Why Sell Self-Storage Property Now?
If you’ve been kicking around the idea of selling your self-storage property, there’s no time like the present. Recently, self-storage property values have hit a historic high. Here’s why:
- Capitalization rates are down
- REITs (real estate investment trusts) are in the market to purchase properties
- The CMBS (Commercial Mortgage Backed Securities) market has stabilized, making financing available to qualified buyers
In 2012, we sold over 58 million dollars of self-storage properties!
So, you’ve made up your mind – it’s time to sell your self-storage property. Now what?
- Find a broker that is experienced with self-storage property sales and is familiar with your local market. We just happen to know a few excellent ones.
- Work with your broker to set a reasonable price, keeping in mind market trends. The last thing you want to do is set a price too high and miss out on selling at this remarkable time.
- Address those maintenance concerns that have been pushed to the bottom of your to do list month after month. We’re not talking about a huge renovation; we just want to bring curb appeal back to your self-storage property. Replace burnt out light bulbs, put a new coat of paint on the trim, like blue or red, which will give your property a face lift, and fix any damaged or missing unit numbers.
- Decide whether you want a buyer to take over your existing financing or secure a loan for himself. Your broker can help you navigate this and speak with various lenders.
Currently, we’ve had deals close in as little as 35 days, with buyers ready to pay in cash. Additionally, many of our property listings receive multiple offers – increasing competition and raising the price tag. We’ve sold properties that were valued at $250,000 to $100,000,000. There’s nothing sweeter than that!