The Challenges Faced By Buyers Of Self Storage Facilities

It looks like storage in Bristol is gaining awareness from consumers particularly with the improving economy. People have more money to splurge into new stuff for their homes and eventually storage will be a problem. While there is the option of storage in the garage it often becomes a problem if the family is planning on buying another car.

In the United States there is so much news about the expansion and development of self-storage facilities. Westport Properties Inc. that is operating 856 storage facilities under the US Storage Centers brand is looking for opportunities to expand its footprints in the top US metropolitan statistical areas. However, is it easy to become a buyer of a self-storage facility these days?

The exuberant market has made it particularly difficult to purchase that a property that will be profitable to operate and the task becomes more challenging if there are many offers for the facility. To succeed in this situation it is important to be listing broker’s best choice. Sellers are more likely to choose a buyer they can negotiate with and to whom they can ultimately sell the property for the right price.

The best way to establish credibility is to have a track record of closed transactions because this will provide the seller the assurance that the sale will be closed if everything about the property proves to be as represented. A seller will usually evaluate an offer based on the following standards:

• Every key deal point must be addressed but not too detailed.

• The length of the requested inspection period and the list of due diligence materials and financial records that will be requested from the seller

• The amount of earnest deposit that will be offered; large deposits can trigger a seller’s interest

• Specificity of the finance contingency

• How long the deal will take to actually close escrow

• References from other lenders, letters of credit, proof of sources of funds or even a commitment letter from a property lender

• Professional representation through an experienced broker

Each of the factors must be addressed to the best of your ability. It is also important to maintain focus on getting the offer accepted by having a contract drafted and signed and escrow opened.

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