This is the third episode in a series entitled Practices For Self Storage Entrepreneurs To Develop Series.
The older I get, the more I realize how life can occur like a contradiction.
Like the last practice we discussed, “analyze … but don’t over analyze.”
Let’s discuss what on the surface may sound like another contradiction, but really isn’t. Another practice I think is critical for the self storage entrepreneur in today’s world is as follows.
Develop Patience … But Move Quick.
This practice combines the first two of “specializing” and conquering “FOBO.”
Business Strategy Combined With These Practices
The four-phase method we teach in the QuickStart Bootcamp starts with your business strategy.
Your strategy will inform you what your “niche “ is in the self storage industry (the riches are in the niches).
You will end up with a list of priorities that are the benchmarks by which you judge a particular self storage opportunity.
As we discussed last week, there will rarely, if ever, be one deal that hits all the items on your checklist. Your job is to know which on the list are the most important to you.
This requires what, for many, maybe a new skill set—the ability to analyze many opportunities without getting frustrated or anxious.
In other words … patience.
My goal is to turn Bootcamp participants into analyzing machines. I suggest they analyze every opportunity listed for sale in their market area. Get to (1) know the area and (2) develop your skills at analysis.
This requires time and practice.
It also requires patience.
I probably analyze 20 to 30 deals today before finding one that could even possibly work for me.
But …
When that one shows up, move fast.
Which is often harder to do than it sounds.
If finding a deal is a slow and methodical process, it becomes harder to move fast when we see it. At least it can be for me.
It almost seems unreal that a real deal showed up. I can hesitate, wondering what I did wrong because the past 20 or so haven’t made financial sense, so why does this one?
Develop The Muscle Of Being Able To Move Fast
It takes practice, but in my opinion, it is a critical skill to have today
There are a lot of ways one can move fast. Write an LOI (letter of intent). Write a contract.
I will tell you what to try to do.
When I find a deal that could work, I immediately call whoever owns or controls it now, most often the listing agent.
I immediately drop everything and rearrange my schedule so I can see the deal.
Not everyone can or will do this, but I have learned by seeing it before I write an offer, my offers are usually closer to what I will pay as well as putting me in a better negotiating position with the seller because they know I have already seen the project, the market, and its location in the market.
Then if the visit didn’t rule it out for some reason (usually it doesn’t because we do our preliminary analyzes of the market, trade area, and opportunity), I immediately write an LOI to try to control the deal.
The point here is to patiently and methodologically find opportunities and then analyze them patiently and methodologically.
But when something shows up, I quickly go into action.
Patience and courage are the mindsets needed here.
For me, these didn’t come overnight. It takes practice, but less than you may think.
Special ops soldiers never say “good luck” when going on a mission; they say “good hunting.”
So good hunting for your first or next self storage opportunity. And remember, be patient … but move fast.
