The end goal of every commercial real estate transaction is to complete the process smoothly and easily and leave all parties feeling happy and satisfied with the outcome. In reality, though, those selling commercial property can face obstacles that make the transaction feel less than perfect.
The best way to handle these challenges is to anticipate and prepare for obstacles so you can remove them before they get in your way. A professional self-storage broker such as our team at Investment Real Estate, LLC can help you learn what common roadblocks to expect and how you can avoid them.
Common Problems When Selling a Storage Property
There’s no surefire way to prevent every obstacle that could occur in the process of selling your self-storage facility. However, knowing the common problems that can crop up will help you prepare and keep you from being blindsided by these issues.
Some common obstacles faced when selling self-storage businesses include the following:
Trouble With Valuation and Setting the Right Price
Inaccurate valuations of your property can make it hard to set the right price for your self-storage business. If your listed price is too high, you may not attract any interested buyers. If it’s too low, you’re leaving money on the table and will likely be unsatisfied with the outcome of the transaction.
Discrepancy in Presented Information
If the information in your listing isn’t accurate, you could get into trouble with buyers who feel duped. They may secure funding on the basis of that information and struggle to make changes if it’s not accurate.
Personal Challenges or Emotional Stress
Selling the business you’ve worked to establish can be stressful, and you may be tempted to rush through the transaction. This can lead to mistakes or accepting too little for your property.
Difficulty Attracting Buyers
If the market is slow, you may have difficulties selling your property for what it’s worth. You may also struggle to find buyers if there’s too much competition in the area or your business is not ready for listing.
How to Get Ahead of Obstacles in Selling Your Storage Unit Property
Taking the time to over-prepare can save you frustration in the long run and help ensure a relatively smooth transaction process.
Here are some of the things you can do to be prepared to address any unexpected challenges:
- Ensure finances are in order
- Compile needed documentation of ownership — deeds, trust information, etc.
- Gather taxation records
- Take facility measurements
- Have building permits on hand
- Get accurate valuation information
- Find a broker you trust
IRE Can Help Clear Obstacles When Selling Your Self-Storage Business
At Investment Real Estate, LLC, our expert team of brokers has more than 20 years of experience in the self-storage business. We’ve navigated the transactional process hundreds of times, so we know what roadblocks to look for.
With our team by your side, you’re sure to have a smooth transactional process that will leave you smiling. Contact us today for more information about how we can help you sell your self-storage property.