Investors typically enter the self-storage industry knowing that they’ll eventually sell their facility. Selling is how you can cash in on equity or afford to buy a larger property in a better location down the road.
In any case, navigating the market can be tricky. A seller needs a qualified broker on their side of the table to fight for a favorable deal. Working with a broker will help you get a good return on your investment, but how do you choose the right one?
What Makes a Good Self-Storage Broker?
A good self-storage broker can help you get the best deal for your facility when the time comes to leave the market or trade up for a larger property. Here are a few self-storage broker qualifications you should look for when choosing your representative:
- Efficiency: Speed is important when you decide to sell, and so is timing. The market has seasonal highs and lows. A good broker will have a track record of listing facilities at the right time and closing favorable deals fast.
- High returns: Your self-storage investment is worth a lot of money, and you deserve the full return. Work with a broker with a history of getting more for their clients.
- Local market knowledge: The self-storage market can vary from one region to the next, so choose a broker who knows how the local market functions and how to succeed within it.
- Reasonable fees: A broker who is willing to take a smaller percentage of the sale leaves more money on the table for the seller.
- Beneficial resources: Good brokers have connections with qualified buyer pools and can offer marketing tools that will attract leads to your listing.
How Do You Find the Best Broker?
Any self-storage seller needs a broker, but you should remember that you have plenty of options. Advocate for yourself and only settle for the best. Ask brokerage candidates questions about their sales histories to see if they can get a top-end deal in a reasonable window for a fair fee. You can also ask each broker for testimonials to hear firsthand accounts from previous clients.