Relationships Matter in Self-Storage

When you are getting ready to develop a self-storage facility make sure that you have the right people on your team. You do not want to train someone on how to develop a self-storage facility. The process will take longer, be more expensive and possibly not even be approved. Work with people who have experience in self-storage.

There are all types of Realtors. There are residential Realtors and even then, they may specialize in townhomes or first time homebuyers or luxury homes etc. Then there are commercial Real Estate Agents. They often focus on land or leasing or retail building sales. These agents are all good within their field. However, if you have a friend that is a residential Realtor and you want to build self-storage, they may not be the best person for the job. You need someone who specializes in self-storage. That doesn’t mean that you can’t bring your friend along for the ride.

When you have someone who is experienced, they know the right lenders to talk to, the right builders to work with and the right architects to hire. They in turn have a relationship with people at the city so that they know exactly what has to be done in order to get your project approved the first time, not the 10th.

You want to have a good relationship with the people in the planning and zoning department. Ultimately, they help decide whether or not your new self-storage facility is going to be built or not. If you go in making demands with an adversarial attitude, they may make you fight for everything. On the other hand, if you go in keeping in mind that they are people too and build a relationship with them, it will go much more smoothly. Ask them about their families, hobbies, favorite sports teams etc. Ask them if they think the city needs storage and where they would like it to go. They may already have land in mind. If they like you, they will want to help you succeed.

Remember that this business is about relationships. You need to know the right people. You need to build relationships with people who can help you grow your business. Especially find people with experience who can help you gain more knowledge. As always, happy investing.