You Need to Network with Everyone to Find Self-Storage Properties!

Another way to find self-storage properties is through networking. You have a Realtor out there looking for properties that are listed. Now you need to look for properties that aren’t on the market. You want to find them before they come on the market because there is less competition. This will make it easier for you to get a great deal on the property. So how do you network? You talk to everyone!!! You need to discuss self-storage with your friends, your family, your co-workers and that nice person at the grocery story. The reason you need to do that is because they might know someone who has self-storage that is ready to sell.

When all you do is talk about self-storage eventually friends and family will get tired of listening to you. However, there are ways to sneak it into the conversation to remind them that you are investing in self-storage so that if they hear about someone who is selling, they can notify you. For example, when you are asking someone what they have been doing, listen to what they say. Usually, they will ask you what you have been doing. Tell them a quick thing about self-storage and then move on to something else.

When you are first venturing into self-storage you must tell everyone what you are looking for, why you are investing in self-storage, and you have to ask them who they know in the self-storage industry. If they say that they know someone, but they don’t think they are in the market, make sure that you write that down. This is a relationship that you are eventually going to want to start. They may even know someone that they could introduce you to today. Don’t limit yourself. Ask them who they know in the industry. They may know a great commercial lender who might know someone who just found out that they can’t refinance their self-storage facility. They might know a great escrow officer who just saw a buyer walk away from the closing table. You will never know who your friends know unless you ask.

Your sphere of influence aren’t the only people that you should be talking to. You should also be networking with people in the industry. There are going to be sellers who have considered selling but aren’t quite there yet. Build that relationship. There are going to be self-storage owners who have been in the community a long time. They know everyone else, but they are getting ready to settle down and retire. However, they know who is struggling, who is ready to sell, and who is never going to take less than $100,000 over appraised value. This is a great resource for you. You will never be able to access this resource if you don’t talk to current owners of self-storage properties.

There are a lot of self-storage discussion groups out there. There are people who are venting because they can’t make their self-storage facility work the way that they imagined. Find out why it isn’t working. Make suggestions on what they might be able to do to fix their problems or even offer to buy the property. Your first self-storage property may not be in your own backyard. There are a lot of opportunities throughout the country. Don’t limit yourself.

Talk to everyone. You never know who is going to lead you to your next self-storage property. The important thing is to make sure that you aren’t hiding what you are doing. If everyone knows that you are investing in self-storage, then they can help you find your next opportunity. As always, happy investing.