191. How to Appraise Self Storage Properties 101 w/ Tim Garey
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 15 February 2023
⏱️ 48 minutes
🧾️ Download transcript
Summary
When buying a self storage facility, the sale price isn’t always market value - if it was, we’d live in a perfect world.
Thats why having an appraiser come out and inspect the property can be tremendously valuable. They can tell you what exactly adds or subtracts from market value and determines the final sale price.
In this episode, special guest Tim Garey from Cushman & Wakefield Self Storage sheds light on the appraisal process. With over 20 years of experience in commercial real estate, Tim has valued a wide variety of properties: shopping centers, industrial, golf courses, and...self storage!
Find out more about Cushman & Wakefield here: http://cushwakeselfstorage.com/
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Grab my audiobook Growing Wealth in Self Storage for FREE: https://www.selfstorageincome.com/free-audiobook
Transcript
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| 0:00.0 | It's a story to tell is what we have to do in the appraisal. |
| 0:02.7 | We have to say, okay, buyer and seller came together. This is how it happened. This is, and then you got to go to a history on the property, you know, how the property came about. Obviously, definition of market value is willing buyer, willing seller. Yes. So if, if that's the situation, that's kind of your jumping off point. |
| 0:21.6 | But there have been times that I've seen sale prices and then I've gone through my analysis |
| 0:26.6 | and I've been saying, what am I missing? |
| 0:29.6 | What I do is I use that sale price, knowing that that's what the sale price is and willing |
| 0:36.6 | buyer, willing seller, it can |
| 0:38.0 | really go sideways if you don't know what you're doing. |
| 0:44.8 | Welcome back, everybody, to the self-storage income podcast. We're so excited to dive into |
| 0:50.0 | today's episode. When you guys are looking at property management software for your storage |
| 0:53.7 | facilities, |
| 0:54.4 | there's a ton of options out there, |
| 0:56.1 | but no other option compares to tenant ink. |
| 0:58.8 | Tenant Inc is gonna be your one-stop shop solution |
| 1:01.4 | that has an amazing amount of tools |
| 1:03.7 | that you can deploy at your fingertips |
| 1:05.6 | to maximize the value of your facility, |
| 1:08.0 | to operate it more efficiently, more effectively. |
| 1:10.3 | They have an open API where you can back in almost anything you want. |
| 1:13.1 | You own your data and it's just an incredible solution. |
| 1:16.1 | I can't say enough good things about these guys. |
| 1:19.1 | Link is in the show notes. |
| 1:20.1 | Be sure to check out Tenet Inc. |
... |
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