Buying or Selling Self-Storage Property: Should You Hire a Broker?

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In short, a broad marketing approach helps a broker find the best buyer for the property, not just any buyer. Be sure to ask your broker about his marketing strategy when you discuss your listing. If he doesn’t have a marketing strategy for your property, it should be a red flag.

Your Broker Works for You

The real estate community has an industry standard that one broker represents the seller and, most of the time, another broker represents the buyer. These brokers then typically split the commission or cooperate in some manner so both participate in the commission paid by the seller.

Over the last few years, it has become common to see listing brokers who are unwilling to “cooperate” with other brokers. This is because they don’t want to share their commission or do the necessary work to qualify potential offers generated by a commission split. Not only does cooperating with outside brokers increase the potential market of buyers, it protects the seller by exposing all potential offers on the property. There’s no benefit to the seller if the listing broker doesn’t cooperate with outside brokers.

It’s important to understand the role of the broker before you hire one. If a self-storage facility is priced properly and a good marketing plan is executed, the property will sell in a reasonable amount of time and the client’s objectives will be met. Be sure to consider all these factors when you look to sell or buy your next self-storage facility, and you’ll put yourself in position for a smooth and successful transaction. 

Ben Vestal is president of the Argus Self Storage Sales Network, a national network of real estate brokers who specialize in self-storage. Argus provides brokerage, consulting and marketing services to self storage buyers and sellers and operates SelfStorage.com, a marketing medium and information resource for facility owners. For more information, call 800.55.STORE; e-mail bvestal@argus-realestate.com.

Related Articles:

State of the Self-Storage Industry 2010, Part I: Real Estate

Selling Your Self-Storage Facility: Prepare in Advance for Maximum Success

Self-Storage Due Diligence: Seller Tips for Inspection, Financing and Closing

National Snapshot 2010: The Self-Storage Real Estate Market

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