How To Sell A Self Storage Facility In Florida

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Selling a self-storage facility is no different than selling any other piece of property. Storage units and storage unit businesses have been in use for hundreds of years and are profitable pieces of real estate. A storage business is a great investment for anybody, including casual buyers and real estate investors. No matter the condition of your self-storage facility, there are five ways that you can sell it.

Throughout the course of this article, we will discuss everything you'll need to prepare your storage unit or storage facility for sale, whether or not you should use a real estate broker, and what the commercial real estate market looks like for a self-storage owner and prospective buyers. Now let's get ready to sell your storage facility!

Selling To A Real Estate Investor That Specializes In Self Storage Businesses In Florida

Three are all different types of real estate investors, and some of them specialize in self-storage facility businesses. Connecting with a real estate investor that specializes in purchasing a property like yours will help you get a fair sales price and someone who already knows about running a storage property and the storage industry. A real estate investor might ask for financial records, your net operating income, cash flow, and other pertinent information regarding your operating expenses.

A real estate investor is a type of very qualified buyer who will probably offer you a cash offer making this a hassle-free experience. Connecting with a real estate investor is possible through self-storage brokers who specialize in selling self-storage properties. To find a broker in your area that specializes in connecting people with real estate Investors in your specific market, do a quick Google search.

Selling Through A Real Estate Agent On The MLS In Florida

The MLS system isn't just for houses. Most MLS systems include a commercial section allowing brokers to list commercial properties, which would include storage units and a self storage property. Targeting prospective buyers through a commercial real estate can be a little bit different than attracting qualified buyers for a home.

Most qualified buyers for a self-storage unit property or Self Storage property will have a written cash offer. A good broker will ask you as many questions beforehand as possible to alleviate stress during the real estate transaction, such as whether you will be willing to pay closing costs, who is the management company and what are your capital expenditures. Also, be aware that if you do sell your property through a real estate agent on the MLS, you will have to pay commissions based on the final closing price of the deal. You'll also be able to just sell the property, or you could sell the entire self storage business.

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Selling Directly To Private Buyers In Florida

Finding a private buyer to buy a self-storage facility or self-storage business might be a bit of a challenge, although if you have contacts in the self-storage industry or extremely well-maintained storage units, it will prove to be less challenging. Be sure that when you're trying to sell directly to a private buyer, you up the curb appeal of your property and try to reduce vacancy rates as much as possible; this will only do more for upping the value of your property and making a deal that much sweeter for you.

Make sure that when you are trying to sell directly to a private buyer, you hire a good title company to handle the paperwork at the closing and consult with a real estate attorney, if necessary, with interested parties.

Selling A Self Storage Space At An Auction In Florida?

Selling a property at auction is a great way to draw in a huge crowd of potential buyers. Selling at an auction isn't just for properties facing foreclosure; it can be helpful for businesses to speed up the closing process and for you to get a good value for your property with minimal effort.

Be aware, though, that before an option, potential buyers are allowed to walk around your property looking for issues. To get the best price for your self-storage units, make sure to have them as clean as possible and have any information regarding rental rates and the rented units available in case anybody has any questions.

To have a successful auction, please follow the steps below:

Hire a professional auctioneer

Ask how the auctioneer gets paid

Choose between an absolute auction or an auction with a reserve.

Find out how the bidders will be qualified

Determine how you will accept bids

Selling To A Local Company In Florida

If you have competition in the area and you are looking to sell your business, another great exit strategy is to try and sell your self-storage business or self-storage property to a competitor. Your competitors are always looking to expand their facilities and get more ground within the industry.

These experienced potential buyers will ensure a smooth selling process for the right price, and they already know about the business. To find a list of your competitors, all you need to do is do a quick search on the internet or ask some others in your industry if they might be willing to buy your property.

For more information on selling all types of property, from homes to self-storage businesses, check out our blog for helpful tips and tricks.

Chris Charles

Author | Real Estate Investor & Realtor

My name is Chris, and my team and I buy all sorts of houses in Florida. We are a local, family-run business committed to the highest standards of quality and integrity.

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