The First Rule of Finding a Self-Storage Property includes Realtors!

Commercial real estate agents are one of your greatest assets in finding properties. They are also one of your biggest competitors when it comes to marketing. They are going to be reaching out to sellers to try to get them to list with them while you are reaching out trying to get them to sell to you. By working with agents, you can get access to more self-storage owners who want to sell their property.

When you start sending out your direct mail, you will find that many of your self-storage owners also receive mail from Realtors who want to list their property if they are in the market to sell. As a result, many owners list with an agent instead of selling the property to you. This is why it is important to have good Realtors on your team. You want them to be out there looking for great opportunities for you and letting you know when great opportunities come on the market. Commercial agents work together to get properties sold. Make sure that you network with agents to get them looking for properties that will work for you.

When you talk to an agent, you are going to interview them to make sure that you are the right fit for each other. However, you need to be aware that they are going to be interviewing you too. Your first goal needs to be convincing them that you are ready, willing, and most importantly, an able buyer. If they don’t think that you can actually close on a transaction, they won’t waste their time on you. You need to impress them, or they will not take you seriously.

When you tell the agent what you are looking for let them know that you are looking for their junk. Let them know that you are always interested in a good deal, but you are also willing to take the properties that are under occupied or have maintenance issues. Tell them what areas you are interested in purchasing self-storage facilities. Let them know what your minimum sizes are in square footage and lot size.

Remember that they are going to interview you too. They are going to ask you about your experience level. You want to make sure that you convince them that you are serious and that you have experience. If you don’t have self-storage experience, then tell them about the real estate experience that you do have. Everyone has to buy their first self-storage property at some point. However, if this is your first property, you will absolutely have to show them the money. They will want to make sure that you can finance the property on your own or with your group of investors.

You want to find an agent that specializes in self-storage. There are a lot of nuances that they need to know, and a residential agent just doesn’t know what they are. If you are in a small enough community that agents don’t just specialize in self-storage, then make sure that you work with an experienced commercial Realtor.

Don’t be afraid to start calling and talking to commercial real estate agents today. They can help you get a good feel for your market and what you need to know and do to find a good opportunity. As always, happy investing.