The First Rule of Thumb – Finding Properties – Working with Realtors

Commercial Realtors are going to be one of your best assets for finding self-storage properties, but your first impression is going to be critical to whether or not they will take you seriously.

Once you find a commercial Realtor you want to make sure that you impress them enough that they want to work with you. You want them to know that you are a ready, willing, and able buyer. After you say hello, you want to let them know that you know that they are getting a ton of calls from investors who want to find a great self-storage property at a great price. However, you are also interested in their junk. You are willing to buy properties with terrible occupancy rates or properties that haven’t been maintained.

As you talk to an agent to see if they are the right fit for you, they are going to be vetting you to see if you are a qualified, experienced buyer. Make sure that you let them know that you are an investor and that you are serious. Tell them how many facilities you already own. If you don’t own any self-storage facilities yet, then tell them what commercial experience you do have. If you don’t have commercial experience yet, then tell them what experience you do have. The key is to let them know that you are serious, and you are qualified. They want you to show them the money.

Finding an agent that specializes in Self-storage can be difficult when you live in a small town. You may have to work with a commercial agent who also happens to sell self-storage. However, if you are in larger markets, you may be able to find brokerages that specialize in self-storage.

If you don’t already have a lender in place before you start talking to Realtors, ask them who they like to work with. Unlike residential real estate, you don’t have to have a pre-qualification letter to buy the property because the property is going to be a major factor in the lending process. You also may have partners who will be working with you, and they may make it so that you don’t have a cap on what price range you can purchase. You just need to have an understanding of how commercial lending works and what you think you can afford before you start talking to agents. A lot of this will have to do with the down payment.

Make sure that you are professional with your agent and that you let them know that they want to work with you. Make them excited to create a relationship with you. Don’t be afraid to talk to them. Talking to a Commercial Realtor is a great way to start into the self-storage world. As always, happy investing.