Buying An Existing Self Storage? Do you have a preclosing check list and a post-closing checklist?

Your offer was accepted.  Now what?  Simple: complete your checklists day and night.

What is the catch?  The catch is most buyers do not have the full checklists.  This leads to delays and lost income.  And sometimes a lack of pre- and post-closing checklists can lead to important items being missed and even to financial problems.  

The pre-closing items may require input and information from the owner and your attorney.  Having the lists will also help make an offer. There are literally over 100 pre- and post-items to be completed.

Here are 7 common pre-purchase categories that must be broken down into multiple items for your checklist

1)        Legal paperwork such as past-due rents go to you, not the existing owner

2)        New lease & client letters

3)        Utilities /phone/internet/in your name

4)        Paperwork in your name

5)        Insurance both owner & tenant

6)        Take ownership of facility existing social media platforms

7)        Maintenance list with cost and schedule

The post-opening checklist is extensive and often takes at least 26 weeks to a year to fully implement.  This list is all about making site improvements, manager improvements, reducing expenses, knowing your customers and knowing your competition,  sales and marketing so you can swiftly increase rental rates and occupancy.

Here are 7 common week one post-opening tasks.

1)        Contact each owner and make sure they are aware of the new ownership, and all rent payments are made to the new owner’s bank.

2)        Clean the office, facility, and landscaping.

3)        Call and text all late tenants – set up auctions

4)        Do a complete lock check/physical occupancy review in the field.

5)        New/updated website/signage

6)        Review vendors and contact all vendors and let them know new owners.

7)        Set up new passwords/auto pay for vendors

I know you want to raise rents day one, but often good to upgrade and get organized for a month before you raise substandard rates.

This could be you!

We have a free 45-minute webinar, September 2026,11 AM EST that will provide many more details – come join us.

You Found an Offline Facility that Fits Your Buy Box… Now What?

Seven steps to owning the facility.

Direct link: https://storage-authority.webinarninja.com/live-webinars/10836766/register

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Looking to buy or build a self storage? Check out our website www.storageauthorityfranchise.com and sent me a text marc@storageauthority.com for next steps.