Due Diligence on Storage Deals

While many of the same rules apply when doing your due diligence on a storage facility purchase, there are some intricacies to consider. Here is a non-exhaustive list of some important due diligence items.

• -Consider obtaining a feasibility study to determine supply and demand, optimal unit mix, and price points
• -Retain call center, if necessary
• -Identify local handyman to clean units, overlock units, and be your boots on the ground
• -Create Change of Ownership letter to inform customers of the sale, and any new rules or rates
• -Set up advertising
• -Install security system
• -Change gate and/or office locks

As always, you should align yourself with professionals to assist you with due diligence, whether that be your agent, property manager, inspector, and/or contractor. Be mindful of other due diligence items focused towards increasing the facility’s income, such as these.

What other storage-specific due diligence are you doing on your facilities?