The conversation also dives into the realities of selling self storage. Johnny compares marketing properties himself versus working with a broker, discusses how interest rates affected valuations, and explains why leaving some "meat on the bone" with below-market rents can actually make a facility more attractive to buyers looking for value-add opportunities. He also shares practical advice on preparing a facility for sale, from organizing reports and documentation to maintaining clean, well-managed operations that inspire buyer confidence.
Beyond the selling process, Johnny reflects on what makes self storage such an attractive investment compared to apartments. While storage requires consistent operational attention, he explains that the lower maintenance demands, diversified income, and operational flexibility made it a far more enjoyable business to own and manage.
Ultimately, the episode offers valuable insight for any operator considering buying, selling, or simply improving a self storage facility. Johnny's experience demonstrates that successful exits don't happen by accident—they're built on strong operations, thoughtful planning, and knowing when the right opportunity comes along.
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