The sale of your self-storage business requires the same thoughtful attention to detail as when you acquired it. Originally, you considered the physical assets, number of units, amenities, and income potential. These items are still important to consider; however, determining the property’s value is where this process begins.

Property Value

Start your sale process by determining your net operating income. Your net operating income will determine the value of your property. Be sure to consider all important factors including rental income, truck rental income (if you offer this), other income (boxes, packing supplies, locks, late fees, and any off-site management fees.

This is the time to maximize your income before you market your property. Consider if it’s time to raise the rent and do it. Make sure that any owner used units are being paid for because this impacts your property valuation as well. Look for ways to utilize any open space. You may find you can offer storage for a few boats or RVs resulting in increased income.

Finally, look for ways to cut your expenses. Trim the fat. Consider appealing your current property tax rate.

Clean Up Your Property

Buyers are looking for a business that is clean and well-maintained. Assess your property thoroughly. Hiring a property inspector may be worthwhile to find and repair issues that could lower the property value.

Remove trash and debris. Make any needed visible repairs. Remove unnecessary clutter from indoors and outdoors. A fresh coat of paint can transform the inside of your business quickly and without much expense.

Capital Improvements to Add Value

Consider if any capital improvements might add value to your property. If the answer is yes, get it done. Some items to consider might be landscape, sidewalk repairs, website enhancements, and installing or updating security features.

Finally, a knowledgeable broker like Weaver Realty can help navigate the ins and outs of preparing to sell your self-storage business. Our expert associates remove the guesswork and answer every single question along the way. Our goal is to make the process smooth, simple and profitable for you.

Weaver Realty is a trusted self-storage brokerage firm. Weaver has been the Argus Self-Storage Network Affiliate since 1999. We offer an expert team with strong professional relationships to assist you in buying or selling your self-storage property. Call Weaver Realty today at (904) 733-0039.