Tips and Tricks for Talking with Realtors and Brokers

When you are talking to a real estate agent about their self-storage real estate listing, you need to remember that there were several reasons they were hired. Obviously, they are hired to sell the property. They are also hired to help make sure that only qualified buyers put in offers and to act as a sort of gatekeeper. They are also hired to help sell the property and part of that may mean having the property vetted by several lenders so that when they find a buyer for the property, they know where to send them for their financing.

When you are talking to a listing agent about a property, there are several things that you can find out about a property. If the property has been on the market for a while, make sure that you ask them why the property hasn’t sold. It may be because the property can only sell for cash and so that has prevented a lot of potential buyers or it could be that the seller is asking too much.

Ask the agent if they have vetted the property with any lenders and who they would recommend you talk to about financing for the property. Always ask the agent how they got the listing. They may have gotten the listing because they are friends with the seller. However, they may have a great marketing technique that you could utilize. You always ask this because you are competing against agents for listings. If they are doing something that is working, you want to know what it is so that you can do it better. Our goal is to get sellers to call us before they call an agent.

Remember that when you are talking to the agent, they need to believe that you are serious and that you have the ability to purchase the property. As soon as they don’t think that you can actually purchase the property, they will not take you seriously. They are going to ask you about your experience with self-storage. You don’t want, “none,” to be the first thing to come out of your mouth. If you don’t have experience with self-storage, be prepared to say, “I am new to self-storage, but I have a lot of experience in … “and then give them your resume.

When they ask how you are going to be financing the property, let them know that you never know how you will be purchasing a property until you see the deal. If it cannot be financed traditionally then you have several equity partners that you will bring in to help you with the project. If you haven’t already asked the agent about their lenders, this is a perfect time to do so. If you have already built a relationship with a lender, this is a good time to tell them who your relationship is with.

Make sure that when you talk to an agent, you control the conversation and that you are always confident about your answers. You want them to feel like you can purchase the property so that they will allow you to get the information you need. As always, happy investing.