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Tag: sell

  • Obelix New To-Go Pastries Quickly Sell Out

    Obelix New To-Go Pastries Quickly Sell Out

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    At a time when some restaurants are downsizing their pastry departments or eliminating them and outsourcing their desserts, the folks at Obelix are leaning into their sweet side more than ever, creating opportunities for their pastry chefs in the process.

    For Courtney Kenyon, executive pastry chef at Obelix and Le Bouchon, and Louise “Lou” Turner, Obélix head baker, along with Obélix pastry sous chef Ashleigh Lyons, the opportunity comes in the form of a new weekly to-go croissant program at the River North French restaurant.

    Turner, who worked at Oriole and owned a bakery in Cincinnati’s Findlay Market, mentioned to Kenyon, a vet of numerous Michelin-starred restaurants (Oriole, North Pond, Miami’s Le Bouchon) that she wanted to offer croissants to-go as a way for her industry friends to be able to try her brunch-only pastries. A few weeks later, Oliver and Nicolas Poilevey, the brothers behind Obelix, Le Bouchon, and Taqueria Chingón, had the same idea.

    “We’re just trying to get more of our pastries in more people’s hands,” says Oliver Poilevey. “I love pastries, and I love getting dessert. It’s important as it’s the last impression you get in a restaurant and shows you are really trying to make the experience special.”

    The selections rotate as a new menu appears on Tock every Monday for weekend pickup. Pastries are available in three packs. A $25 traditional croissant three-pack features butter, pain au chocolat, and pistachio. A $36 specialty box consists of a rotating trio of sweet, savory, and filled croissants. This week’s specialty selection contains a black raspberry milkshake croissant, a peach cream cheese danish, and a potato gratin danish. Online ordering closes on Thursday morning with pick-up at Obelix on Saturday and Sunday.

    Obelix has a new to-go pastry program.
    Obelix

    The pastries come in three packs, but there will also be a few surprises.
    Obelix

    For Turner, who Oliver Poilevey calls “a lamination wizard,” the to-go program has other benefits, especially for her specialty croissants. “I want to highlight seasonality, the farms we source from, and cross-utilize things that might go to waste,” she says. “The specialty box is also inspired by my childhood, various experiences in my life, and my own culture.”

    To-go pastries are a way Kenyon has quickly made her mark as earlier in June she took over the pastry reins from Antonio Incadella, Obelix’s opening pastry chef. Incadella has moved over to Pilsen, where he’s head of pastry at Mariscos San Pedros — a partner in the restaurant alongside Oliver Poilevey and Taqueria Chingon’s Marcos Ascencio.

    Turner arrives at Obelix at 3:30 a.m. on Thursdays to prep the croissants. Friday is dedicated to lamination, the time-consuming process of folding and rolling the butter into the dough, which gives the croissants their desired uber-thin layers. Baking takes place on Saturdays and Sundays. “It will just be increasing the numbers we are already doing,” says Turner of the restaurant’s signature brunch croissants.

    “My job as a pastry chef is to provide tools and assist the people on my team so they can best drive, learn, and develop,” adds Kenyon.

    Plans are already in the works to grow the to-go pastry program. “Once we feel comfortable, we will offer specialty croissants that highlight ingredients like truffles or do a pastry special like canelés,” says Kenyon, adding that holiday baked goods are an option too.

    “I’m most excited about expanding more into the community of Chicago and have different parts of the city see what we are doing here,” Turner says. “Brunch is very busy, and our dinner service is wonderful but allowing people to take a little piece of us home with them is special.”

    Obelix, 700 N. Sedgwick Street, weekend to-go pastries start Mondays via Tock.

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    Lisa Shames

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  • When Selling, How Do You Place A Property In Its Best Light?

    When Selling, How Do You Place A Property In Its Best Light?

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    Whether you’re selling a residential home or a commercial property, showcasing the place in the right way can help you attract not only multiple offers, but also the best ones to maximize pricing. While this may include pictures, the concept also covers getting the property ready for physical inspections and tours. It’s important to think through how it should look and what (if anything) needs to be done to it to attract buyers.

    Follow these guidelines to place a property in its best light when selling.

    Know Where to Start When Selling

    For residential places, placing a property in its best light could include decluttering, adding light fixtures to brighten up areas, making repairs or renovations, and then staging as first steps. Commercial properties tend to be much different when it comes to preparations. While you don’t want the place to look dark or cluttered, it may not be necessary to make repairs. Investors might see areas that need improvement as opportunities to reposition a property and add value. You might not need to replace fixtures or put in new countertops in a commercial space, for instance.

    Be Transparent

    The property’s location, dimensions, and floorplan are key information for buyers. When creating a brochure or sharing details, include a map of the area which shows surrounding streets or buildings. If there are issues related to the property or its condition, investors may want to know so they can properly build a business plan. A disclaimer that provides the seller a level of protection can be added too, and an attorney can help you draft this.

    Have the Right Brochure Design

    If you’re creating documents to share like a brochure, ask a reputable graphic designer to help you select the right colors and tone, especially if they specialize in residential or commercial property marketing. You’ll want the brochure to be eye-appealing and highlight aspects of the place that will be of interest to buyers. Include details that are relevant to the city or town and portray market trends. Be careful to avoid small print or so much information that investors find it overwhelming to read through.

    Use Professional Photos

    Poor angles or low lighting can hide the qualities of a great property. The right pictures make a significant difference in both residential and commercial buildings. A potential buyer might breeze over low-quality photos. However, those same investors could be ready to tour a place that features professional snapshots.

    Offer Digital Displays

    Besides the right pictures, creating a virtual showing of the property should be done professionally too. This way, you can be sure to get the right staging and light. Drone videos help interested parties get an overview of the property from above and see the surroundings too.

    I’ve found that I often get a higher response from the videos of properties that I post on LinkedIn or Instagram compared to times when I show pictures of the places. If you’re looking for some examples, check out the ones that real estate entrepreneur Ryan Serhant, founder of SERHANT, a multidimensional real estate brokerage, posts. They’re well produced and include attention-grabbing features.

    Include Attractive Amenities

    Is the place located close to public transportation routes? Is it near highly rated schools or medical facilities? The neighborhood’s features should be communicated to buyers. These might include parks, nearby businesses, or a growing population. For multifamily properties, information on the amenities of the units could be listed as well. Overall, you’ll want potential buyers to know what benefits they can expect to find in the new location.

    Taking the time to put a property in its best light when selling can help it get attention in the market. As buyers look for opportunities, they may be drawn to a place that is visually appealing. By including the highlights of the property, investors will be able to better know if it fits into their goals and portfolio. In the next article, we’ll discuss the following step of the selling process, which involves building a great marketing plan and then carrying it out.

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    James Nelson, Contributor

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  • 4 Tips To Get A Great Broker’s Opinion Of Value

    4 Tips To Get A Great Broker’s Opinion Of Value

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    If you’re selling a residential or commercial property, getting a top-notch broker’s opinion of value can work in your favor. You’ll want to work with someone who is aware of what has sold in the past in the market, along with the current environment. It will be helpful if the broker has access to additional insight and data, which will make them stand out from others in the region, and ultimately increase your chances of a successful transaction.

    Use these guidelines to get a great broker’s opinion of value.

    1. Find Someone Who Uses the Right Sales Comps

    A broker who is aware of comparable properties in the area will be able to add a layer of context for an opinion of value. It’s important that your broker focus on the right sales comps and data. They should be calculating the price per square foot of similar assets, which will make it easier to see how a property might perform in the market. For multifamily properties, the price per unit typically provides further insight. Your broker should be checking the cap rate and type of tenancy, along with a review of the conditions of the property. They might even speak with the broker involved in past comparable transactions to learn why a property sold for a certain price.

    2. Look for a Broker Who Knows Current Sales

    While sales comps provide insight that can be applied toward an opinion of value, they also tend to serve as a rearview mirror. They reflect what happened in the market several months or more in the past. The data they provide could be a year old and might not accurately portray recent trends.

    For this reason, it’s essential for both residential and commercial brokers to have a grasp of current sales. In fluctuating markets with rising interest rates, the more recent the data, the better. If your broker knows what was signed in the past week, they’ll be able to apply those details to the property you’re currently preparing to sell.

    3. Get a Broker Who Understands the Marketplace

    In addition to macro trends, a great broker will be aware of the pulse of the submarket. This could include looking at job data to see if employment rates are increasing, how population demographics are changing, and what amenities residents are interested in.

    Knowledge of the potential of a place can help to add depth to an opinion of value. For commercial properties, details on an income approach could be added to the estimate. The information might list what you, as an investor, could look for in a property that is delivered vacant. For instance, is there a premium? Would someone pay to use it? If there are opportunities for development, this could be outlined as well. Taxes will need to be addressed too.

    4. Work with a Broker Who Has a Solid Track Record

    After breaking into a market, each sale can help to establish a broker’s credibility. A long list of successful transactions and referrals will add relevance to an opinion of value. As I mentioned in an earlier article, I offer to show others my entire sales list and let them contact any owner from it.

    Getting an in-depth and accurate broker’s value of opinion can help you differentiate yourself from other sellers in the space. It gives you the chance to leverage data about current market conditions, along with additional insight that can be used later in the deal. Of course, there’s more to the equation when selling than a broker’s opinion of value, and we’ll cover these additional topics in future articles. The best brokers will have a tangible marketing plan for the property, be able to show the place in the best light and be ready to be involved in the negotiation process.

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    James Nelson, Contributor

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  • How To Find A Highly Ethical And Professional Broker

    How To Find A Highly Ethical And Professional Broker

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    It might seem obvious that you’d want to work with a broker who has high standards when you’re selling your home or commercial property. Certainly, there are various requirements that salespeople must have to operate in the market. However, it can be important to check for signs that the broker will act ethically throughout the sales process.

    Keep in mind that it’s essential to find someone who will take a long-term view of the relationship. A credible broker will act with your best interests over their own. They’ll be a fiduciary and make sure to do right by you, even if it’s to their detriment. As I mentioned in my previous article, it’s really important to have a professional put themselves in your shoes and be client centric.

    Follow these guidelines to learn more about a broker’s standards and evaluate if they align with yours.

    Check for Real Estate Credentials

    It’s common for brokers to have state licenses, and many also obtain higher levels of certification. In commercial real estate, this could include distinctions such as CCIM, which stands for Certified Commercial Investment Member and indicates they are a recognized expert in the real estate industry. They might also have obtained additional coursework from their local real estate board. They may have higher learning, such as continuing education, professional studies, or a master’s degree.

    Review the Commissions Landscape

    If a broker is representing your property for sale, they’ll be receiving offers which could come directly to them or be from another broker. If the bid comes straight to the broker, they could make a full commission on the deal; however, if the offer is from another broker, they might have to split the fee. This means that a direct offer could yield double the commission for a broker compared to a split commission with a co-broker involved.

    You’ll want to watch and listen to make sure your broker handles these situations wisely. If they are pushing to work with a direct buyer, it could potentially be a sign that they are hoping to get a full commission and avoid splitting a fee 50/50 with another broker. Observe conversations to see what statements they are making and which questions they are asking. You’ll want to be working with someone who is looking to get the best offer for your property, regardless of how the commission will be impacted in the end.

    Check the Broker’s Interest in Purchasing

    Some brokers sell properties, and also invest in real estate. I do this myself; however, it’s essential to follow certain guidelines to avoid a conflict of interest. If you’re working with a sales professional who offers to represent you to sell your home or building, and then shares that they would prefer to buy your property themselves, it could be a red flag. That’s because there is a possibility that they are not looking to get the highest price for your asset. In fact, they could be aiming to swoop in and buy the property for a lower amount.

    When I act as an investor, I always buy properties represented by another broker. That way, I know the owner is working with an advisory team to get the best price. The broker has the chance to run a professional marketing campaign and look at offers from various buyers interested in the property.

    As you carry out initial conversations with brokers, pay attention to their educational background and how they respond to your questions. During the sales process, be aware of the commissions landscape and look at the potential buyers that are approaching the property. If the broker asks to purchase your home or commercial space, it may be a sign to consider working with another sales professional. In the end, you’ll want to partner with a broker who has high standards and ethics, and who will act in a professional manner throughout the sales process.

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    James Nelson, Contributor

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  • Reaping The Rewards In Real Estate Investments

    Reaping The Rewards In Real Estate Investments

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    When it comes to real estate investing, taking a long-term approach has key benefits. The most successful investors I’ve dealt with in my career have built their portfolios over time. While there could be challenges to acquiring and refinancing assets in today’s market, there are still opportunities to be had. If you’re an investor who has already closed on transactions, you could leverage your existing portfolio. If you’re new to the game, you might opt to focus on the first deal, after which you’ll gain some credibility and can begin to build your track record.

    Once you’ve held a piece of property for some time, there could be several options to pursue, depending on your business model and pool of investors. You might decide to hold the place, refinance it, or sell. As you make transactions, you’ll want to let others know. Spreading the word about your real estate investment activity can lead to more connections.

    Building a Portfolio

    Most likely when you acquire a property, you’ll have a plan in place which will dictate the long-term objectives. Your partner and other investors may be interested in holding the property, or they might be looking to move on after several years. If others take their return and shift funds elsewhere, you’ll have to decide whether you can maintain the place on your own and still get the return you want.

    Refinancing could be brought into the discussion, although in today’s market, this step may not enable investors to get the same return on equity that they could take out in the past. In the past, refinancing could have brought a lower interest rate and enabled investors to take cash out from the equity. However, as debt service coverage ratios have become more conservative, along with the proceeds, in some cases a refinance to take out cash may not be possible. It could be a time to think about selling to get a return on equity.

    If holding the property or refinancing won’t provide your desired return, you might consider selling the place. If you do, you’ll want to work with a knowledgeable investment sales broker. Look for someone with a laid-out marketing strategy who will share your opportunity with a broad audience. Check that the broker has a strong track record and a reasonable timeline in place based on the market conditions.

    As you think about selling, you’ll want to talk to your accountant about the tax implications. They can help you understand what your potential capital gains could be. They’ll also look at taxes from a federal and local level. Knowing what your after-tax scenario will be may make it easier to determine what you want to do with the asset.

    Section 1031 of the IRS tax code allows you to exchange one property for another of like-kind without having to pay capital gains tax. Often called a 1031 exchange, there are rules you’ll have to follow for this process, including acquiring another property (or properties) as an investment and using a qualified intermediary to hold your funds in escrow. You’ll typically have 45 days after closing on the first property to identify the next acquisition (or acquisitions), and you’ll need to close on them within 180 days of closing on the first place.

    Spread the Word

    As you acquire real estate assets, you’ll want to let others know of your activity. Some real estate professionals who have been guests on my podcast “The Insider’s Edge to Real Estate Investing” do an incredible job of promoting the properties they are closing. These include Steve Kachanian from Klosed, and Jeffrey Znaty and George Giannopoulos from Kings Capital.

    Spreading the word about your track record brings several benefits. Primarily, this strategy can help you stay top of mind for investment sales brokers. These professionals are often very busy with listings that they’re trying to sell. If you’re demonstrating that you’re active, brokers will be more in tune with what type of asset you’re interested in. The adage that “deals lead to more deals” is certainly true.

    Certainly, acquiring an initial property takes time and effort. After crossing that hurdle, you can think about building your real estate portfolio. As you move forward, you’ll want to develop a strategy around cultivating your brand and reaching your target audience. Let others know what you’re doing and what you’re interested in, and you’ll likely find an increasing number of opportunities for your next investments.

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    James Nelson, Contributor

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  • Is April now the time to activate your sell-in-May-and-go-away stock-market strategy?

    Is April now the time to activate your sell-in-May-and-go-away stock-market strategy?

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    Followers of the “Sell In May and Go Away” market-timing strategy may want to consider selling stocks before the end of April.

    The “Sell in May and Go Away” strategy, which also goes by the “Halloween Indicator,” calls for being in the stock market for the six months between Oct. 31 and May 1, and out of the market the other half of the year. Investors who mechanically follow this seasonal strategy therefore wait until the close of the last trading day of April to sell and to the close of the last trading day of October to…

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  • Iowa State Fair cuts vendors over fraud concerns

    Iowa State Fair cuts vendors over fraud concerns

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    Dad’s Old Fashioned Lemonade lost the spot at the Iowa State Fair it has called home for 73 years.The Iowa State Fair sent Dad’s Old Fashioned Lemonade and three other vendors a letter informing them they would not be offered a future contract to do business. The Iowa State Fair sent the following statement to KCCI:”The Iowa Department of Revenue made the Fair aware of fraud taking place during the 2022 Iowa State fair by concessions operators.”Dad’s Old Fashioned Lemonade is one of the four accused.”We were audited last year. They tried saying we were not claiming all of our funds. But we were. And we proved that we were,” said Diane Perry, Owner Dad’s Old Fashioned Lemonade.Perry thought everything had been worked out.She suspects there are other reasons the fair is waving goodbye to her lemonade stand.”And I could be totally wrong. But we just didn’t make enough money for the fair board,” Perry said.She knows her days selling lemonade at the fair are over; something her family has done for five generations since 1948.”It means everything. It’s a family tradition. We love doing it because it’s what we’ve done for so many years,” Perry said.Fair officials have not released the names of the other three vendors.

    DES MOINES, Iowa —

    Dad’s Old Fashioned Lemonade lost the spot at the Iowa State Fair it has called home for 73 years.

    The Iowa State Fair sent Dad’s Old Fashioned Lemonade and three other vendors a letter informing them they would not be offered a future contract to do business.

    The Iowa State Fair sent the following statement to KCCI:

    “The Iowa Department of Revenue made the Fair aware of fraud taking place during the 2022 Iowa State fair by concessions operators.”

    Dad’s Old Fashioned Lemonade is one of the four accused.

    “We were audited last year. They tried saying we were not claiming all of our funds. But we were. And we proved that we were,” said Diane Perry, Owner Dad’s Old Fashioned Lemonade.

    Perry thought everything had been worked out.

    She suspects there are other reasons the fair is waving goodbye to her lemonade stand.

    “And I could be totally wrong. But we just didn’t make enough money for the fair board,” Perry said.

    She knows her days selling lemonade at the fair are over; something her family has done for five generations since 1948.

    “It means everything. It’s a family tradition. We love doing it because it’s what we’ve done for so many years,” Perry said.

    Fair officials have not released the names of the other three vendors.

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