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Self Storage Units - Self Storage Units covers several topics you need to know when it comes to protect your personal or business belongings, check different types of units, self storage for rent, for sale, Associations, even auctions. Storage Units for Rent - Storage Units for Rent has useful tips about self storing, storage warehouses and facilities and how the process works, also links to several online directories for storage units in US, Canada, UK, Australia and Asia. Probably the most obvious consideration that is made when considering the profitability of a storage unit is the average rental vacancies available. The self-storage real estate investment trusts (REITs) are in the market for storage facilities, but before you put your business up for sale, make sure you’ll be getting your property’s full value. REITs often deal in cash and can complete their purchases quickly, according to Mel Holsinger, owner and president of Professional Self Storage Management LLC.
While cashing out of your business may sound appealing, be sure you’re looking out for your own best interests.
Holsinger said the best way to get top dollar is to hire an experienced real estate broker. Once you hire a broker, you’ll need to provide him or her with records that establish your facility’s annual income.
While you should be cautious about investing time and money in a property you plan to sell soon, upgrades sometimes can add market value, said Jerry Jones, a CPA who works with self-storage facilities. Arizona real estate broker Bill Alter said the average unit size can be a factor in determining the sale price.
Not only is self-storage hailed as a “counter-cyclical” property type, but the fundamentals are also intrinsically strong.
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Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead.
The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information. Self storage facilities are a valuable enterprise, and AmeriBuilt Steel Structures can customize your storage facility to fit your needs. But there is strategic phone selling as well, and it is imperative that site managers recognize opportunities to use it. Holsigner works with self-storage facilities in California, Arizona, Texas, New Mexico and Colorado. Here’s a checklist of five things small owner-operators should do before selling their self-storage facilities to REITs or other investors. A good broker can help you determine what your facility truly is worth and how best to market it.
If they don’t think your records are accurate, your chances of selling to them will plummet.
Take stock of your facility from a buyer’s perspective, looking at all the pluses and minuses. Due to the unique nature of self-storage rental agreements, it is relatively easy to increase tenants’ rents, and thereby increase cash flow. This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. For example, tenants in residential neighborhoods typically want units around 110 square feet, he said.
Also, unlike other real estate asset classes, self-storage operators do not need to worry about tenant improvements or leasing commissions. Holsinger recommended interviewing at least three independent brokers and asking each of them to come up with the potential market value of your facility.
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