How do I get my storage facility’s records and tenant files ready for sale?

Begin with the unit list. For each unit, show who rents it, the monthly rate, the start date and whether the tenant is current. Any unit that is vacant, unavailable or used by the owner should be marked so. Then check the totals against your deposits.

Next, go through the tenant files. Make sure each has a signed agreement and current contact details, along with any insurance or deposit paperwork. Fill gaps now, and decide how you will handle missing items. Flag tenants who are behind and note what steps you have taken so far, as the buyer will ask.

Finally, sort the operating records: gate and access logs, camera footage practices, maintenance, and any complaints or incidents. Tenant files hold personal information, so ask your lawyer how to share it with a buyer and when. Many sellers share a summary first and the full files only later. Your accountant can help you tie rent figures to your financial statements. Plan the timing. Do the clean-up a few months before listing, since reconciling years of files takes longer than expected. Keep a short log of what you changed and why, so you can explain any adjustments if the buyer asks.

Key takeaways

• Reconcile the unit list, agreements and bank deposits.
• Complete each tenant file and flag overdue accounts and the steps taken.
• Ask your lawyer how and when to share personal information.