North New Jersey area searching for an honest broker

[Glenn Semeraro]

Hello everyone. Just wondering if anyone knows of any brokerage firms in my area that have a premium service you pay extra for to get listings expedited to you. I was looking for laundromats for about 6 months last year, then my sister had her first baby so we took time off from looking. My sister is going to help me run my first and hopefully many laundromats later down the road. So I have been back on the market looking for the past 5 months and have not had luck with brokers in my area. Some are just really rude on the phone and I cant believe they even own a business. Then others just stop communicating with you after you turn down the first laundromat they send you. My experience has been more on the lower scale of efficiency. I already paid this laundromat consultant a few hundred dollars last year and he said that there was no expiration date on it, but that it is only good for 1 laundromat. I found him on youtube and saw he had his business in New York which is under 30 minutes from where I live. Any help would be much appreciated because mostly the brokers are in control it seems like of accumulating many businesses for sale in my area.

[Jignesh Joshi]

I’d be curious to know you found a reputable broker or not? I’m in JC and plan on trying to get my first Mat before this year ends. Not going to rush or push myself to buy something before years end, but also don’t want to leave it just dangling and open ended either else I’ll be stuck in my corp cubicle forever.

I’m just getting started, but been looking at various sites and Google-ing for listings. In the meanwhile trying to learn as much as I can about the Mat business as its my first foray into owning my own business as well as a brand new industry for me to work in (coming from IT).

Generally I won’t pay to get listings unless I really feel confident and trust the broker…thus far I’ve not come across anyone like that (though I am just getting started). If I come across any that I think maybe worth giving a shot, I’ll follow up on this thread.

[Anisha]

Hi Glenn and Jignesh,

I’m in NJ and just getting started and running into similar issues. I have some ideas on how to generate a list of laundromats for sale potentially without brokers, but need help validating it. Would love to connect and see if we can work together.

[Anthony Uva]

Hello Anisha

I’m in NJ as well and would be interested.

[Ryan Foster]

All Jersey seekers

It’s easy to find mats.
You just need to be dedicated to the process and patient.

1. Locate all the mats in your area you are interested in…now add 10-20 miles to that. Gotta be flexible for a good situation.

2. Type up a letter .. address “to the owner” and drop off to all the mats in your above area..give to staff on site or slide under door. Take notes on the stores you go to and keep on file.

3. Check loopnet, Craigslist and FaceBook marketplace daily. Anyone selling equipment or stores hit them up for more info.

4. Reach out to local laundromat equipment repair guys. They typically know all the owners. Plus it’s good to establish a relationship with them early.

5. Repeat 1-4

6. Call all local equipment distributors and let them know you are looking..

You will have at least 2-3 stores to look a year doing the above. Who knows maybe more

[Jorge Badim]

Hey Glen,

I am new here and just joined because I am in the process of buying my first mat in north NJ. I am a real estate agent and just saw mine listed in the MLS and went for it myself. I did notice there is no consistent method around here on mats being sold. Others mentioned LoopNet, craigslist, etc.. In my experience that is exactly how it was. Occasionally I see one pop up on our realtor MLS system such as the one I am buying in Park Ridge.

I am in due diligence phase now, and learning a lot as I speak to more and more people. It seems those in the industry always tend to have the info first. I wish you luck sir, maybe in the future we can bounce ideas off each other as new mat owners.

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