How Do You Build a Relationship with a Real Estate Agent?

When you are working in any industry you need to have good contacts. This is especially true in the self-storage industry. These contacts are going to be a great source of leads. You can work on your own and find all the self-storage owners on your own, but that is going to take so much more of your time. You need to have people out there looking for self-storage properties for you so that you can focus your time on the things that matter most.

Your real estate agent needs to specialize in self-storage. If you are in a small enough area that you don’t have an agent that specializes just in self-storage, then find someone who specializes in commercial real estate and has done self-storage transactions. You need someone who is going to have your back during the transaction. You want someone who knows what pitfalls to look out for and avoid. You want someone who can write a strong contract to protect you. If you are working with someone who has never done a commercial deal before, they are not going to be able to do that.

When you are starting your networking process, make sure that you are ready to answer a lot of questions. These are good agents who don’t want to waste their time. They are looking for someone who is well qualified and is going to perform when they find them a property. If they don’t think that you fit that mold, they are not going to spend any time trying to help you.

So how do you convince them that you are a ready, willing, and able buyer. You need to be ready to tell them about your past experience. If you don’t have any experience in commercial, then tell them what you have done in residential. Let them know that you are ready to expand. Be prepared to talk about the financing. They want to know that you have spoken with a lender or have partners in place ready to move forward on the financing. You need to have a really good idea of what you want to purchase so that they feel like you have thought about what you want.

Unless you don’t think you can get a loan, don’t be afraid to talk to their recommended lender. That lender may have some ideas that your lender doesn’t. They don’t need to pull your credit report, it is just an opportunity to brainstorm with them and come up with ideas that might work for your situation. You don’t have to do this, but it can be another source of financing.

Finding a great real estate agent can be difficult. You may not find the right one the first time. You want someone who returns your calls quickly and is proactive about finding your properties. Don’t settle for someone who doesn’t have your best interests in mind. Take the time to nurture the relationship until you know that they want you to find a property as much as you do. As always, happy investing.