The First Rule of Thumb: Finding Properties Searching the Internet

Whether you want to do a conversion, a fix and flip or build a self-storage facility, you are going to start in the same place. You want to begin with a simple internet search for self-storage. All kinds of self-storage properties will pull up. You want to begin by building a database of properties. These properties may not be for sale today, but time and circumstances change, and you want to be at the front of their minds when they do decide to sell.

There are several places that you want to look on the internet to start building your database of properties. The first is just a Google search. This will bring up all the current self-storage facilities in your area. You can also talk to a title company to ask them to give you a list of all the self-storage facilities in the area. The second search you should do is for properties that might be for sale. Look on forsale.com or loopnet.com, or large commercial or self-storage brokerage websites. You can also try ask.com for a list of self-storage facilities. The point is that you want to build a database of what is available.

If you are interested in vacant land or doing a conversion, then you want to search for those types of properties as well. Keep your databases separate so you know who you are talking to when you reach out to these sellers. As you look at these properties make sure that they are zoned for self-storage.

As you find properties, create a database that works for you. You can use customer relationship management software, or you can use an excel spreadsheet. You just have to find a system that will allow you to reach out to the sellers consistently. As you are searching for these self-storage properties, cut and paste pictures of each facility into your spreadsheet so you know what it looks like when sellers call you.

You are going to be reaching out to these sellers to see if they want to sell. Write down the property address but also try to get the owner’s address. This is often available on the county records website. These properties are not for sale today, but that doesn’t mean that these owners won’t want to sell someday. Eventually they may want to retire or have health issues or face a divorce. They may have to refinance the property or pay for capital expenditures, and they may not be able to afford that. This is where you come in. You want to make sure that when they are ready to sell their self-storage facility, they know that you want to buy it.

Not every seller is going to be willing to work with you. Many of them are going to try to sell at market value and some will even try to sell for more than market value. In those cases, you can refer them to your Realtor and ask for a marketing fee from the agent. However, there will be fixer uppers out there or self-storage properties that are only 50% occupied. These are the properties that you want because you can buy them for a discount.

Once you have created your self-storage property database, make sure that you follow up. You are only as good as your follow up. Send out mailers, then follow up with phone calls. Reach out on a regular basis so that they know your name and that you want to buy their self-storage facility when they are finally in the market.

Creating your database will take time but it is a critical step to starting your marketing campaign for self-storage properties. Take the time to do it right. Find a system that will work for you. As always, happy investing.