In our previous articled we discussed 2 great sources for finding an ideal self storage property. Let’s move on to 3 more approaches that you can add to your arsenal.
This is by far my most successful form of lead generation. Approximately 75% of my apartment and self-storage facilities have been purchased using this strategy. I send out hand stamped, hand addressed envelopes with a mailer that I have honed over the years. I receive a 6-8% response rate from that.
You can get a list of owners of self-storage facilities from local or national list brokers. These lists can be purchased for a nominal fee. You are going to start sending them mailers on a regular basis because you don’t know when they are going to be in the market to sell. You just want to make sure that when they are in the market, they remember your name.
Don’t be afraid to pick up the phone, turn to the yellow pages and calling other facilities. The trick is to determine if you are talking to the owner or the manager of the facility. Managers have been instructed not to give out the owner’s information. However, over time, you will become adept at striking up the conversation with the person on the other end of the phone and will be able to extract the information you need so that you can create your own database of owners.
When you are talking to owner, don’t forget to ask if they know of anyone who is interested in selling their facility. Most owners have an intimate knowledge of their market and the status of their competition.
When I am traveling, I am always on the lookout for potential opportunities. If I happen to pass a facility that looks attractive, I’ll stop in and introduce myself as a fellow self-storage owner. I will ask the person behind the desk if they are the owner. Then I will politely ask if they have thought about selling. If there is any interest, I’ll ask when a good time to talk would be and then request a specific time to meet with my list of questions and due diligence questionnaire.
As previously mentioned, don’t hesitate to ask if they know of any other owners that may be interested in selling their facility. ALWAYS leave a business card.