How Do I Grow My Self-Storage Empire Through Marketing? DRIVING FOR $

When you are in the self-storage business, you have to be proactive about finding people who are selling their properties themselves. In this series, we have discussed several ways to do this. One of the best ways to find self-storage properties is to drive around your local area. This way you know where the property is located, what it looks like, what condition it is in, and what kind of improvements it might need.

The easiest way to find properties in your area is Google. Google maps will allow you to choose an area and then pull up all of the self-storage properties within that radius. Simply type in “Self-storage within 20 miles of your area.” Be specific when you put in your area. The results will start with the closest properties and then gradually work their way to the farthest properties. Print out this list of properties or put it into a spreadsheet.

Next, its time to hit the county records. How many units does each facility have? How much land is the self-storage facility on? View the plat map, is there room to add on or create RV parking? When was the facility built? Who owns it? What is their current mailing address? Are there any liens against the property and if so for how much? Are the liens current? Are the taxes current? Once you have this information, then you are ready to visit the properties website.

When you go to their website, look at it. What do you like about it? Is there anything that they are doing that you should be doing with your own website? What is the managers contact information? How much does the self-storage facility rent each type of unit for? This will give you an idea of what their gross operating income is. You can calculate how many units they have and what they are renting each type of unit for and then determine about how much the property is grossing. This will also tell you if your rents are competitive.

Now its time to hit the road. Go drive to the self-storage property, preferably more than one at a time. You are already in the car, hit several at a time that are close together. How is their signage? How is their location? What is their overall appearance? Do they have long term deferred maintenance issues? Are they easy to access? How is their security? Does it appear that it is easy to maneuver a moving van through the self-storage facility itself? What does their office look like? Is it inviting and welcoming? Do they offer moving supplies as an additional service? Take a picture of the property so that you can remember it when the seller calls you back. You will have seen a lot of properties; this is a good way to keep them fresh in your mind.

If you choose to go into the managers office, be professional. Be prepared to ask if the owner is available? Let them know that you are an investor in the area, and you are interested in purchasing a self-storage facility. You want to know if they have thought about selling this one. Have a nice quality business card ready to give to them. More than likely, you are going to be dealing with the manager, not the owner. Be sure to let the manager know that you typically keep the staff when you purchase a property. If they think they are going to be replaced, you are never going to get them to give the seller your information. Be personable. See what they will tell you about the property without being invasive.

Now that you have seen the self-storage properties and gathered up all of your information, it is time to reach out to the sellers. You can send them a letter, or you can call them. The county records should have given you their mailing address and name, you should be able to get their contact information.

Let the sellers know that you are interested in purchasing a self-storage facility in your area and you wondered if they had thought about selling. They may have no interest in selling today, but you have planted a seed. Put them on a mailing list so that when the time comes that they are ready to sell their self-storage facility, they will think of you first. As always, happy investing.