There are 3 proven ways that I have used personally, my investment group uses (Diligence Capital Investments), and my coaching clients use it to find great laundromat deals. I will outline all 3 of them below for you.
Finding Good Laundromat Deals
1. The Google Secret
I call the first way to find a laundromat deal the Google Secret. This puts a twist on your typical couch-in-your-underwear hunt that takes it to the next level and makes it FAR more effective.
The first step is to do something probably all of us have done: search "Laundromat For Sale Near Me" on Google (or whatever search engine you prefer).
Your primary objective is not these laundromats. Your primary objective is to find out what broker or agent is listing these laundromats. These brokers are the gatekeepers to the majority of laundromats that will be sold, so getting to know them and letting them get to know you GREATLY increases your chances of finding a laundromat deal.
When you find these brokers, reach out to them via a phone call or email and introduce yourself. The purpose of building a relationship with them is to get on their investor list.
2. Door Knocking
This term is borrowed from the real estate investing world. The concept is basically the same, though. When you're driving around town and you come upon a laundromat, pull into the lot and go inside to see if the owner is there. If the owner is there, have a conversation with him or her. Again, your goal is to begin building a relationship with the owner, similar to your goal with brokers, in order to ask if they're interested in selling their laundromat to you.
If you can maintain loose contact with them over time, you're VERY likely to be the first person they come to when they are ready to sell their laundromat.
3. Direct Mail Campaign
In a direct mail campaign, you send letters to laundromats introducing yourself and asking if owners are interested in selling their laundromats. The benefit of this is that you can spread your net much wider with a direct mail campaign than you can with door-knocking. Finding a laundromat to buy is the first step. When you've purchased your laundromat and are ready to improve its efficiency, check out Cents to help you manage your entire business!
Book a free demo to see how Cents can help you grow your laundry business and better streamline your overall processes.
