By Marc Goodin, CEO of Storage Authority, the only self storage franchise in the US.
It takes 40 weeks to research 100 properties - Make 3 offers - Buy one property.
On average it takes 4 hours to find and research a single property.
100 properties x 4 hours = 400 Hours. If you constantly research properties 10 hours a week it will take 40 weeks to find land. (400hrs/10hrs/week = 40 weeks). A go-getter can put in 20 hours a week and find land in 20 weeks.
This assumes that you are following a proven system to find and research self-storage. And that you are looking for land locally where you live. Time frames will increase significantly if you are looking for land out of town.
The key is knowing how to reject the majority of properties swiftly, often within 15 to 30 minutes so you have the time to find more parcels that warrant more detailed research.
Storage Authority has the systems and guidance to make it happen. With weekly or biweekly meetings to help you learn the basics, guide you on the tough things, and keep you on track. The number one reason people choose Storage Authority Franchise is for peace of mind. Self Storage is a big investment.
Don't forget to celebrate when you research 3 parcels in a week. Don't forget to celebrate every time you make an offer, accepted or not. GP & I set weekly goals and do whatever it takes to make them happen each week. Without weekly, even daily goals it will be hard to make it close to 100 properties researched.
Many people will never find land because they don't have the time, knowledge, or experience it takes to find land. Or more likely they give up before they have researched 100 properties.
How do you know if you are on track to finding land? The math is simple. Determine how many weeks you want to find land and divide by 100 parcels. To find land in 40 weeks you be researching 2.5 properties a week. If not it is time to update your search methods and review your search parameters search with your team. A little reminder that checking a property out and rejecting it in 5 minutes does not count as a property researched. It is a property that should not be on your plate to even consider.
Assuming that you are not paying cash, asking for over a 5% discount from the offer price, and need a long option time so you can get a bank loan to close, you will need to make twice the offers. Or about one every month and a half. Why not set a goal to make an offer every month?
If you want to learn about how we help you during the Self Storage finding land and development process send me an email: marc@storageauthority.com
Marc Goodin is the President of Storage Authority Franchising.
www.StorageAuthorityFranchise.com The only self-storage franchise. He owns 3 self-storages he designed, built, and manages. He has been helping others in the self-storage industry for over 30 years. He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answer your franchising, development, marketing, sales, and operations questions. His best-selling self-storage books are available on Amazon.
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