Getting Your Self-Storage Facility Ready for Sale

By John Gilliland Comments
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All buyers are going to want to see the property survey. It’s always helpful to be able to identify the property corners. Have your surveyor mark them or find the markers and put some fresh paint or ribbon on them to a make them visible

Obtaining approvals to expand will really improve the value of any additional land you may have on the property. If you enjoy a high occupancy rate but do not have the time, money or energy to add more units, at least obtain the municipal approvals to expand. Buyers will only pay for extra land if it’s approved and occupancy is above 80 percent.

If you own a unique property that includes your home, rental homes, a side business or office space and you prefer to retain that portion of the real estate, have subdivisions in place. Likewise, if you require an easement over the property you’re selling, get it approved. Completing this ahead of time will make the sale process cleaner and simpler.

The sale process is potentially a lot of work for a seller. You may need to spend some money, and you’ll definitely expend some time in preparation. Your real estate broker goes through this process every single day and can be the best source of information and advice. Use him to your advantage.

The goal is to get the most money for your property in the least amount of time. Following the above tips will go a long way toward making that a reality. Remember, having your self-storage property in good physical and financial condition at the time of sale could mean hundreds of thousands of additional dollars in your pocket at the end of the day.

John Gilliland is president and CEO of Investment Real Estate LLC in York, Pa. The company specializes in sale of self-storage facilities in the northeast and mid-Atlantic states. To reach him, e-mail jgilliland@irellc.com; visit www.irellc.com.

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