Las Vegas Self Storage Facilities for Sale

The majority of self-storage customers find their storage facility from driving by it. It is, in many ways, a point of purchase decision.

Few people put a scientific study on where to store their stuff. They look at convenience, and often just pull in to the first one they pass near their home or business.
As a result, it is also a myth that you can have a successful Las Vegas self storage facilities for sale that is hidden from view, or stuck on a two-lane street with no traffic.

$50,000 median household income

To pay for storage — $100 per month or more — the customer has to have discretionary spending ability.

If they are struggling to cover their rent or mortgage, they are not going to have the desire or ability to add to their already struggling finances.

In addition, in order to have the need for storage, they will have to have excess belongings. Generally, only people with higher incomes can amass enough material items to need to store them.<

400 units and up

There are some major fixed costs in a Las Vegas self storage facilities for sale, the largest of which is the manager. You have to have enough units to support the necessary staff to run the complex.

You cannot run a self-storage facility from a kiosk, contrary to what some folks may suggest. And you cannot run it without any form of management.

That’s why small complexes in rural markets are always on the market for sale.

High barrier to entry

You may have noticed that there is a huge supply of Las Vegas self storage facilities for sale units in almost every major city in the U.S. – and most midsize markets as well.

It is extremely important that you select a market that allows virtually no further construction of self-storage facilities.

Otherwise, you may find that the occupancy can never rise above a certain level since there is always more supply being brought on the market.

These barriers to entry can include no correctly zoned property, or a high price per square foot for suitably zoned land, that makes building a new facility uneconomic.

Not greater than 6 square feet of storage space per person in the market.

A market of 100,000 population should not have more than 600,000 square feet of space available. If it does, the area is over-built.

The best markets have ratios far less than 6. Remember that the density of the market has a lot to do with this.
In areas with far denser housing, there is less available land for self-storage facilities, and a greater population to support it.
San Francisco, which is extremely dense, is a great self-storage market, where as Stockton, California, always suffers from vacancy.

REMAX Las Vegas – Las Vegas Self Storage Facilities for Sale

It isn’t easy to be a buyer of Las Vegas self storage facilities for sale these days.

This exuberant market makes it especially difficult to purchase a property that’ll be profitable to operate and relatively simple to exit.

The task becomes even more challenging when there are multiple offers on the Las Vegas self storage facilities for sale you’d like to buy.

To succeed in these situations, you must establish yourself as the seller’s best choice.

(Sometimes it’s even more important to be the REMAX Las Vegas listing broker’s best choice.

Self storage properties for sale sellers choose the buyer with whom to negotiate and to whom to ultimately sell their property based on price and several other criteria.

The best way for you to establish credibility is to have a track record of closed transactions.

It’s powerfully persuasive to have a previous self storage properties for sale seller tell the current one how great it was to work with you.

It assures the new seller that you’ll close his sale if everything about the property proves to be as represented.

Absent a REMAX Las Vegas recommendation—for example, this is your first deal—a self storage properties for sale seller will evaluate your offer based on other standards, including:

• The format and attention to detail in the offer you present. Short, sweet and to the point—addressing every key deal point, but not too detailed—is the way to go.
• The length of the requested inspection period, and the list of due-diligence materials and financial records that’ll be requested from the seller.
• The amount of the earnest deposit offered. Large deposits can trigger a seller’s interest in your offer because it indicates you’re serious about the deal.
• What happens to the earnest money after the inspection period is concluded. Will it be increased? Will some become non-refundable?
• The specificity of your finance contingency, if any, and what happens to the earnest deposit at the expiration of the finance contingency. Let the seller know you seek realistic and readily available loan terms.
• How long it will the self storage properties for sale deal take to actually close escrow. Consider that you need 30 days for inspections, 30 more for the loan and 15 days to close.
• Additional documents, such as references from other lenders, letters of credit, proof of sources of funds, and perhaps even a commitment letter from a lender for the property in which you’re seeking to buy.
• Whether you are REMAX Las Vegas professionally represented. A seasoned Las Vegas self storage facilities for sale REMAX Las Vegas broker will work with buyers, so ensure you have the most experienced REMAX Las Vegas broker on your side to provide guidance.

To be a successful buyer, you must understand these criteria and be prepared to address each one with the seller to the best of your ability.

A seller wants to know the buyer can and will close the deal.

Tell him your due diligence will consist of a series of investigations in search of reasons that support the purchase rather than a search for reasons why you shouldn’t make it.

Las Vegas Self Storage Facilities for Sale Real Estate 702-508-8262 – The Investigation Period

Now that you have the Las Vegas self storage facilities for sale seller’s attention, it’s important to maintain focus on getting your offer accepted, a contract drafted and signed, and escrow opened.

Until the contract is signed, you have nothing.

I can’t tell you how many times a transaction appears to be progressing only to have another more aggressive buyer swoop in at the last minute and steal the deal.

This is a high-stakes self storage properties for sale business, and there are no holds barred in the competitive acquisition process. Call REMAX Las Vegas Ratliff Realty Group at 702-508-8262.

Las Vegas Self Storage Facilities for Sale