Do You Have a Daily Action Plan? Self Storage Investing

Daily Action Plan

Are you ready to get started with self-storage real estate but don’t know where to begin? You have amassed a wealth of information. Now you need to take that information and organize it and get started. How do you get organized? Sometimes this can be overwhelming and sometimes this can seem impossible. However, setting up a daily action plan can help you take all that great information and organize it into something easily manageable. Keep reading to see how this can be done.

First off, start by organizing your schedule. What can you do consistently each day of the week to build your self-storage business? If you set up a plan that you can consistently follow, you will start consistently growing your business over time. Below are a few key things that you can do each week.

If you are brand new to the self-storage business, you need to build your self-storage power team. You may spend your entire first 2 weeks, just building your power team. After that, you will want to break your week into daily activities that will help you actively find new opportunities to invest in self-storage.

Make a list of 5-6 items that you can do to build your self-storage business and then assign each task to a particular day of the week.

Mondays:

Look for people who are already advertising that they want to sell their self-storage facility. They may be asking top dollar today, but time and circumstances can change even the most stubborn of sellers. Actively look on self-storage discussion boards, look on LoopNet – you may need a subscription to find the good deals. Check out links such as: Forsale.com, selfstorage.com, crexi.com, MJPartners.com, listselfstorage.com, Marcusandmillichap.com, selfstorages.com and Self-storage Brokers of America for self-storage properties. These websites offer self-storage properties that are currently for sale.

It is recommended that you also start networking with your realtor to make sure that they are sending you self-storage properties as soon as they come on the market. Some of these sellers will be asking top dollar, but you will want to keep an eye out for the people who are distressed in some way.

Tuesdays:

Look in your own area at self-storage properties. Some of them may be distressed. They may not be on the market, but that doesn’t mean that the seller doesn’t need to sell the property. Reach out to these sellers to let them know that you are interested in the property that you saw.

Wednesdays:

Network with people who know people in the self-storage industry. Talk to lenders, talk to brokers, talk to title companies, talk to other people who own self-storage facilities. Talk to property managers and find out who might be thinking of selling? Who might be distressed? Talk to people who are “in the know.” What have they heard? Is anyone considering selling? You want to find out about potential sellers before other buyers do. You want people to think of you before they call anyone else.

Thursday:

Not everyone is motivated the day you talk to them. Not everyone can talk to you when you call. Is a good day to complete your follow ups from earlier calls from the week. As you start getting transactions going, you will need to follow up with everyone on your power team to make sure that the transaction is moving forward smoothly. As a self-storage facility owner, you will need a day to make sure that you are following up with your employees to verify that everything is running smoothly. Set aside a day to talk to people and find out how things are going.

Friday and Saturday:

Are for marketing. You should be sending out mailers to current self-storage property owners. Property owners need to know that you are in the market to buy their facility when they are ready to sell. If they don’t know that you want to buy their facility, when the time comes, they will hire an agent, and you will have to compete against every other buyer. However, if they know that you want to buy, they are more likely to call you first.

As these are just some ideas of some of the many things that you can be doing to build your self-storage business. Take what you have learned and start with the things that excite you. Assign those items to a day of the week and then start implementing. The most important thing is to stay consistent. You may only be able to devote half an hour each day the first week. Then the following week, dedicate to investing an hour each day. Every week, find a way to put in more and more time until you are able to find the balance that works for you. Stay focused on things that will help you find motivated sellers. It’s nice to have the perfect business, however, that can be put into place once you find a property. This is all about building your self-storage empire. Focus on finding your next deal.

As always,

Happy Investing!