The past 4 or 5 decades have seen the self-storage industry expand quite rapidly, especially in the United States. If you have a self-storage facility and are thinking about cashing out, but don’t know how to do so, there is no need to worry, as this piece mentions tried and tested tips to sell a self-storage facility effectively in today’s market. So without further ado, let’s get started
Your Financials Matter
Make sure you are ready to provide expense and income-related documentation. The better you are at record-keeping, the more quickly and smoothly the selling process will be. Make sure to record every financial record with accurate details and be prepared to offer the annual income of your facility.
Usually, the offers you will get will be based on the income generated by the business. That said, you may come across some buyers who gauge the facility’s value based on its future income projections. If the buyers are savvy and find that your income figures are not correct, they will most likely turn away. So, you must go above and beyond to ensure your books are error-free.
Curb Appeal is a Massive Consideration
Making aesthetic improvements to your self-storage facility can make an excellent impression on your buyers. Making landscaping, paint, and lighting upgrades are excellent ways to improve the facility’s value. Removing junk cars, trash and other things from the exterior walkways and the parking lot can also improve the facility’s curb appeal greatly.
Buyers are more likely to buy properties that are well maintained, and clean, which is why it’s important to make the self-storage facility look appealing. That said, do not go overboard with the repair tasks or cleanup and spend too much money on it, unless it is absolutely necessary.
“…these guys made it so easy and quick that it was worth it…”
“Both David and Joe are pretty much superheroes in my book! First off, I contacted them online and I would say in about 30mins or less Joe was already calling. The house belongs to my mother and the both of us live out of state so our goal was to sell the house quickly without doing much work and hassle. Not only did they make that happen, but they made us a really fair offer without even seeing the house over the phone. We know the house was it a hot area of town and we could have got a little bit more for it if we waited or tried to sell it with a realtor but these guys made it so easy and quick that it was worth it. From start to finish less than 23 days.”
Is the Property Secure?
Rental unit customers want to make sure their items will remain secure. Therefore, you must make sure that your self-storage properties have the right security systems. Consider installing a security gate that only opens with security. Installing monitors and security cameras, sturdy doors and locks, along with interior and exterior lighting can greatly improve your storage facility’s security.
Upgrading the facility could attract more Buyers
While your self-storage facility may be in excellent condition and may even have received good offers, upgrading it could increase its value even more. In some cases, determining how to upgrade and improve your facility can be challenging, which is why acquiring a broker’s help could be a wise choice. They could help pinpoint where you could make improvements to the facility, which may increase its overall appeal and value in the process.
Analyze the Data
Anyone who is really serious about expanding their business almost always measures data. Unfortunately, not many self-storage owners do this. Make sure you avoid mistakes like these by keeping track of the number of calls you receive every month. It would also help whether customers are searching for you on Yellow Pages, the internet, newspaper ads, or elsewhere. After you determine which source results in the most sales, you can tailor your marketing tactics to stay ahead of other self-storage owners.
Digital Marketing Can Work Wonders for Your Self-Storage Facility
Establishing a web presence is vital for succeeding in the modern marketplace. At a minimum, you should create a website. It would also help to invest in search engine optimization to ensure your self-storage facility can become visible to more people online. Once you create a website and optimize it for Google, consider working on improving your social media presence.
Sure, this will be a time-consuming process, but it will yield excellent dividends eventually. Why? Because millions of people use social media, so it only makes sense to advertise your storage facility to get more eyeballs on it.
Niche Markets Sell Well
The self-storage industry has fierce competition, which is why you must look for ways to increase your customer base and cash flow. An excellent way to do this while standing out from others is to enter niche markets while expanding your services. This industry has evolved greatly in the past few years and self-storage means a lot more than merely storing your junk inside a unit.
A large number of facilities also offer several special units, appealing to people who want to store unusual items. You can even offer the storage facility as humidity and the temperature-controlled unit, cigar and wine cellar, etc. There is no shortage of options when it comes to tapping into niche markets. That said, you will need to pay a massive upfront cost to really set yourself apart. However, the investment will prove to be fruitful, offering excellent returns with more customers choosing your self-storage facility.
Product Bundle Offers
You may already be selling things like tapes, locks, boxes, and various other items required by self-storage customers. Selling items can provide a massive income boost to business owners who want to make the most of the opportunity. You can even take things a step further by bundling different products in multiple package sizes and advertising them through your website, social media page, and other marketing venues.
User Referrals to Increase Revenue
Referrals can bring in multiple customers within a short period. If you are a self-storage facility owner, you can ask clients for referrals. You can do this right after fixing a problem or doing anything that helped your customer. If these passive strategies don’t work, you can always use some aggressive ones like offering a gift card for successful referrals. Alternatively, you can also reward customers for bringing in new customers by offering them a month or two of free self-storage. The strategies are endless!
Philly Home Investor is an experienced group of investors that have helped sellers all over the nation sell both residential and commercial properties including self-storage facilities. If you’d like to speak with one of our agents and get a free quote on your self-storage facility we’d love to give you a hassle-free CASH offer.