Struggling to Find New Properties? Get a Bigger Hammer!

Sometimes you will find that you are working at your max capacity. You are managing your managers, or you are building a new project, or you are renovating a current project, or you are trying to fill a new project. There are so many things that can eat up your time. Because of that, you might find that you no longer have time to devote to looking for new properties. When that happens, you have two choices. You can stop growing or you can get a bigger hammer.

You are trying to build a self-storage empire. You don’t want to stop now. You want to get as many properties as possible. This is a great asset to own. So how do you make time to find more properties? You may not be able to. This might be something that you have to delegate. However, there are a few people that you can delegate to who will bring you amazing opportunities.

First of all, if you already have a great marketing program in place, hire a marketing manager to keep your marketing going. You already manage a bunch of managers of your self-storage businesses, this is just one more manager. Except instead of focusing on a property, they focus on finding more properties. Their job is to continue to network with current property owners. They are going to keep finding new properties to look at and find out who is interested in selling. This is a way to get a different hammer.

Another way to keep finding properties is to reach out to bird dogs and wholesalers and tell them what you are looking for. Tell them how much you are willing to spend and where you are looking. Let them know that you are serious and that you are a ready willing and able buyer. Then they can spend their time looking for opportunities for you. You will end up paying them a finder’s fee. However, if they are able to obtain the property at the right price with the finder’s fee, you save a lot of time. This is a bigger hammer.

Finally, you need to let your real estate agent know what you are looking for. Your commercial agent is constantly marketing for new listings. When they know what you are looking for, they can go out and pursue that kind of seller. If you hire them to be your buyer’s agent, their job is to get you the best deal possible. You can incorporate their commission into the offer. This saves you time and gives you a great opportunity. This is a way to get a bigger hammer to get the job done.

Don’t let your business become stagnant. Find ways to continue to grow. When you run out of time, pivot. Find a bigger hammer so you are able to grow. As always, happy investing.