Selling a self storage property requires an abundance of industry knowledge and expertise. Even the most seasoned self storage owners are increasingly using self storage brokers. Successful brokers will help them present their properties to a wider audience and seamlessly manage the logistics of sales negotiations.
If you’re getting ready to sell your self storage property, choose an established self storage broker. Not only does a professional broker have the key resources to ensure a smooth selling and closing process, but they are well versed in the strategies needed to get you the highest price for your property.
Why Should I Hire a Self Storage Broker?
Access to Qualified Buyers
A broker has relationships with the most qualified buyers in the industry. This extensive pool of buyers gives you a greater chance of obtaining the maximum potential selling price for your property. Working with an experienced broker provides you with more opportunities to display your property’s attributes to these buyers.
Evaluating and Pricing Your Property
Your broker will evaluate your property and give you a reliable assessment based on current market trends. You’ll be advised as to a step-by-step plan to improve your property making it more valuable and desirable to buyers. This will not only attract a larger audience of potential buyers but get you more money at closing.
Marketing Your Property
The marketing efforts of a knowledgeable self storage broker include a skillfully prepared Offering Memorandum (OM) detailing all features of a property, its competitors, the geographic area, demographics, and any other factors that might be important to a potential buyer. Online marketing that includes email campaigns and a presence on social media networks should be focused to reach a target audience.
Protecting Your Best Interests
Without the assistance of a professional self storage broker, you will put your interests at risk. Selling a self storage property is a complicated transaction with many moving parts. A broker will be more skillful at handling seasoned buyers who are focused on buying your property as cheaply as possible. They know and understand the unexpected problems characteristic of the sale of a self storage facility.
Expert Mediation Skills
Negotiating to purchase a self storage facility is an art. Typically, a professional self storage broker is a pro at mediation skills. Throughout the selling process, an expert broker will stay informed on all possible legal matters relating to the transaction, including financial and banking components. This saves you the time to get what you need to complete the transaction. Without a doubt, a seasoned broker won’t leave the table until they have the best deal that they can get.
A Team of Experts
Quality brokers have a team of experts supporting their efforts. Their marketing department performs OM research and prepares presentations as well as overseeing social media, email campaigns, and a powerful online presence. Transaction and underwriting departments deal with the sizeable amount of work that needs to be done to complete a sales contract. Avoid using a broker in which only one person performs all of these tasks.
Brokerage Commission
Sellers usually find that the commissions they pay are more than worth it. Selling your property without a broker in an attempt to save on the commission can ultimately cost you more in a lack of market experience and connections that will get the maximum price for your facility.
Conclusion
Look at the following criteria when you’re in the process of choosing a broker that is the right fit for your needs.
- Look for a reputable, experienced broker who is a self storage specialist with a history of desired outcomes.
- Choose a broker who uses a team approach and a detailed process to ensure a successful transaction.
- Find a broker with a track record of exceptional recommendations. Determine how many properties were sold in a given time and whether your broker works with active buyers.
Seasoned brokers have extensive industry knowledge and relationships, the ability to negotiate the maximum price for your property, and the problem-solving skills needed to achieve your desired outcome. If you want to maximize your selling price, look for a successful broker.