Where Do I Find Self-Storage Properties? Start with the Internet!

When you are interested in purchasing self-storage properties, you always want to start by looking on the internet to see what is available. The first thing that this will do is help you get familiar with the market. It will help you get familiar with the agents who sell self-storage in your target market, and it will help you see what is available today. You should also look at properties that are not on the market. People who are not interested in selling today may be in the future. The key is for you to be in the front of their minds when they are ready to sell. The next thing that you need to be aware of is that this is not a simple process. You are going to have to go through the properties with a fine tooth comb and you are going to have to be willing to make offers. Some of those offers are going to be insulting and embarrassing.

Start with a simple internet search that says self-storage and (your target market area). This will bring up all of the properties. The first thing that you are going to do is start a database. Even if the properties are not on the market today, you need to know who your competition is, and you need to know what they are doing in order to understand what the possibilities are for any property that you find. In addition, some of these sellers may want to retire at some point. You are going to build a relationship with them so that when they do retire, they approach you about buying the property first.

Now it is time to do a search that says self-storage properties for sale (your target area). This will pull up a variety of things. Your job is to narrow it down to properties that are actually for sale. Sort it out. Which ones are listed with agents and which ones are for sale by owner? Now that you have a list of Realtors, you might want to start calling them. Or you might want to wait until we talk about how to talk to realtors.

Now it is time to go to some of the websites that pulled up when you did your search. Check out Loopnet.com. However, if you really want to see the good properties, you are going to need a subscription. There are several brokerage websites that will show you commercial properties as well as retail sites. Look at all of them to make sure that you don’t miss anything.

Now, you need to go back and look for vacant commercial land that is a minimum of 3 to 5 acres. This is a separate tab on your spreadsheet. These properties are potential build sites if you can’t find a property to buy. However, before you do this, make sure that your market isn’t oversaturated. You don’t want to build in an oversaturated market.

Now you are going to go back through and look for large commercial properties that are a minimum of 50,000 square feet that you could convert into self-storage. Again, this is an option if you can’t find the perfect self-storage opportunity. Look at properties from bowling alleys to supermarkets to warehouses. You just want to make sure that they are zoned correctly.

Finding properties isn’t the hard part. Take the time to build your list correctly. Make sure that you look for the right software to build your list in. You are only as good as your database and your database is only as good as the program you built it in. You are going to be reaching out to these people over many years. You want to know what you have said in the past. Use a system that will help you track your conversations so that you don’t ruin a relationship by forgetting or mixing up conversations. Use pictures in your database so that you can keep your properties straight.

The more information that you can put in your database, the better your follow up will be. You are only as good as your follow up and you can’t follow up very well with a half finished database. This is a very important step. Take the time to do it right. As always, happy investing.