3 Networking Tips to Find Self-Storage Facilities

Networking with other people in the self-storage industry is one of the best ways to find sellers who are considering selling. For example, property managers often know when a seller is frustrated and might be in the market to sell their investment property. Lenders know who can’t refinance and are often willing to talk to you about opportunities. Networking with Real Estate Agents is another great way to find people who are considering selling. For advice on networking in the industry keep continue reading.

Property managers are the individuals that take care of self-storage units for most owners. They know when a seller is doing well, and they know when a seller is struggling. While a lot of that information is confidential, they can still provide the owner your contact information if you stopped by and were asking questions. As you start networking with property managers in your area or in your areas of interests, you will develop relationships that will help you get leads before properties are put on the market. If a seller thinks of selling, your networking will bring your name to the top of the property managers mind if the seller decides they want to sell.

Lenders cannot give out client’s information, as it is confidential. However, if they have a client that cannot refinance their property because of new lending laws for example, they can give them your information. Reach out to commercial lenders in your area and let them know that you are in the market to buy a self-storage property. Plan on using them to finance the property if they give you the referral. They will want to qualify you, before they send you leads. Let them know that you have a group of investors that you work with and each property is unique. Once they have a property for you, they can then be the one to provide you financial advice and other financial needs for that investment.

Let’s not forget about Realtors. Realtors can be a good source for discovering distressed properties. Realtors do their own networking and marketing to property owners. When those owners reach out to them, they put together an offering package to sell the property. Those packages can take hours to prepare. When a property is a real dump, those agents don’t want to spend the time putting together a package for a property that they don’t think anyone is going to want. However, if you reach out to the commercial realtors and let them know that you are interested in the “fixer uppers”, then they are likely to let you know about them prior to spending the time creating the package. When you talk to realtors, they are going to want to make sure that you are a serious buyer, as they don’t want to waste their time looking for properties for someone who is unable to purchase. Make sure that you are prepared to let them know that you are a ready, willing and able buyer by doing the preliminary work.

When networking with anyone, let them know that you are interested in distressed properties or properties with upside potential. A conversation and word of mouth is still the best way to spread information and have your name brought to attention in rooms you may not even be in. Ask everyone in the business if they know of anyone who might be distressed? 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. Networking is critical to your success. Start talking to other people in the business today.

As Always,

Happy Investing