When acquiring a new self storage property or properties, one of the items you will receive during your due diligence is the occupancy report. Many of the reports you are familiar with may be produced by one of the automated platforms being offered to the industry.
While these reports provide you with a quick snapshot it may still be difficult to determine the actual occupancy, especially with an out-of-state acquisition. Remember, behind any piece of technology there is a human factor. Therefore, mistakes can happen whether in keying or miscommunication so your seller needs to provide you with as much information as possible. You need to be able to have someone you trust such as your broker or lender if you cannot actually complete an in-person inspection. This will help identify or answer the following:
There are many resources to help you in this regard. Resources include information, education, networking, vendor referrals, events, standardized agreements, data collection, marketing, advocacy and publications for current and potential facility owners, managers, suppliers and investors. For additional information visit OSNational.com.