The Best Ever Conference returned for its ninth installment in March 2025, with BEC IX featuring an impressive cast of commercial real estate experts and nearly 1,000 active and passive investors.
BEC co-founder Joe Fairless delivered a timely keynote focused on thriving during challenging market conditions. Rather than dwelling on current difficulties in the multifamily space, Fairless emphasized that difficult periods create unique opportunities, noting that half of Fortune 500 companies started during recessions.
His presentation offered tactical, battle-tested strategies that investors can immediately implement to strengthen relationships, find off-market deals, raise more capital, and accomplish goals despite market headwinds.
Here are a few of the highlights:
Attracting Foreclosed Deals from Banks
Banks are foreclosing on properties, Fairless said. When they do that, it creates a problem for them, because now they own an asset they didn’t plan on owning. And before they foreclose, they must have management in place. If they don’t, their asset is going to keep tanking.
The solution, Fairless says, is you, the investor — if you get creative.
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What Joe Did: “We reached out to our lenders and we said, ‘Hey, we know that you might be taking over some deals from operators. We have a property management company and we'd like to manage those deals for you — and, oh, by the way, if you can show us the numbers, we'd take a look at buying them too.’”
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The Result: “They sent us six deals,” he said. “All six deals were an opportunity to buy the deal at the debt amount. Five out of six still didn't make sense, even at the debt amount. But one did, and we got [what amounted to] a 4.5% fixed interest rate for five years.”
If you’re not vertically integrated, Fairless said, you can still steal this strategy by partnering with a property management company and approaching the bank as a united front. You pitch the property management firm as a solution for the bank, and — like Fairless did — position yourself as a motivated buyer for the banks’ off-market deals. They’re much more likely to share their deals with you — someone they now know and possibly even trust because you’ve helped them solve their management issue — than an otherwise cold buyer.
“The opportunity to make deals happen in this environment is there,” Fairless said. “It's just a matter of being creative enough and leveraging the relationships that you have and being a solution to the challenges that, in this case, lenders might have. So that is a proven way to get an off-market deal.”
Targeting Investors Through Alumni Groups
Fairless says, "No one can beat you at being you," even when it comes to raising capital. He shared his strategy, which leverages personal connections and shared experiences to build rapport with potential investors:
- Identify groups you naturally belong to (alumni associations, military service, professional organizations, or even shared hobbies like skiing).
- Create targeted LinkedIn ads specifically addressing members of these groups (e.g., "Learn how Texas Tech alumni invest passively in real estate").
- Develop customized five-email sequences that reference shared experiences, using terminology and cultural touchpoints specific to that group.
- Have team members with similar affiliations connect with these prospects (e.g., Fairless's head of investor relations, a former D1 volleyball player, connects with other former college athletes).
This approach works because people naturally trust those with shared backgrounds, making the initial rapport-building phase much faster and more effective.
Using AI to Optimize Investor Communications
Fairless shared how his team leverages AI tools to anticipate investor needs and improve conversion rates:
- Recording and analyzing investor calls: His team uses AirCall to record prospective investor conversations (with proper notification), then uploads batches of these recordings to ChatGPT
- Extracting patterns from successful conversions: Through prompt engineering, they identify terminology and phrases used by investors who ultimately invested versus those who didn't
- Refining marketing messages: They incorporate the exact language patterns of successful investors into future marketing materials
- Optimizing team performance: They use Voxjar to create scorecards for investor relations team members, teaching the system what constitutes a successful investor conversation and then using the scores to improve conversion rates
Additionally, Fairless mentioned using ChatGPT's deep research function before investor calls to quickly gather personalized information about prospects, allowing for faster and deeper connection during initial conversations.
Conclusion
These strategies highlight a crucial mindset shift for multifamily investors navigating today's challenging environment. Rather than retreating during difficult times, successful operators are leveraging technology, relationships, and creative problem-solving to uncover opportunities that others miss.
By positioning yourself as a solution provider to distressed lenders, connecting authentically with potential investors through shared experiences, and utilizing AI to optimize your communication and marketing efforts, you can continue to grow even in challenging markets.
As Fairless emphasized throughout his presentation, the investors who maintain their focus and adapt their strategies during strained markets are precisely those who will be best positioned to capitalize when tailwinds eventually return.
Further insights from BEC IX:
Day One Recap
Day Two Recap
John Chang's 5 Bold Predictions for 2025
Listen to more of Joe Fairless on the Best Ever CRE Show.