How to Get LLC Information
As a commercial real estate professional, finding new and motivated leads is at the center of what you do. Connecting with owners and decision-makers allows you to build your network and find opportunities for CRE investments. What happens, however, when properties are owned by an LLC? In many cases, this method of ownership not only protects the owner and his or her personal assets, but it keeps their ownership anonymous. Getting past LLC anonymity is key to closing more CRE deals. And it’s possible. With the right tools in hand, here’s how to get LLC information you need to generate quality commercial real estate leads.
What is an LLC?
An LLC, or Limited Liability Company, combines the elements of partnerships and corporations. It affords business owners similar tax benefits and exemptions as a partnership, while also providing a way to keep assets and business accounts separate from personal assets.
In other words, under the LLC structure, an owner is not held liable for business debts or liabilities. If a business fails or falls into legal issues, the owner’s personal property is protected.
An LLC is also one of the simpler methods to establish a business. It is easy to start an LLC and structure, taxes, and management are much less complicated than that of a corporation.
LLC’s and Real Estate
Many small business owners or independent contractors will opt to use an LLC to benefit from tax exemptions they wouldn’t otherwise receive. When it comes to real estate, LLCs are a popular choice in order to hold an asset (commercial property) separate from both the owner’s personal assets and the business as a whole.
These shell companies are a popular choice for purchasing commercial properties. The first LLC laws were established in Wyoming in 1977, but it wasn’t until the 1990s that businesses started to note the benefit as it relates to real estate.
In New York City alone, 65% of all real estate sales are connected to an LLC. This is up from 30% in 2003. What is causing this increase? Owners investing in high-scale properties are using LLCs to stay anonymous.
While anonymity isn’t always the goal of using an LLC to purchase real estate, it certainly is the byproduct. The public ownership details are recorded using the LLC data, not a personal name, and so finding direct decision-makers from public records can be challenging.
In order to create off-market opportunities and connect with motivated leads, finding LLC information is key.
How to Obtain Public LLC information
Obtaining public LLC information is not at all difficult. Business records are maintained through the Secretary of State’s office for each individual state. Searching for an LLC requires knowing at least a portion of the business name. Depending on what state you are in, results could reveal some helpful data:
- When the LLC was established
- Registered Agent
- Contact information (in some states)
Where finding LLC information gets challenging, is when LLCs choose to have commercial registered agents. In these cases, the agent name and contact information (if provided) will not help guide you to an owner or decision-maker who can discuss the LLC’s commercial real estate.
Discover LLC Owner Details with ProspectNow
Finding exciting off-market leads and networking directly with CRE owners is possible through ProspectNow’s suite of real estate tools.
Instead of chasing individual leads through hours of public searches, you can easily locate even hidden LLC data for over 15 million LLCs. Our database allows you to find the real data you need to pursue new leads:
- Property portfolio information
- Contact details
- Owner names
Combine that information with the ability to search over 40 million commercial properties, and you can prospect for leads within a single database and without digging through the frustratingly limited public information.
Our predictive analytics help you identify properties that are likely to sell, or you can search for pre-foreclosures, newly purchased properties, or longstanding business properties to establish a list of potential opportunities. Most properties will include LLC ownership information that you can then put through our LLC database.
Discover when properties were purchased, how much an owner has invested, and whether or not they might be in the market for a new opportunity. You can also easily identify decision-makers to make direct contact for roofing projects, insurance, and investment proposals.
When it comes to finding the LLC information you need to grow your CRE business, ProspectNow provides the most thorough database of key owner information.
Contact our team today to learn more or start your free trial and start discovering new CRE opportunities.