Monthly Archives: November 2011

Being Thankful in the Self Storage Industry

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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.
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Don’t Overestimate the Self Storage Competition

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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.
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How to Raise Millions in Private Money

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How to Raise Millions in Private Money 

By Scott Meyers

If you’re being challenged by recent market changes or struggling from a lack of cash, here’s a solution for you.

Raising and using private money can help you enjoy more profits in a slow, normal, hot or post-hot real estate market. I want to help you start buying more, and holding more self storage facilities all without ever using any of your own cash or credit.

Many cities and counties across the nation have recently shifted from a hot or normal market to a more challenging market. This is especially true for regions like California, Florida, Washington D.C., etc. If you’re having any trouble collecting cash when you buy, collecting positive cash flow each month or building long term wealth by capturing lots of equity, this article will give you the competitive and strategic advantage you want and need to achieve your financial goals as a creative real estate investor.

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Economy 0, Self Storage Business 1

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It’s nothing shocking to hear yet another blog/article/news piece about the failing economy. Every day the media is announcing one more way the US economy is hitting the ground. From banks, to small business, to Fortune 500, it seems that everyone has taken a hard hit from the Great Recession. However, it seems that, with all of this negative financial news does come an up side, there is one industry that is thriving more than ever: the self storage business. (I knew I got into this business for a reason.) And for those still standing on the outside of those storage garage doors, it’s not too late for you either.

How is the Self Storage Business Thriving in This Economy?

If you’re wondering how the self storage market is thriving when financial companies can’t even make it, you’re not alone. People from all across the country are analyzing the self storage business and looking to duplicate its success. Their results? There are several for the current success rate. Here’s the top three contributors I’ve researched:

  1. Banks aren’t approving many loans. Rather than purchasing land, building, and then renting, owners are buying up current properties. Bankrupt furniture businesses, grocery stores that have closed – no matter the building, almost any property can be built with plans for a storage units in mind. (And many for prices much lower than their worth.)
  2. People are downsizing. With the looming thought of an increasing mortgage payment, or just the realization that a home is too large, many are packing up and moving their excess belongings into a self storage unit.
  3. Bang for your buck. Buying a property outright can be expensive. But renting for a few months is much more cost-friendly and allows renters the flexibility to use a unit for as little or as long as they need.

But, as many have found, why the self storage business is thriving isn’t so much as important as the why-haven’t-I-been-doing-this-for-years. Newcomers from all over the employment map are beginning to purchase storage units and renting them out. Former businessmen/women, former salespersons, and even those just looking for some extra side money have bought units and started turning a profit almost immediately. And just because you haven’t gotten in the game yet doesn’t mean it’s too late. To find out more on how to get into the self storage business, contact us or check back here for weekly tips.

How to Maximize Your Storage Facility’s Exposure with an Online Directory

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When was the last time you used an internet search? Yesterday? Three hours ago? Ten minutes ago? If you’re anything like me, the internet is a part of your everyday life. And because of the speed in which users can find information, more and more people are relying on the internet – the self storage industry is no different. While yellow pages were once a customer’s best bet, now all it takes is a simple Google search to bring up virtually any type of information, presenting thousands of links that are just an internet jump and a mouse click away. It is because of this ease that, in the self storage business, it’s more important than ever to stay on top of the advertising game.

One of the easiest ways to do this is also a great way to draw in traffic: internet directories. There are tons of online directories available to us, and listing your facility is one of the best ways to ensure that new customers are aware you exist. (Trust me, a few extra dollars spent is more than worth the added exposure.)

So, why internet directories?

Think about it, where do you go when you need information? Do you scour the phonebook? Listen to radio ads? Or do you punch your question into your favorite web browser? While all of these methods may be effective, the latter is much more time efficient. And, more than likely, your customers will be out to save some time as well.

Aggregation sites such as online directories take large amounts of information and condense them into one easy to use page. By simplifying the process for consumers, they are able to find more information through less research or comparison work. Rather than finding individual prices and matching them up one-by-one, there are now entire websites dedicated to finding storage renters the best deal. Through the use of these aggregation sites, customers can find their new storage facility, sign up, and pay their first month’s rent without leaving their computer. Online directories are all about making consumers’ lives easier, and the people are responding strong.

All for a simple month fee, your business can be listed in an online directory along with some of your biggest competitors. The only thing left to do will be to welcome your new customers.

For more tips on breaking into the self storage business, be sure to check back in for weekly insider information.