Is your Storage Center Distressed?Jack Miller
Here is what you can do
DOWN BUT NOT OUT
A distressed property is one that is one that is under foreclosure. Commercial properties such as self storage centers stand to lose a lot when the economic market takes a turn for the worst. If your storage center is already in financial distress it means that your property has just joined their ranks. Are you down for the count? We know how upsetting the ordeal can be for you. After all, you work very hard to keep your property running. Here are some tips we saw work for our clients and may work for you as well –
SPEAK WITH YOUR LENDER
Your lender is not unreasonable and will hear you out. Make sure that you consult with your lender before your financial troubles become too overwhelming to handle. Why? Your lender will be more informed about your financial distress than you will and may offer you solutions that help you out of your financial quandary. Lenders are more upfront with property owners who have a genuine interest in dealing with their issues as compared to owners who do not keep all lines of communication open. It would be in the bank’s best interest if you are successful in saving your property from being repossessed rather than repossessing it and trying to sell it themselves. Keep all lines of communication open. Making false promises to catch up on payments will get you nothing but a one way ticket to court. The court might ban you from acquiring any credit for a specific number of years. Remember, the bank is entitled to sell or auction your home without your permission. You won’t be doing yourself any favors if you do not take responsibility and show your lender that you want to turn your financial situation around.
SEEK PROFESSIONAL HELP
A professional consultation service will be able to analyze your property’s situation according to current market conditions and come up with solutions that bring you value. A professional management service will also have no emotional attachment to your storage center and will hence make unbiased suggestions on how you can save it. There is always a solution for recovering a distressed property. Commercial properties such as storage centers are no different. However, time is of the essence. Most of our clients turned their respective financial situations for the better because they acted fast and made the right choices. The tips mentioned above should help you save your own storage center from being repossessed before your lender says that it has had enough and comes to collect.