What should I check before buying a self-storage franchise location?

A franchised storage facility is a facility plus a brand. You pay for the brand, so you want to know what it does for the site. General points about resales are in what to know before buying an existing franchise unit. The questions here are the ones that matter most for storage.

What the brand actually supplies

Ask what the franchisor provides day to day. Common examples are a booking website, a national phone line, pricing software, signage and training. Ask which of these the location uses today and what each costs. Then ask how many of the facility’s tenants came through the brand, compared with walk-ins and local advertising. The answer shows what the brand adds.

Rules you would have to follow

Brands often set standards for rates, tenant agreements, software, signage and the look of the site. Ask to see them in writing. Find out whether you must use the franchisor’s systems and suppliers, and what happens if you want to change how the facility prices or advertises. Rules that look small can limit how you run the place.

Transfer and required upgrades

A franchisor may need to approve a buyer, and whether the licence or franchise agreement carries over, or is replaced, depends on that agreement. Ask what the approval process involves, how long it takes, and whether you would sign a new agreement on new terms. Ask in writing whether the brand will require renovations or technology changes after the transfer, and by when.

• Which fees and contributions continue, and who reviews them?
• Can the location be refused renewal, and on what grounds?
• Who owns the tenant list and the online booking data?