David Perlleshi | Self Storage Owner & Advisor @DavidPerlleshi
Tampa-based storage advisor and owner. Former collegiate athlete. Talking everything self storage and commercial real estate. Tampa, FL Joined March 2024-
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We’ve been grinding hard to get these deals done. We just closed this brand-new portfolio just outside of Mobile, AL. Over 66k total NRSF and 500+ units.
Junior brokers: Find a team with REAL opportunities to elevate. It’s easier said than done. Every company in the industry talks about growth. A high-profile group with 30-40 brokers doesn’t always represent the best opportunity for newer agents!
Best career advice to harness from day one as a sale agent: Be prepared to ACTUALLY work hard. The average week: → Working 7 AM to 7 PM → Making 500 calls a week → Facing rejection most of the time
Did this 60-unit deal years ago. Had a seller that was skeptical of working with us, but finally agreed to. Pricing expectations were also too high, so we did seller financing to get the number he wanted. Wasn’t easy, but deals like this get done with creativity.
We went from selling 75% of our inventory in 2021 & 2022…. To selling about 25% in 2023. Similar story for all sell-side brokers. Regardless of stature in the industry. It won’t be that way this year. Already looking much better! PERSISTENCE IS KEY!
SOLD: 270 total units in Huntersville, North Carolina. This one was 99 percent physically occupied with 2.0 square feet per capita within a 3-mile radius. Huntersville is in the Greater Charlotte MSA.📍
A shock to many young CRE agents: → The wave of automatic sales in 2021-2022. → To only closing a fraction of inventory in 2023. Those that stayed persistent during the peak of high interest rates will end up as the biggest accelerators in a few years.
Advice to Self-Storage Developers from a Broker: Return to the basics: the historically proven, simple, drive-up, non-climate structure. Today, the market is crowded with fancy new CC facilities that don’t align with the current demand for basics: a simple structure for storage
Who doesn’t love a client that knows exactly what they want in a deal? These sellers did a short-term hold, knowing they would cash out in less than 2 years. → Raised occupancy to 95% → Improved operations dramatically We got it under LOI within 72 hours.
Batting at the collegiate level and playing both 2nd & 3rd base helped me understand how critical mentorship is. In CRE, mentorship is a big buzz word. Easy to market a great mentorship program, but it doesn’t hold any value if senior producers aren’t 100 percent committed.
Closing number 6 on the year. Deals are getting done as the market slowly starts to trickle back in the right direction.
I’ve been building my LI presence for a long time. Very cool to rank #33 out of 150 on the 2024 CREi list. I’m in year one on Twitter and committed to growing here. It’s about time!
Mistake: Passing on smaller deals because of the misconception that there “isn’t enough value.” Below was the smallest deal I’ve ever closed. Because we took the time to advise on this 60 unit deal, when most other brokers would pass, the seller came back to us later on…
Two types of CRE Brokers: 1) Survival Driven, Agenda-Based Brokers 2) Service Driven, Commitment-Based Trusted Advisors Choose wisely..
Do you have a process when returning from a week-long conference? Hustling hard today and catching up on all our deals after a great Inside Self Storage Show in Vegas last week.
I find that conversions are often preferred over ground-up development due to efficiency. Less time. More cost effective. Especially when the process involves adding minimal interior materials, such as metal wall dividers and storage doors to the existing structure.
I find that conversions are often preferred over ground-up development due to efficiency. Less time. More cost effective. Especially when the process involves adding minimal interior materials, such as metal wall dividers and storage doors to the existing structure.
If I was forced out of storage and had to choose another asset class, I would do shopping centers. I love that many strip centers are mom-and-pop owned and operated. Finding the right tenants and leasing-up retail centers has always been an interesting challenge to me.
Storage investors need to be cognizant of REIT influence. REITs are able to drop rental rates to attract customers with minimal impact to the bottom line. Smaller operators are forced to follow suit or risk dramatic occupancy drops. It’s a tough race to the bottom.
I’ve got a raffle going at our booth (1224) at the Inside Self Storage World Expo! All are welcome AND no cost to enter, but you have to come by or reach out to me for the details! 🔥
Any market with high barriers to entry tends to be underserved. Barriers include cities with storage adverse planning and zoning commissions, or mountain and coastal cities facing topography or soil issues. Developers who address these challenges head-on are capitalizing.
VirginiaDavid @4A2i61i1Xee7n
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@DavidPerlleshi Great advice ! Hard work always pays off, but in this era of technology, a great load of tasks can be automated. My team created a turn key software for off market deals, allowing investors to focus on closing deals , and we do the rest
Ready for ReTwit Prom Did I make it to the right building? I got booted when they saw the fake Rolex
I hope people has not forgot we are in the middle of an election year.
Working on re-launching my podcast, The Storage Investor Show. Trying to make it not crappy.
Don’t hire these kind of brokers: - those who won’t do a site visit of your property pre-marketing. - those who don’t invest in high quality ground and drone photographs for your listing - those who market your NNN asset unpriced. - those who market your NNN asset with a…
I stumbled into residential real estate in 2007. Hated it. I stumbled into commercial real estate in 2014. Loved it. I can't stand conversations around countertops and carpets. No thanks.
Me watching another storage bro get into industrial
Growth is painful. Change is painful. But nothing is as painful as staying stuck somewhere you don’t belong.
Had a conversation with a client yesterday about a an off market grocery deal where they would be an ideal buyer. This particular deal was a top 2 grocery brand on solid real estate in a top 5 market within the southeast. As one of the historically more aggressive buyers of…
Occupancy vs Revenue over time at our 4 storage facilities. 2 facilities purchased at ~95% occupancy, have managed revenue up from ~$10k to $15-18k. 2 purchased at ~50% occupancy, have gotten revenue from $18-30k/mo and $7->14k, respectively. Occupancies have fallen…
Here's my exact offer in an email I wrote to a seller of storage facility today. And funny enough, he seemed most excited about the MLO option - that's 2 in a week! [After talking about it with him on the phone, this summarized our conversation] Hi Jimmy, Pleasure chatting…
Two volcanoes are dating. What did one say to the other? I lava you!
Are people going back to the office? Just look at commute traffic in your city Tue/Wed/Thursday. My town of Atlanta is absolutely slammed.
If you have a website, don't forget to include TONS of Calls to Action (CTAs). If a visitor is ready to take the next step in the buying journey, there must be a button on the screen for them to press. "Book Now" is what I use on my website. LITTER your website with CTAs.
Dream school syllabus: -Sales -Narrative mastery -Making connections -Public speaking finesse -Money management -Critical thinking -Wealth creation understanding -Embracing diverse paths to success What's on your academic wish list?
@kenashley Yuck. I could not function that way. I need a balance of privacy, open space & airy feel with the music turned up.
We are back to cubicles. Talked to a senior guy in the furniture business this morning. He said “benching” is done and companies are putting people back into cubes again. Hello Dilbert.