Five Tips to Sell A Self Storage Facility with High Vacancy
From time to time, life or other priorities get in the way of effectively running a business. Managing your self storage facility is no different and we often talk to owners who never intended to neglect their storage business, but through other factors have found their mini storage facilities to have high rates of vacancy (i.e. lots of vacant units).
When you find your self storage facility to have lots of vacant units, it can be tough to figure out how to fix the problem, especially if you'd just like to sell and move on. Below we have five tips to sell your self storage property if it has high vacancy.
Tip #1 - Increase Your Advertising
The easiest way to find renters for your vacant self storage units is to increase your advertising. This can take a few different forms and doesn't need to break the bank. Some free options would include advertising "Self Storage Units for Rent" on Facebook or Craigslist. You could also do some paid advertising on Facebook or Google, targeting people that are in the geographic area of your self storage property (typically within five miles) that are searching for "self storage" terms. Another idea if your facility is on a high traffic road is to create banners. These can either be flag type banners that advertise units for rent or vinyl banners that you can hang on your facilities fence.
Tip #2 - Pick up the Phone!
Especially if you follow our first tip, it's crucial that you pick up the phone when people call your self storage number! While we understand that it can be difficult to always be available, a crucial aspect in filling up your self storage facility is speaking with customers when they need you. Often times the self storage business is time-sensitive for customers. Perhaps they're needing to move out of their house or apartment this week or they're needing to free up space so that they can renovate their home. Regardless of the situation, you need to make sure that someone is available to field phone calls from perspective customers. If that person isn't you, it's important to find someone that can take over those duties.
Tip #3 - Shape up your Facility's Curb Appeal
People want to store their belongings at locations that show that the owner's care. If the owners of the self storage property don't take care of the things that they own, how are they supposed to take care of the customer's belongings? With that in mind, taking care of the cosmetic maintenance at your facility can make people more inclined to store their belongings there. This can be as easy as landscaping, removing weeds, and even adding a little paint to make your self storage facility shine again. Customers will notice!
Tip #4 - Enlist Professional Management
If you don't want to spend the time to fill up the vacancy at your self storage property yourself, one option is to hire a professional property manager. Keep in mind, however, that this can be an expensive route. Many professional property managers charge a percentage (often 6-8% of revenue) to manage the property. However, most also have a "minimum monthly charge" in the event that the revenue at your facility is too low. This can be a tremendous cost for small facilities and is typically only a good fit for self storage properties that are above 40,000 square feet in size.
Tip #5 - Sell Your Self Storage Facility "As-Is"
If all of this sounds like more work than your interested in, another great option is to sell your self storage facility in "as-is" condition to a company like Sell Self Storage Now. We are happy to buy self storage facilities even if they're mostly vacant and have deferred maintenance issues. We'd love to speak with you and get you a fast, fair offer for your self storage facility regardless of it's condition or current occupancy. If you'd like to see what we could offer for your self storage property, give us a call today at (717) 687-1883 or message us here. We buy self storage all over the United States and would love to speak to you!