Here at Self Storage Investing, we’ve been helping newcomers advance and get their start in the business through our mentoring program. And after years of service, I’m happy to announce that others are taking notice. This past week, our efforts were featured in Extra Space Storage’s blog, as well as IBT PR Center’s website, highlighting the outline of our plan.
In her blog, Holly Robinson of Extra Space Storage, expresses the importance of a program to help buyers obtain finances and show them the ropes of the self storage business. She states how most businesses don’t come with a how-to manual, but that’s exactly what we’re doing: teaching investors what to expect. But we don’t stop there.
During the program, students learn the ins and outs of self storage through several mediums including software, seminars, eBooks, and one-on-one mentoring. Then we help them sign up for specialized loans or meet with private lenders to make their business a reality. In fact, last year alone we were able to help four students obtain storage facilities, across the country, worth a cumulative $6.9 million.
To find out more about our mentoring program, comment or click the academy tab above.
Here at Self Storage Investing, we’ve been helping newcomers advance and get their start in the business through our mentoring program. And after years of service, I’m happy to announce that others are taking notice. This past week, our efforts were featured in Extra Space Storage’s blog, as well as IBT PR Center’s website, highlighting the outline of our plan.
In her blog, Holly Robinson of Extra Space Storage, expresses the importance of a program to help buyers obtain finances and show them the ropes of the self storage business. She states how most businesses don’t come with a how-to manual, but that’s exactly what we’re doing: teaching investors what to expect. But we don’t stop there.
During the program, students learn the ins and outs of self storage through several mediums including software, seminars, eBooks, and one-on-one mentoring. Then we help them sign up for specialized loans or meet with private lenders to make their business a reality. In fact, last year alone we were able to help four students obtain storage facilities, across the country, worth a cumulative $6.9 million.
To find out more about our mentoring program, comment or click the academy tab above.
Most of the folks in the self storage industry have seen or heard a number of articles – whether located in blogs, chat rooms, etc. – about the war on the aggregators right now, which is being led by one self storage operator in Texas. During this controversy, I’ve been sitting back in the sidelines, talking with quite a bit of others in the industry and hearing different views on the use of aggregators.
As a self storage owner, I’ve used the aggregators sites for advertising; I teach people multiple ways to generate traffic. So with an unbiased opinion, I’ll explain the controversy from both sides of the issue. Just click on the video below.
Most of the folks in the self storage industry have seen or heard a number of articles – whether located in blogs, chat rooms, etc. – about the war on the aggregators right now, which is being led by one self storage operator in Texas. During this controversy, I’ve been sitting back in the sidelines, talking with quite a bit of others in the industry and hearing different views on the use of aggregators.
As a self storage owner, I’ve used the aggregators sites for advertising; I teach people multiple ways to generate traffic. So with an unbiased opinion, I’ll explain the controversy from both sides of the issue. Just click on the video below.
If you’ve ever wondered about video marketing, in this video Scott gives a quick glimpse on how to market your facility online, primarily through social media. A few tools of the trade don’t have to be progressive as you think. You don’t have to have a production company or a $1,000 camera. In fact, it’s pretty incredible what the iPhone 4s can do as far as video and uploading capabilities. Editing software such as iMovie or profiles on Feverr.com can also help with the production aspects. There are also plenty of cost-saving outlets once the finished product is ready as well, such as YouTube and a personal or company blog.
To find out more details and tips from Scott on video marketing, check out the video below.
If you’ve ever wondered about video marketing, in this video Scott gives a quick glimpse on how to market your facility online, primarily through social media. A few tools of the trade don’t have to be progressive as you think. You don’t have to have a production company or a $1,000 camera. In fact, it’s pretty incredible what the iPhone 4s can do as far as video and uploading capabilities. Editing software such as iMovie or profiles on Feverr.com can also help with the production aspects. There are also plenty of cost-saving outlets once the finished product is ready as well, such as YouTube and a personal or company blog.
To find out more details and tips from Scott on video marketing, check out the video below.
The current trend of storage auctions is growing in popularity by the day. TV shows are devoted to following professional auction buyers, and people everywhere are on the lookout to find a good deal for themselves. But as the facility owners, there is more to the auctions than the public may realize. Just because storage units may sell for more money than their back-rent racked up, it doesn’t necessarily mean it’s extra profit.
There are many rules involved with running these storage unit auctions, and many vary from state to state. For example, in the state of California, the profits – after rent bills are settled – are to be turned over to the original unit’s renter. If, after a year they cannot be contacted, the money should be given to the county in which they are located. But, according to an article found from Inside Self Storage, “the county has no mechanism in place for handling these types of funds.” So, you must go through the formality of sending them a check, but will later need to send the profits to the state. One tip for making the process easier, given by Jeff Greenberger, attorney, is to stamp the checks with a “void after 90 days label,” allowing the unit’s owner to wait the three months and mail the funds to the state. The money is then held until the owner can claim it. Read the rest of this entry »
The current trend of storage auctions is growing in popularity by the day. TV shows are devoted to following professional auction buyers, and people everywhere are on the lookout to find a good deal for themselves. But as the facility owners, there is more to the auctions than the public may realize. Just because storage units may sell for more money than their back-rent racked up, it doesn’t necessarily mean it’s extra profit.
There are many rules involved with running these storage unit auctions, and many vary from state to state. For example, in the state of California, the profits – after rent bills are settled – are to be turned over to the original unit’s renter. If, after a year they cannot be contacted, the money should be given to the county in which they are located. But, according to an article found from Inside Self Storage, “the county has no mechanism in place for handling these types of funds.” So, you must go through the formality of sending them a check, but will later need to send the profits to the state. One tip for making the process easier, given by Jeff Greenberger, attorney, is to stamp the checks with a “void after 90 days label,” allowing the unit’s owner to wait the three months and mail the funds to the state. The money is then held until the owner can claim it. (more…)
As an entrepreneur, chances are you’re looking for every medium possible that can help bring in extra money. Whether it’s adding on a coffee shop, putting in a vending machine, or becoming a certified UPS store, there are always ways to capitalize on your building’s space. Think of the first person to cram a Wendy’s or McDonalds into a gas station. It may have seemed like an unlikely combination at first, but by cutting back on overhead (using a single building) and increasing convenience (the “convenience” store), owners can significantly increase their profits.
One such venture is to turn your facility into a UPS store. This is a combination, unlike gasoline and hamburgers, that goes hand in hand. For example, UPS stores sell packing supplies, boxes, labels, etc. When customers are bringing in items to store, they have easy access to the supplies they will need. And, on the other side, those who come in to pick up or mail a package learn about your storage facility. Plus, you’ll be earning money from the store’s sales, only a fraction of which goes toward royalty and franchise fees. Read the rest of this entry »
As an entrepreneur, chances are you’re looking for every medium possible that can help bring in extra money. Whether it’s adding on a coffee shop, putting in a vending machine, or becoming a certified UPS store, there are always ways to capitalize on your building’s space. Think of the first person to cram a Wendy’s or McDonalds into a gas station. It may have seemed like an unlikely combination at first, but by cutting back on overhead (using a single building) and increasing convenience (the “convenience” store), owners can significantly increase their profits.
One such venture is to turn your facility into a UPS store. This is a combination, unlike gasoline and hamburgers, that goes hand in hand. For example, UPS stores sell packing supplies, boxes, labels, etc. When customers are bringing in items to store, they have easy access to the supplies they will need. And, on the other side, those who come in to pick up or mail a package learn about your storage facility. Plus, you’ll be earning money from the store’s sales, only a fraction of which goes toward royalty and franchise fees. (more…)
As a self storage facility owner, you may wonder what connection truck rental companies can have with your business. Yes, you’re both in the same field, but generally it’s the customers who rent their own trucks, right? Not necessarily. By pairing with a rental truck service and pooling resources, you can not only make the moving process easier for customers, but can make money in the process. And since you’re offering an all-in-one-stop, renters are more likely to see your bundling services as a way to save time.
Whether you partner up with a specific truck rental company, or decide to offer advice and reviews on all available options, branching out to truck rentals is a great way to expand your business. One storage company in Columbus took the partnering route in order to join forces. Just a few weeks ago, Chatterton Self Storage announced they would be renting out U-Haul trucks to their customers. The trucks will be located on the premises to help reduce travel time and hassle for future movers. Read the rest of this entry »
As a self storage facility owner, you may wonder what connection truck rental companies can have with your business. Yes, you’re both in the same field, but generally it’s the customers who rent their own trucks, right? Not necessarily. By pairing with a rental truck service and pooling resources, you can not only make the moving process easier for customers, but can make money in the process. And since you’re offering an all-in-one-stop, renters are more likely to see your bundling services as a way to save time.
Whether you partner up with a specific truck rental company, or decide to offer advice and reviews on all available options, branching out to truck rentals is a great way to expand your business. One storage company in Columbus took the partnering route in order to join forces. Just a few weeks ago, Chatterton Self Storage announced they would be renting out U-Haul trucks to their customers. The trucks will be located on the premises to help reduce travel time and hassle for future movers. (more…)
Here at Self Storage Investing, we are dedicated to helping other storage facility owners – whether new to the business or those who have yet to commit – the best advice when breaking into the industry. In order to carry on that promise, I decided to start a series of blogs in which I review and compare different business necessities. Stay tuned for more great self storage business advice. Up first: renters insurance.
Renters insurance, although not (generally) provided by the building owner, is an important piece of the self storage business. Individual renters will be interested in knowing perks, prices, and stipulations to different policies. As a self storage facility owner, it is a good idea to have this information on hand, and be able to offer advice to your future renters. Read the rest of this entry »
Here at Self Storage Investing, we are dedicated to helping other storage facility owners – whether new to the business or those who have yet to commit – the best advice when breaking into the industry. In order to carry on that promise, I decided to start a series of blogs in which I review and compare different business necessities. Stay tuned for more great self storage business advice. Up first: renters insurance.
Renters insurance, although not (generally) provided by the building owner, is an important piece of the self storage business. Individual renters will be interested in knowing perks, prices, and stipulations to different policies. As a self storage facility owner, it is a good idea to have this information on hand, and be able to offer advice to your future renters. (more…)
With all of the advertising options that are available today, the costs can add up quickly. There are radio ads to purchase, commercial slots, internet space – the options quickly make a dent in the profits. But, what if there were another way? What if there were a way to get the word out about your services without having to pay for it? While nothing can actually replace conducting your own advertising, there are methods that can help along the process. One such free example is winning an award.
While, of course this path requires for your company to be chosen by others, it also makes it that much more honorable once it’s been earned. Not only will winning an award bring clout to your business, proving to potential customers that you’re the real deal, it will also get your name out into the public. Award winners can also be featured in local publications, reaching an even broader audience. Read the rest of this entry »
With all of the advertising options that are available today, the costs can add up quickly. There are radio ads to purchase, commercial slots, internet space – the options quickly make a dent in the profits. But, what if there were another way? What if there were a way to get the word out about your services without having to pay for it? While nothing can actually replace conducting your own advertising, there are methods that can help along the process. One such free example is winning an award.
While, of course this path requires for your company to be chosen by others, it also makes it that much more honorable once it’s been earned. Not only will winning an award bring clout to your business, proving to potential customers that you’re the real deal, it will also get your name out into the public. Award winners can also be featured in local publications, reaching an even broader audience. (more…)
With Thanksgiving looming around the corner, I thought this week would be a great opportunity to talk about some of the thankless tasks within the self storage industry. Anyone who has ever owned property, managed a business, or even just held down a job, knows how many steps that can be involved in a day-to-day operation. Trash has to be taken out, sidewalks swept and kept clear of ice, billing and paperwork, maintenance – the long list of chores could go on for pages. But, unfortunately, those who complete those tasks don’t always get a pat on the back.
First things first, the manager is the person who makes your business run. They are also the middle man, passer of information, and answerer of questions. Managing means taking care of the small details, and one of the simplest of details is showing others how much you appreciate their work – remind them of how helpful they are. As for other employees, they’ll fulfill countless tasks such as running auctions (no two of which ever turn out the same), and making sure statements get out on time – both of which are the reason you’re making a profit. So, why you’re technically paying the bills, they’re making it possible. Let them know. Read the rest of this entry »
With Thanksgiving looming around the corner, I thought this week would be a great opportunity to talk about some of the thankless tasks within the self storage industry. Anyone who has ever owned property, managed a business, or even just held down a job, knows how many steps that can be involved in a day-to-day operation. Trash has to be taken out, sidewalks swept and kept clear of ice, billing and paperwork, maintenance – the long list of chores could go on for pages. But, unfortunately, those who complete those tasks don’t always get a pat on the back.
First things first, the manager is the person who makes your business run. They are also the middle man, passer of information, and answerer of questions. Managing means taking care of the small details, and one of the simplest of details is showing others how much you appreciate their work – remind them of how helpful they are. As for other employees, they’ll fulfill countless tasks such as running auctions (no two of which ever turn out the same), and making sure statements get out on time – both of which are the reason you’re making a profit. So, why you’re technically paying the bills, they’re making it possible. Let them know. (more…)
Over the years I’ve seen and heard hundreds of excuses for people not starting their own self storage business. “There’s already too many facilities in our area.” “I wouldn’t know where to start.” Or, “My neighbor rents from such-and-such.” And while the excuses themselves may vary, they all have the same theme: overestimating the competition. Many of these startup businesses fall short before they can even launch due to lack of confidence. But, there are several reasons you should have faith in your abilities.
Why Certain Fears are Invalid
When I hear “There’s already too many facilities in our area,” I always ask for more info. How many facilities? Are there climate-controlled units? Individually alarmed? Business Centers…? More often than not, these questions can’t be answered. Just because there are “a lot” of self storage facilities doesn’t mean every market is covered. Many owners overestimate what their customers will want, offering services that are more than consumers are willing to spend. Others may have underestimated storage needs. The key is to find a gap in the market and take advantage of it. Read the rest of this entry »
Over the years I’ve seen and heard hundreds of excuses for people not starting their own self storage business. “There’s already too many facilities in our area.” “I wouldn’t know where to start.” Or, “My neighbor rents from such-and-such.” And while the excuses themselves may vary, they all have the same theme: overestimating the competition. Many of these startup businesses fall short before they can even launch due to lack of confidence. But, there are several reasons you should have faith in your abilities.
Why Certain Fears are Invalid
When I hear “There’s already too many facilities in our area,” I always ask for more info. How many facilities? Are there climate-controlled units? Individually alarmed? Business Centers…? More often than not, these questions can’t be answered. Just because there are “a lot” of self storage facilities doesn’t mean every market is covered. Many owners overestimate what their customers will want, offering services that are more than consumers are willing to spend. Others may have underestimated storage needs. The key is to find a gap in the market and take advantage of it. (more…)
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