Adequate street frontage and open space around the structure also contribute to conversion readiness,” says Solit. Silvers adds, “Older, smaller buildings tend to be more well-suited to conversion, rather than large, hyper-modern structures.”

The Bottom Line

Repurposing office space can be challenging, expensive, and altogether risky. But with increasing vacancies and delinquencies, even among Class A office properties, some investors may find that it’s necessary to adapt to minimize losses. Of all the options available, mixed-use retail conversions seem to be the trend, especially in areas where there’s demand for live-work-play spaces, but self-storage and pure multifamily conversions are also viable options in certain markets. The outlook for commercial real estate is still unpredictable. However—prices could further plummet, but the demand for office space may also rebound. It’s essential to evaluate your individual situation before making any sudden moves. 

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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.

Carly Tripp, Nuveen Real Estate Global CIO & head of investments, joins ‘Closing Bell Overtime’ to talk investing opportunities in real estate, commercial office buildings, and more.

Are you tempted to skip the difficult aspects of your entrepreneurial journey? Do you find yourself wanting to avoid, delegate, or outsource challenging tasks?

Embracing the tough stuff is essential for building a growth venture.

The Downfall of IBM and the Power of Doing the Tough Stuff: During the emergence of the personal computer industry, IBM, the computing leader, chose to outsource the development and control of their PC standard. By licensing Microsoft’s operating system without exclusivity or an acquisition option, and avoiding the tough stuff of developing or acquiring a PC operating system, IBM unknowingly planted the seeds of their descent into mediocrity.

The Facebook Phenomenon: Lessons in Tough Choices: When three students conceived a brilliant idea for a college campus social platform, they outsourced the demanding task of coding to a fellow student named Mark Zuckerberg. Zuckerberg took ownership of the idea and built the social media giant, Facebook. This example highlights the potential risks associated with evading the tough stuff and surrendering control of critical aspects of your venture.

The Importance of Prioritizing the Tough Stuff: Entrepreneur Mark Knudson, (Bootstrap to Billions) who successfully built ventures in the medical device industry, advocates for addressing the tough stuff first. Knudson’s rule of thumb is to validate the viability of a new medical device while there is still ample financial backing. Many entrepreneurs mistakenly prioritize easier tasks, leaving the tough challenges for later stages. Unfortunately, delaying the test of difficult tasks can lead to financial constraints or insurmountable hurdles that hinder progress.

Cracking the Code of Billion-Dollar Entrepreneurs (BDE): Billion-Dollar Entrepreneurs who build billion-dollar ventures in emerging trends face an even greater need to focus on the tough stuff. In an industry where key factors for dominance are unknown, three strategies can help navigate the challenging terrain.

#1. Focus on the key segment and unmet needs. Identify the segment that benefits the most from the emerging trend and understand their unmet needs. Examples include Bill Gates recognizing the benefits of PCs for small businesses and consumers, while IBM failed to adjust its corporate focus accordingly. Michael Dell focused on the direct-to-consumer model and dominated PCs.

#2. Capitalize on the competitive edge. Anticipate how competitors will try to surpass you and devise strategies to outperform them. Sam Walton’s focus on small towns and on building the necessary infrastructure to supply his stores differentiated him from direct competitors like Kmart and Target. Steve Shank realized that the key to Capella’s success was accreditation. This was the tough stuff – and what he focused on.

#3. Be ready to pivot. Entrepreneurs rarely find the perfect strategy at the venture’s inception and the ability to pivot is crucial. Bill Gates shifted from software development to selling operating systems, while Sam Walton transitioned from small stores to larger retail spaces. Horst pivoted from beauty salons to beauty schools when his hairdressers left him – after he trained them. The tough stuff in hairdressing was training. He sold his salons. started schools, expanded to cosmetics, and sold it years later for hundreds of millions.

MY TAKE: In your entrepreneurial journey, it is crucial to identify the tough stuff and face it head-on. Avoid diverting resources until you have solved the critical problem. Learn from the examples of industry giants who understood the value of embracing challenges and remember that success often lies beyond the comfort zone. By prioritizing the tough stuff, you pave the way for growth, and long-term success.

Multifamily properties are among the most common types of housing that investors rely on to grow their portfolios. They provide consistent and reliable income, have relatively low vacancy risk, and typically appreciate over time.

Working with a multifamily real estate agent is smart if you are considering investing in this type of property. These professionals can help you find what you are looking for in less time and possibly help you save money during the negotiations.

Why Do I Need a Multifamily Realtor?

Not all real estate agents are experts in all property types. Some specialize in helping families find their forever homes, while others may specialize in selling homes. Agents who specialize in multifamily properties are investing experts. Some may even be involved in multifamily real estate investing themselves.

Working with an agent specializing in multifamily properties has several important benefits. First, a good agent will help you save time by narrowing your search to the properties that are good investments. Your agent will review all the multifamily home listings, determine which properties meet your criteria, and find the net operating income, rental history, financial projections, and other important information.

A multifamily property agent will also be an expert in the local market and will have connections with property owners, developers, and other investors. Your agent may also know of off-market multifamily properties that will soon be for sale, giving you a competitive advantage over other investors. An agent may also know which local property managers have the best reputations.

A good multifamily agent will also schedule tours and accompany you when you visit properties. The agent will know which questions to ask to help you make an informed buying decision. The agent will also help you conduct a thorough property analysis and evaluate investment risks and potential returns.

One of the greatest benefits of using a multifamily property real estate agent is that it could help you save money. Your agent will help you draft an offer and work on your behalf to ensure you get the best deal possible. Your agent will also arrange inspections and assist with paperwork to ensure a smooth transaction.

Understanding the Different Types of Multifamily Properties

There are several different approaches you can take with multifamily real estate investing. The best approach for you will depend on your investing experience, risk tolerance, and how quickly you want to grow your investment portfolio.

There are three types of multifamily properties, and it’s important to carefully consider the pros and cons of each type before making an investment decision.

Apartment complexes

When people think of multifamily properties, apartment complexes are often the first things that come to mind. Apartments typically have strong demand and are commonly rented by college students as starter housing, by those looking for temporary housing, and many others. Apartment complexes typically consist of two or more buildings with multiple units.

The primary advantage of this type of property is occupancy diversification. With single-family homes, for example, you won’t earn any money from a property that’s not rented. The monthly note will still be due; you may have to pay it out of pocket until you find a tenant. On the other hand, a single vacancy in an apartment complex with dozens of units may not be as financially disruptive and could help you maximize your cap rate.

An important negative of apartment building complexes for investors is that they cost significantly more than other properties, like single-family homes. You can use creative financing strategies to finance apartment building complexes, but many new investors may be intimidated by such a large investment and the ongoing maintenance requirements.

Turnkey properties

A turnkey property is any rental property that has been recently remodeled and doesn’t need any additional updating or repairs. It could be single-family homes, apartments, or something else. These properties will also have existing tenants and may be managed by a property management company. As the name implies, the property is “turnkey” for an investor.

The primary advantage of investing in a turnkey property is that the rental income begins immediately after the closing. Although all rental properties will require ongoing maintenance, major issues will most likely have been identified and repaired. The property will also not need any immediate cosmetic improvements, which is an important consideration for long-term investors.

An important negative of turnkey properties is that they may sell for a premium over other properties. They are usually sold by investors who purchased them to fix and flip for a profit. However, turnkey properties may still be great options for those who work full-time jobs and want to break into real estate investing.

Duplexes, triplexes, and fourplexes

A duplex, triplex, or fourplex is a multifamily property with 2-4 units in a single building. Duplexes have two rental units, triplexes have three, and fourplexes have four.

Many people prefer these properties because it allows them to grow their investment portfolios one property at a time, which minimizes risk. They are also ideal for those who are new to real estate investing. Instead of purchasing a large multifamily property with dozens of units, a new investor could purchase a duplex and then consider buying another one after gaining experience and confidence.

An important disadvantage of this property type is that you may end up with multiple properties that are not close to each other. Driving from one property to another to address maintenance issues or show units to prospective tenants could be inconvenient.

Do Your Research: Learn About the Neighborhoods and Choose a Location

Where you purchase multifamily units is one of the most important decisions you will make. Before you choose a property, it’s important to ensure there is a high demand for rental housing in the area and that your investment will appreciate over time.

First, it’s important to consider local demographic data and the local economy. You can use online resources to find crime rates, school ratings, and the unemployment rate, which will help you determine whether the community you are considering is one you want to invest in. 

Next, visiting the community you are considering to see it in person is a good idea. Check out the local amenities to ensure they are close to the property you are considering. Also, don’t forget to explore the surrounding area to get a feel for it and to make sure it’s family-friendly.

When you visit a community, take the time to talk to some of the locals. Tell them you are considering buying property in the area and ask them if they like living there. They may give you important information you won’t get by researching online or from other sources.

Finally, you will also want to assess the local rental market by analyzing the rental demand, vacancy rates, and rent appreciation trends. It’s also important to find out if there are any planned infrastructure projects or new business developments. A new distribution warehouse or factory employing many people could dramatically increase the demand for local rentals, allowing you to increase your rates and maximize your cap rate.

How Do I Find a Good Multifamily Realtor?

Before buying a multifamily property, finding the right agent is important. The person you select will help you find the best investment property for your needs and ensure a smooth transaction. Multifamily agents are not difficult to find, and there are some simple strategies you can use to help you narrow your search.

The first thing you can do is to ask for referrals from other real estate agents. Be sure they know you are specifically looking for someone specializing in multifamily properties. After getting some recommendations, you can check out any reviews and ratings they may have received from others on online real estate platforms.

The next step is to talk to each of the agents you identified to make sure you are compatible and that they understand your investing goals. You could talk to them or arrange a short in-person meeting. Because you will be working closely with your agent, you want to make sure you are comfortable communicating with the person you select.

What Characteristics to Look for in a Multifamily Realtor?

Any real estate agent you consider should be a multifamily housing expert. Before selecting an agent, there are three important characteristics to ensure you get someone who knows the market and your investing needs.

They must be area hyper-local experts

When considering agents, ask them about their experience with multifamily investing, their track record of successful client transactions, and their knowledge of the local markets. A good agent can tell you which communities have the strongest rental demand, the best economies, and a positive long-term outlook.

They need to be qualified experts in multifamily properties

It’s also important to consider professional certifications before selecting an agent. Be sure to look for a multifamily investment property certification such as the Certified Commercial Investment Member (CCIM). This will help ensure that the agent you choose keeps up with industry changes and is committed to professional development.

They have to be trustworthy enough to care about your investment criteria

Some agents will have more experience than others. Reviewing their track records and experience will help you avoid agents who are new to multifamily property investing, work as part-time agents, or are generalists who deal with commercial real estate in addition to other property types.

FAQs

Before you select an agent, it’s important to ask the right questions to determine if an agent has the experience, connections, and expertise you need.

What questions should you ask your multifamily real estate agent?

Talking to several real estate agents specializing in the multifamily market is a great way to find someone easy to communicate with and knowledgeable about the local market. Here are some important questions to help you determine if you and an agent are a good fit.

• Do you personally invest in multifamily homes?
• How long have you lived and worked in the area?
• Can you provide references from previous clients?
• Can you recommend some good property managers?
• What strategies do you use in negotiations to get the best deals?
• Can you share information about some recent multifamily deals?
• How long have you been working as a multifamily real estate agent?
• How do you evaluate a property’s rental income, growth potential, and risks?

What is a normal commission for a multifamily real estate agent?

As a rule of thumb, commissions for multifamily real estate agents are typically 4-6% of the sale price and will vary depending on different factors. For a large real estate investment, the commission may be negotiable. It’s another important question to ask when you are considering agents. Factors that may contribute to an agent’s commission include the location of the property and its market value, the agent’s experience, and the level of service provided.

The Bottom Line

If you consider investing in multifamily properties, ensuring you work with the best agent isn’t optional. The person you choose will be a valued business partner who looks out for your interests. Your agent will work closely with you to find the right property, select the right loan type, negotiate the best deal, and do other things to ensure a smooth buying process.

Thankfully, finding your ideal multifamily real estate agent has never been easier when you use BiggerPockets’ Agent Finder. With the easy-to-use tool, you simply enter the city or zip code you are considering and your investment criteria. You will then be matched with a local agent who can help you find the best investment property for your needs.

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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.

Jade Rahmani, KBW Managing Director, joins ‘Closing Bell Overtime’ to discuss KB Home’s earnings, the U.S. housing market, and the home builders sector.

The events industry is recovering from the pandemic but for entrepreneurs working in the industry, there are challenges ahead.

For those with even a modicum of entrepreneurial spirit, the events industry has an undeniable appeal. For one thing, there’s a low bar to entry. If at the age of 18, you book some DJs and a venue to help your friends celebrate their final school exams – well, you’ve put a toe in the events industry waters. And who knows, one day you might be organizing festivals or a global business conference.

But the events industry suffered mightily during the pandemic. Here in the UK, around 126,000 jobs were lost in the sector in 2020. Unsurprisingly, events businesses watched their revenues plunge and according to figures from the Meetings Industry Association (MIA), a third of companies reported lost revenues of between £1,000.000 and £500.000.

If that was bad news for established businesses, it was potentially a disaster for startups working in the sector but if there were casualties, there were also survivors.

Togather is a case in point. Previously trading as Fest It, the company has just rebranded and secured a further $8.5 million in VC funding. When I spoke to founders Hugo Campbell and Digby Vollrath, I was keen to speak to them about the opportunities and challenges they see in a post-pandemic world.

Vollrath and Campbell have been friends since childhood. As Vollrath recalls. “My mother said she would give me a pound if I went around and introduced myself to the boy who had moved in next door.”

Vollrath went on to become a music blogger for the Guardian Newspaper, before edging into events. He worked in the U.S. organizing music programs Britweek in Los Angeles and then went on to work for Festicket as Business Development Manager.

Campbell meanwhile began his professional life as a reporter and ultimately an editor at the Independent online newspaper.

A Lack Of Innovation

The thinking behind Togather was a perceived lack of innovation in the events sector. “What I was seeing was a lot of innovation around selling tickets,” says Vollrath. “But very little innovation in the creation of events.”

In particular, Vollrath and Campbell saw that events organizers were struggling to find suppliers. “Organizers had the problem of bringing multiple businesses together to supply the events,” says Campbell.

As he explains, 99% of suppliers are independents – be they florists, photographers or caterers – and as such they are not necessarily on the radar screens of those who put events together. The obvious solution – and the one that Vollrath and Campbell ran with – was the creation of a market platform to provide the links. It began in a small way with Campbell approaching street traders in London directly and asking them to join the platform. Last year the platform facilitated 120,000 events large and small, with Nike and Amazon among the more notable customers. Growth was organic, with much of it driven by word of mouth.

Surviving the Pandemic

The impact of the pandemic was profound. “We had £1 million in orders. “That went to £1 million in cancellations,” says Vollrath.

So how did the company survive? Well, Vollrath puts it simply. “We had good investors and we remained bullish.”

It was a case of all those involved holding their collective nerve. The truth is that in 2020, no one knew when the vaccines would arrive or whether the first wave of the virus would be followed by a second, third, fourth and fifth. But Fest It/ToGather had completed its funding round. “So we began to develop our platform,” says Campbell.

Perhaps it wasn’t too difficult to remain optimistic. Even in the midst of the lockdowns, the expectation was that once life returned to something approaching normal, the human desire to gather would rapidly return. More than that. There would be a bounce caused by pent-up demand. We would all rush to festivals, sporting occasions and perhaps even to corporate events.

To some extent that has proved to be the case. “The events industry was growing 11% year on year before the pandemic. Now that figure is 14%,” says Vollrath.

Industry Challenges

But there are challenges. For one thing, the market is multi-speed. “The fastest growth was in consumer experiences and life events, such as weddings. Festivals also returned. The corporate side of things has been slower to return. Perhaps not surprising. Large companies were probably cautious when it came to risking the health of customers and clients.

But there has been another challenge. Here in the U.K., at least two factors have reduced the available workforce. These include the pandemic itself, but also Brexit, which has hit the wider hospitality industry hard in terms of available labor.

So isn’t there a danger of rising demand from organizers running aground on the reef of a below-capacity labor market? Vollrath and Campbell say they have had to be proactive. “There are definitely shortages,” says Campbell. “We have partnered with recruitment agencies to help our suppliers get the staff they need.”

Inflation is another factor affecting the market. Fewer workers mean higher wages, which in turn results in higher costs. “We have had to help suppliers set their prices as well as deal with staffing,” Campbell adds.

So where to next? The $8.3 will be used to scale up the operation with the aim of becoming a go-to-platform for corporate businesses. AI has now been deployed to match the right suppliers to the right events. Growth has resumed and this year the company expects to be involved with 200,000 events. They also intend to take the model outside the UK.

You could probably argue that Togather struck lucky, having secured funding ahead of all the lockdowns. Oher innovators were perhaps not quite so fortunate. Now growth has returned and Togather is among the companies enjoying an upturn. But challenges remain for an industry that nonetheless attracts a great many entrepreneurs. Dealing with the impact of inflation, rising wages and labor shortages remains a real and present problem for those in the sector.

Suppose you come across a house or land that interests you but don’t see a for sale sign. You might wonder how to find out who owns a property. Since property ownership records are public, you can access the property data quickly, especially if you have the property’s address. But not all cases are easy; sometimes, it takes some work.

Whether you’re considering the home for your primary residence or to purchase as a real estate investor, knowing how to do a property owner search can be useful.

Reasons To Find Out Who Owns a Property

There are several reasons to find owner information. For example, you walk through a neighborhood you’ve never seen and instantly fall in love with a piece of residential property. Its exterior speaks to you, and you know deep down it’s the perfect investment, but there isn’t a for sale sign in front of it. You have money ready to make an offer and want to know if the property owner would sell for the right price.

You may also want to locate the property owner if you find an abandoned property you know you could fix and flip for a profit. Maybe there is a plot of vacant land you would like to purchase to build a house. The property records could help you determine your next step.

Of course, there’s never a guarantee that when you find out who owns a property, they will want to sell it, but it may be worth the effort.

Ways To Find Out Who Owns a Property

If you find a property you want to purchase, you have multiple options, from having a simple conversation to looking up property details via the land registry.

Here is how to find who owns a property.

Check the local assessor’s office 

Most property owners pay property tax to the county. The county tax assessor determines the property’s assessed value and collects the property tax payments. The assessor keeps a record of the property owner of a home, property values, and property tax records, so starting with the assessor’s office at city hall may help you learn who owns a property and the amount of taxes paid.

You may access the property assessment online on the county tax assessor’s website or in person at city hall. You may find a property tax bill or other property data tools to help you search these property and land records. Many of the tax assessor’s office records are free, but if you go there in person, they may charge a small fee to access the documents.

Remember, when you find owner information, the contact details may not be available, so you still have some work ahead. However, having the name of the owner of a property offers more opportunities to find contact information on social media or even the Yellow Pages after using the county assessor.

Check with the county clerk or recorder 

The county clerk’s office may also have a record of the property owners. It is an excellent place to check if the local tax assessor doesn’t have a record of the property. This may happen if the property owners don’t pay property taxes or the land isn’t registered.

The county recorder’s office records property deeds when ownership data changes. Checking with the county clerk’s office or county recorder provides relevant information, such as property owners’ names, addresses, contact information, and a chain of property ownership, which may be necessary for you to find out who owns a property.

Use a title company

A title company can perform real estate title searches for a fee. A title search is another way to determine property ownership information, including the chain of ownership and any lien information. For example, when you purchase a previously owned property, the mortgage company hires a title company to perform title searches to ensure the home has no liens. Even if you aren’t buying the house, you can pay a title search company to find current or previous owners.

Title companies charge $75 to $200 for a title search, depending on the job’s complexity. You can contact a local title company or ask your most recent mortgage lender which title search company to use for your title search.

Search online

A simple online search may be all you need to determine who owns a property. White Pages.com is a free online service that provides property ownership information using a reverse address search. It’s best not to rely on sites like this for accuracy, but it can be a good start.

Ask a real estate agent

Real estate agents can access more information than the general public. First, they can access the Multiple Listing Service (MLS), which lists any active home listings. They may also have more access to title searches or other vital data that you can’t get in public records.

Many real estate agents will offer this service for free to develop relationships within the community.

Use mailing list brokers

Mailing list brokers are an online service that gathers public records in bulk for companies but may also serve individuals. The downside is the price is usually pretty steep for mailing list brokers because they work in bulk and put a lot of work into their research.

Check your local library

The local library is a logical place to check for property records since they are public information, and the library staff excels at research. In addition, you can ask the library staff for reference resources, as they may have many property data tools at their disposal. They may also be able to assist you in digging deeper than searching for a basic public record.

Knock on the door or leave a note

Your solution may be to talk to find a property owner. If you’re willing to start a conversation with property owners out of the blue, consider walking through the area and knocking on the door. If the property is vacant, consider talking to neighbors about the property’s owner. Neighbors may have more property information beyond the owner’s name, helping you determine if it’s worth considering.

After all, while the property may be just what you’re looking for, if traffic is bad or there are neighbor complaints about crime or unruly citizens, you may want to search in a different direction.

No one home? Leave a note with your name, phone number, email, and reason for contacting. Who knows, they may just contact you!

Contact a real estate attorney

If you know a real estate attorney or are okay with contacting one, they may provide direction. Attorneys may not have access to more in-depth information than you, but they often have the right contacts to get you the required information.

Tips for Approaching the Homeowner

After learning the best methods of finding out who owns a property, it’s essential to understand the best way to approach the legal owner of a property. It may not be the best strategy to approach the current owner and say, “Hey, I want to buy your house.” Instead, you should be as prepared as possible with the following:

• Earnest money deposit: Make sure to have earnest money saved to show the property owner you are serious about buying the property. The larger the deposit, the more serious you look. Remember, though, only put money down if you can follow through on the contract.
• Get pre-approved: An official pre-approval letter shows the property owner that you are a serious and capable buyer. Knowing you’ve already gone through underwriting, can afford the payments and interest rate, and are ready to purchase a house can help your case.
• Work with a real estate attorney: It’s best to have a real estate attorney available to help you with the contract details and to ensure the purchase is legal.

Final Thoughts: How To Find Out Who Owns a Property

When looking for property information, you have many options. Exhaust your free options first, as you may find the property record you need online or through a professional, such as a real estate agent offering a free property search. Paid options exist, too, but only use those options if you’ve exhausted all others.

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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.

By Nathan Beckord

Raj Nathan wants you to have a voice. In fact, he wants everyone to have a voice. And he helps startups use their voices to tell their stories—and to pitch investors.

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Based in Chicago, Raj is a pitch and presentation coach, helping startups stand up and stand out in a crowded field. His small team at Startup Hypeman works with five to 10 organizations per week to hone their elevator pitches and pitch decks. “Startup Hypeman is intently focused on being a hype man for startups, by helping them not suck at how they pitch themselves,” he says. “And most often, that is for the purpose of fundraising.”

The problem with most pitch decks, according to Raj, is that they either don’t tell a compelling story or they fail to tell a story at all. That’s true even when a company has an incredible product.

In this article, Raj walks us through the steps he uses with entrepreneurs to turn run-of-the-mill pitch decks into ones that do the heavy lifting for you.

A winning pitch in five steps

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Step #1: Make your elevator pitch the foundation

The first thing Startup Hypeman works on with any client is the elevator pitch. Raj says many entrepreneurs fall into the trap of trying to cram too much information—or not enough—into their elevator pitches. “By the end, you’re just incredibly confused as to what they do. There’s this push from a lot of founders to be like, I gotta use all the jargon words possible to make this sound interesting,” he explains.

Instead, he has what he calls a “Que PASA” framework: Problem, Approach, Solution, Action. We’ve all seen (or perhaps made) the pitch deck that starts with “X is a $50 billion industry.” While numbers can be helpful elsewhere, Raj wants founders to think about deeply defining the problem, because as his dad used to tell him growing up, “A well-defined problem is already half solved.”

Step #2: Set up the emotion

Raj talks about the difference between what he calls “Cinderella storytelling” and “advanced storytelling.” An example of Cinderella storytelling might be, “Jimmy has a problem. Jimmy is frustrated. Jimmy finds a solution and lives happily ever after.” More complex storytelling leads from emotion rather than problem/solution. Here’s how he approaches a problem from emotion rather than mechanics: “We build up this story across a few slides about how the world is becoming more authentic,” Raj says.

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He gives the example of celebrities who make authentic connections with their fans on social media. The hashtag “#nofilter” is more popular than using filters on Instagram. Then he ties that back to the (hypothetical) product: Despite authenticity being on the rise, dating still remains inauthentic. Here’s an app to increase authenticity in dating.

Step #3: Detail the go-to-market strategy

This is the place to be explicit. You can have a great product, but if you don’t show how it will make money, it’s worth nothing to investors.

“I will ask entrepreneurs a question about their traction strategy. And they’ll just be like, ‘ Oh, social media. Okay, what about social media?’ And then it’s a deer-in-the-headlights look in response,” Raj says.

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Whether it’s ads, social media, or partnerships, be sure to think through how you’ll make money and make that the focus of your go-to-market strategy. And with ads, consider how quickly you can attract advertising dollars. He says, “You’re standing here and you’re telling me that on day five, when you’ve got nine users, you’re going to attract advertisers? Why would they buy from you? What value could you possibly bring them? I get animated about that.”

Step #4: Specify what success looks like

Metrics can be tricky. While some industries have standard metrics, they aren’t always the best for showing how your startup works. So, show investors how to measure your success from the beginning by telling them which metrics mean the most.

Along with that, don’t use neutral headers in your slides. Instead of labeling a slide “Customer acquisition,” start with “We are excellent at acquiring customers—here’s how.”

Step #5: Rethink the competition

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Rather than using the classic four-quadrant competition grid that’s been seen time and again, Raj likes to create exclusivity. He explains that by carving out a category all your own, you get to set the pace and create more hype around what you’re doing. It’s not always possible, but with some creative thinking, you can set yourself apart from the pack.

More articles from AllBusiness.com:

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Raj’s do’s and don’ts for pitching investors

Here are some final tips of the trade for a pitch that investors won’t forget:

Zoom in

For many investors, watching pitches on Zoom is here to stay. Raj recommends investing in a few pieces of equipment to make sure your picture is professional. That means spending a few hundred bucks on a good lighting setup and an external camera with higher resolution than whatever your computer’s built-in webcam offers.

Don’t forget that your background helps tell your story, too. Let it reflect your personality and your brand. Finally, take a tip from newscasters the world over: Stand up! Reconfigure your desk if you have to. The energy boost from standing while talking will pay off.

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Start early

Don’t craft your pitch the night before you need to give it. Ideally, Raj recommends starting your deck at least a month before you plan to start pitching investors. That leaves plenty of time for practice and revisions.

Get over the hump

When it comes to actually putting the slides together for a deck, Raj starts in Word rather than PowerPoint.

“We start in a Word document,” he says. “If you outline it first … it’s a way easier exercise. It makes then putting it on to slides a lot easier because you’re thinking about not just the raw information, but also [asking yourself], What is my belief? Or — What do I want to say about this thing?”

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Sometimes the hardest part of making a pitch deck is getting over yourself and getting started.

Article is based on an interview between Nathan Beckord and Raj Nathan on an episode of Foundersuite’s How I Raised It podcast.

About the Author

Nathan Beckord is the CEO of Foundersuite.com, which makes software for startups raising capital. Nathan is also the CEO of Fundingstack.com, which is a new platform for VCs and investment bankers to both raise capital and assist clients and portfolio companies. Users of these platforms have raised over $9.7 billion since 2016.

RELATED: Top VC Fundraising Advice from a Co-Founder Who Raised $260 Million

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