Philosophy 1: Specialization
The first principle, specialization, is truly the cornerstone of the Karr-Cunningham Storage value proposition.
The Karr-Cunningham Storage team focuses its efforts exclusively on the self-storage sector - no concentration is given to any other asset class within the real estate industry. Further, the Karr-Cunningham Storage team dedicates its services solely to those who own properties within the State of Texas. In fact, each member of the Karr-Cunningham Storage team has a defined geographic region within the State of Texas to which they are dedicated. These parameters have been put in place to ensure only the highest degree of consistency and competency is provided to owners throughout the analysis process.
To a large extent, today's Texas real estate market is comprised of "generalist" brokers who have historically tried to survive by serving a wide variety of (often conflicting) interests. This market is virtually identical to the one Marcus & Millichap's founder, George Marcus, discovered upon surveying the California real estate landscape in the early 1970's. Mr. Marcus theorized that a broker specializing on one line of service would be inherently more capable of helping a local real estate owner than would the proverbial "generalist". Fast forward to 2017 - Marcus & Millichap has become one of the largest real estate companies in the world, and every single agent at the company (Mr. Karr included) still dedicates himself or herself exclusively to one service line and one service line only - investment sales brokerage. Areas (a.k.a. profit centers) like residential brokerage, asset management, leasing, property management, and tenant representation have all been eschewed in order to ensure only the highest level of focus, attention, and personalized service is given to every client and every engagement.
Philosophy 2: Client Primacy
The second principle to which the Karr-Cunningham Storage team is dedicated holds that the client's goals and objectives are paramount.
Since 2011, the Karr-Cunningham Storage team has helped buyers and sellers transact more than $550,000,000 in self-storage properties throughout Texas. In a market littered with real estate professionals who have been offering similar services for a far longer period of time, how has the Karr-Cunningham Storage team been able to capture such a disproportionate share of the market so rapidly? The impact of geographic and service line specialization cannot be understated, but specialization alone is not the answer.
The more complete answer lies in the strength of the relationships Mr. Karr has cultivated with his clients - relationships that stand as testament to the legitimacy of the Karr-Cunningham Storage philosophy - which holds that the client's aims and aspirations are paramount. Similar declarations are frequently uttered by other members of the self-storage real estate community, but even the most cursory investigation typically reveals the claims to be little more than hollow platitudes. Dissimilarly, deep within the expertly-crafted skill sets that embody each Karr-Cunningham Storage team member's daily activity (lead generation, property valuation, property marketing, contract negotiation, escrow management, etc.) lies an uncompromising dedication to an ethos that views each proficiency not just as a "core competency", but as a "platform", upon which the Karr-Cunningham Storage client-centered mind-set can (and must) be demonstrated every single day, at every stage throughout the "brokerage continuum". Philosophical virtue and practical expertise - two ideas seamlessly woven together to produce the personalized service that is tailored to fit every individual, every partnership, every organization, and every institution the Karr-Cunningham Storage team represents.
Philosophy 3: Exclusive Representation
The third principle upon which Karr-Cunningham Storage is founded holds that only through exclusive representation can a client truly maximize his or her chances of securing the highest price, in the shortest timeframe, with the most credible buyer. The idea behind Karr-Cunningham Storage exclusive representation is increasing the marketability of the asset, not limiting its exposure. Instead of working with only a handful of select investors, the Karr-Cunningham Storage team has cultivated relationships with and built an internal database containing more than 6,000 qualified buyers who are actively looking for self-storage properties in Texas. This is not a list of "leads" that was purchased, as are some - this is a list Mr. Karr began personally constructing in 2011, and it is updated on a weekly basis. Furthermore, every single property listed exclusively with Marcus & Millichap is exposed to all 1,500+ agents and, by extension, their own personally-built database of qualified buyers.
This combination of local presence and national exposure is truly the industry standard, and Karr-Cunningham Storage's ability to utilize all of these relationships to produce multiple competing bids for exclusively-listed assets ensures the client is not leaving anything on the table. To further illustrate the legitimacy of the philosophy, it should be noted that THE KARR-CUNNINGHAM STORAGE TEAM HAS NEVER SOLD A PROPERTY USING A PUBLICLY-AVAILABLE LISTING PLATFORM (I.E., LOOPNET.COM, COSTAR.COM) This is highly unusual in the Texas self-storage industry as most brokers take a rather archaic, reactive approach to selling real estate. I.e., most brokers put an advertisement on the internet (formerly a sign in the front lawn), and wait for the phone to ring.
The Karr-Cunningham Storage team does things quite a bit differently, and our exclusive representation agreement is the document by which our proactive, contemporary approach is facilitated. Exposure in every form is not necessarily advantageous, and exposure to the wrong type of buyer, on the wrong type of platform, can very seriously degrade the marketability of a listing. It is important your listing be separated from the "junk". And an exclusive listing is what does the separating. Many Texas storage owners spend their entire career building a business based on integrity, service, and value. A self-storage property of that caliber deserves much more than just space on a website, and a "bring me a buyer" mentality. It deserves focus, commitment, quality, and highly-targeted visibility. It deserves exclusive representation in the marketplace.
Philosophy 4: Culture of Collaboration
The Karr-Cunningham Storage team works together every day in service of the client and their objectives. A mandated culture of collaboration and information-sharing is the fourth and final principle to which every member of the Karr-Cunningham Storage team is devoted. However logical it may appear to the outsider, cooperation within the real estate brokerage community is relatively uncommon. To this very day, some brokers operating here in the Texas self-storage industry hoard information about clients and listings in a misguided attempt to make more money for themselves. This type of selfish behavior is the antithesis of what it means to put the client's goals and objectives first.
Every member of Karr-Cunningham Storage works in conjunction with one another on a daily basis to ensure that the "left hand always knows what the right hand is doing". Leveraging the collective wisdom, experience, and knowledge of the entire team only enhances the broker's ability to deliver exceptional service to the client. Furthermore, our shared belief that "the whole is greater than the sum of its parts" eliminates unnecessary internal competition and conflict - a scenario that is, sadly, atypical in the self-storage real estate business. Clients who choose to work with the Karr-Cunningham Storage team do so with the understanding that they are not simply relying on the experience and expertise of one broker, but rather the collective support, insight, experience, and intuition that comes from multiple brokers who have worked together for years, in every corner of Texas, with self-storage owners of every size. In addition, we let it be known, here in this public forum, that we are willing to share fee 50/50 with ANY other real estate broker / real estate agent who brings a buyer to a Karr-Cunningham Storage listing.
Our dedication to the principles that serve as our foundation is strong, real, and honest. Should you want to discuss any of this in more detail, we welcome your call and/or email. Contact us here.