Why You Should Choose a Broker with Self Storage Experience
Would you list your home with an agent whose only experience is in selling industrial warehouses? Probably not. The same goes for selling your self storage facility. When the time comes to put your business on the market, no one understands the complexities of this sector of real estate like a broker who also has real hands-on self storage experience.
But wait—are there actually brokerage firms run by people who have stepped out from behind the desk to see what day-to-day operations at a storage facility are like?
Yes, there are. Let’s meet two brokerage groups with extensive self storage experience:
Performance Self Storage Group Inc.
Founded in 2010 by Carl Touhey and Jason “Jay” Allen, Performance Self Storage Group offers a combined 40+ years of self storage experience. Touhey and Allen have over $765 million in storage property brokered transactions. Touhey’s family has been a part of the self storage business since the mid 1970’s. He brings his proficiency for buying problem properties and turning them around to self storage brokerage.
“If I think someone is making a mistake, I’m going to tell them,” says Touhey. “That’s how you build trust.”
Touhey’s family owned and operated eight facilities over a 40+ year period. Together, he and Allen own and are invested in multiple facilities throughout the country.
“When you’re selling a self storage facility you're not only selling real estate, you’re selling a business,” says Allen. “That makes things a little more complex. The thing that sets us apart from other self storage brokerage firms is we have owned and operated our own self storage properties.”
During the recession, Touhey and Allen focused on self storage consulting and gained invaluable experience with revenue management, marketing and operations helping clients survive during the tough times. When the self storage investment market turned around, they used this expertise to sell to the 17,000 buyers in their database.
“The mass market for the sale attracts the most highly-qualified buyers,” says Allen. “We get multiple offers and work hand-in-hand to assist with the due diligence process in getting the buyer what they need.”
Lindsey Self Storage Group
Another brokerage group with ample self storage experience is the family-run Lindsey Self Storage Group. The team is comprised of John Lindsey, Alan Lindsey, Bill Lindsey, and Jean Lindsey. John Lindsey, a member of the North Carolina and South Carolina SSA, has more than seven years of worldwide experience with self storage brokerage, consulting, management and development. Alan Lindsey, a member of the Tennessee SSA, directly oversees facility retrofits and day-to-day operations. Bill Lindsey, a former director of the North Carolina SSA, boasts 47 years of self storage experience, and Jean Lindsey, has been a self storage broker since 2012.
“My family has been in the business since 1969,” says John Lindsey. “I grew up pouring concrete with my dad. Storage has been the topic of conversation with my family from an early age. We come from the operational side so we understand what operators need.”
In addition to the Lindsey Self Storage Group’s established east coast presence, the brokerage team also has an international focus. The Lindsey Group has long been involved with the Self Storage Association Asia and has been called upon for expertise at the organization’s annual expo.
“We know the heartaches and headaches that come with self storage,” says John Lindsey. “Who better to represent operators than people who have been on that side of the table?”
Working in Tandem
“It couldn’t be a better east coast, west coast combination, "John Lindsey says of working with Performance Self Storage Group.
Both brokerage firms are members of Storelocal, the industry’s only self storage co-op, so they often work together to better serve co-op members who are looking to sell storage facilities.
“The first time we consulted together was on a deal in Texas,” says Lindsey. “That was a middle ground, so we worked together to find the buyer.” The referral came from within Storelocal and together, Performance and Lindsey Self Storage Group worked in tandem to help get the deal done. It was a win-win for all.
Advantages to Storelocal Members
As a part of the Storelocal co-op, Performance Self Storage Group and Lindsey Self Storage Group offer unique discounts and services to members.
Both firms also provide something that exemplifies the spirit of the co-op: a commitment to bringing decades of self storage experience to work together towards the common goal of empowering independent operators to grow.
Interested in utilizing brokerage firms with self storage experience and taking advantage of discounted brokerage fee structures including, one third off any other quoted brokerage fee?
Gain access to brokerage partnerships plus other vendor services like automated access control, credit card processing, online auctions and more by joining the Storelocal co-op.
“Being a part of Storelocal means being a part of a group of people that I look up to, some that are way more successful than me,” says Touhey. “Within the co-op I’ve sold deals and I’ve been a partner in deals. We continue to forge opportunities together