5 Tips to Sell a Self Storage Facility with High Vacancy

From time to time, other priorities in life can get in the way of effectively running a business.

This is also the case when it comes to managing a self storage facility – we often talk to owners who never intended to neglect their storage business, but due to other factors, have found that their mini storage units have high vacancy rates.

If your self-storage facility has a lot of vacant units, it can be difficult to figure out how to fix the problem. If you just want to sell and move on, it can be especially challenging.

Below we have five tips to sell your self storage property if it has high vacancy.

Tip 1 – Increase Your Advertising

When figuring out how to sell your storage facility with high vacancy, you’ll want to increase occupancy as much as possible before you sell.

The best 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. When looking to save money selling a storage facility, some free options would include advertising “Self Storage Units for Rent” on Facebook or Craigslist.

You could also target people in your geographic area with paid Facebook or Google ads. Another idea is to create banners, which can be either 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!

If you want to fill your storage unit, it is important to answer the phone when customers call. We know it can be tough to be available all the time, but talking to customers is a key part of renting out space in your storage unit.

Many self storage businesses are time-sensitive for customers. Perhaps they need to move out of their house or apartment this week or they need to free up space so they can renovate their home.

Regardless of the situation, you need to make sure someone is available to answer phone calls from perspective customers. If that person isn’t you, it’s important to find someone who can take over those duties.

Tip 3 – Shape up your Facility’s Curb Appeal

People want to store their belongings in locations that are well-cared for. If the owners of the self-storage property don’t take care of their own things, how can they be expected to take care of the customer’s belongings?

The way your facility looks affects how likely people are to store their belongings there. Simple things like keeping the landscaping tidy, removing weeds, and adding a fresh coat of paint can make a big difference. Your customers will take 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, you could hire a professional storage manager. However, this option can be expensive, as many professional property managers charge a percentage (often 6-8% of revenue) to manage the property.

However, many 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 you’re not interested in the extra work, you can sell your self storage directly to a company like We Buy Storage USA. We’re happy to buy self storage facilities even if they have deferred maintenance issues or are mostly vacant.

We’re interested in buying your self storage facility and will give you a quick, reasonable offer no matter what condition it’s in or how full it is. If you want to know what we could pay for your property, please call us now at (866) 932-8999 or send us a message.

We purchase self storage facilities across the country and look forward to hearing from you!