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.
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…)
Last week, we talked about new tips for marketing strategies for your self storage business by purchasing TV time slots. Today, we’ll take the idea of marketing through television and expand on it even further. For those who have already made an investment in TV time slots, you’ll understand the ease of getting your name out there through the power of commercials. However, for those who are wanting to expand on their commercial, there are many options to utilize TV ratings even further.
Start by checking in with your local TV station(s). Oftentimes, smaller stations will have a channel that is very similar to a radio show. Radio ads are played along with a picture of the business and contact info. This is not only a way to reach a larger number of people, but to capitalize on another channel through advertising, while essentially offering them two separate ads as only one is through video.
Next, check the station’s website. Do they sell ads? Purchasing an online ad next to the classifieds will ensure that interested consumers will see your self storage ad. The ad can also be seen by those who may be more technology savvy and may record their shows or watch them online.
Finally, ask any TV or radio stations if they are looking for any sponsors. When they cover a live event, these stations may have banners or give away items for listeners and viewers. By buying one of these spaces for your company, you will get your name out there by spending minimal amounts. And if you participate in the giveaways (self storage businesses could offer free keychains or calendars), consumers will be reminded of your business while also passing along your info to others.
The next time you’re working on your self storage business’s marketing strategies, keep these simple yet effective ideas in mind.
Last week, we talked about new tips for marketing strategies for your self storage business by purchasing TV time slots. Today, we’ll take the idea of marketing through television and expand on it even further. For those who have already made an investment in TV time slots, you’ll understand the ease of getting your name out there through the power of commercials. However, for those who are wanting to expand on their commercial, there are many options to utilize TV ratings even further.
Start by checking in with your local TV station(s). Oftentimes, smaller stations will have a channel that is very similar to a radio show. Radio ads are played along with a picture of the business and contact info. This is not only a way to reach a larger number of people, but to capitalize on another channel through advertising, while essentially offering them two separate ads as only one is through video.
Next, check the station’s website. Do they sell ads? Purchasing an online ad next to the classifieds will ensure that interested consumers will see your self storage ad. The ad can also be seen by those who may be more technology savvy and may record their shows or watch them online.
Finally, ask any TV or radio stations if they are looking for any sponsors. When they cover a live event, these stations may have banners or give away items for listeners and viewers. By buying one of these spaces for your company, you will get your name out there by spending minimal amounts. And if you participate in the giveaways (self storage businesses could offer free keychains or calendars), consumers will be reminded of your business while also passing along your info to others.
The next time you’re working on your self storage business’s marketing strategies, keep these simple yet effective ideas in mind.
Self Storage Profits, Inc. Assists First-Time Investor in $1.1 Million Acquisition
Self Storage Profits, Inc., a self storage education and mentoring firm based in Indianapolis, recently assisted another student in the acquisition of a self storage facility in Danville, Illinois using the SBA 7(a) loan program. The property is an older facility in a secondary market that has recently undergone a significant facelift, modernizing it with above-average technology upgrades including a sales kiosk. The property, previously branded as Always Open Storage, was immediately rebranded as Steady Storage under the new ownership.
“It’s so exciting to see another one of our students, David Manka, become a first time self storage owner” said Scott Meyers, founder of Self Storage Profits, Inc. “The deal had it’s fair share of challenges, but in the end, our staff of mentors and lenders were able to close the deal for David, which provides more proof that the market is nowhere near as bad as people perceive. We are looking forward to closing several more deals like this in our pipeline throughout 2011.”
Self Storage Profits, Inc. Assists First-Time Investor in $1.1 Million Acquisition
Self Storage Profits, Inc., a self storage education and mentoring firm based in Indianapolis, recently assisted another student in the acquisition of a self storage facility in Danville, Illinois using the SBA 7(a) loan program. The property is an older facility in a secondary market that has recently undergone a significant facelift, modernizing it with above-average technology upgrades including a sales kiosk. The property, previously branded as Always Open Storage, was immediately rebranded as Steady Storage under the new ownership.
“It’s so exciting to see another one of our students, David Manka, become a first time self storage owner” said Scott Meyers, founder of Self Storage Profits, Inc. “The deal had it’s fair share of challenges, but in the end, our staff of mentors and lenders were able to close the deal for David, which provides more proof that the market is nowhere near as bad as people perceive. We are looking forward to closing several more deals like this in our pipeline throughout 2011.”
The good, the bad and the ugly; prepare for a lot of each due to the newfound, newfangled popularity of television reality shows about the self-storage industry. “Storage Wars” and other imitators may be called reality programming, yet they are anything but realistic when it comes to actual industry operations. They attract attention to the industry, but sometimes more attention may not be more lucrative. Self-Storage unit and auction operators beware.
Self-storage professionals are keenly aware of the challenges in presenting a positive image of self-storage lien sales and the self-storage industry. However, good industry practices do not necessarily mean great entertainment, so the reality television shows ham it up creating, in the process, a distorted view of the self-storage industry. This can make for problems and challenges going forward for self-storage facility and auction operators. Misconceptions and crowd-related issues at auctions can get in the way of successful operations. Defaults and scams have increased, records show.
On the other hand, the popularity of shows like “Storage Wars” illustrates a national passion for reality-based television, bringing the industry into households that may not have been familiar with the industry. This can be a good thing. The fact is that television exposure to millions of Americans really increases the potential customer pool. A lot of operations report telephone lines buzzing with newbies. More people have been renting units and attending auctions. However, they have unrealistic expectations for what may be in units.
As interest has boomed in self-storage, criminals have taken note as well, of course. Scams have become much more prevalent, so take note, too. One of the new scams involves rubbish units. Self-storage auction tenants work with unscrupulous operators to inflate the price of a unit. The so-called tenant fills the unit with great looking boxes creating the impression of great value. The boxes are junk and the scammers divide a very nice profit. So, buyers beware.
Speaking of buyers, the popularity of the reality television shows are bringing flocks of unqualified buyers to self-storage auctions. They have unrealistic notions, which in the end may even annoy or inhibit actual customers. Parking and crowd control have become issues at some auctions. Members of the National Self Storage Association and certified self-storage managers must be able to sift through those brought into the field expecting entertainment from serious buyers. Literally hundreds of people are showing up now at auctions, drowning out legitimate, and long-standing customers.
Crime, in general, according to some self-storage and auction managers, has increased at units as criminals become more aware of the great value stored at these outstanding facilities. Break-ins are increasing due to the poor economy as well; all the more reason to be armed with the best advice and knowledge, members of the online self-storage industry say. Common sense and defensive measures are important: do not keep cash around; make sure the manager’s office is secure; and be extra careful installing security measures.
Check out Self-Storage Talk at http://www.selfstoragetalk.com/ for all types of discussion threads of interest in the quest for self-storage excellence.
There is always something new in the world of reality television, but the effects of “Storage Wars” and of other similar shows will continue. So, self-storage industry professionals need to be prepared for resulting legal challenges and lien-sale liability matters. That is the really real world and not the television version.
Much more information and help is available. If you need any additional information related to this topic or any other self-storage topic, you can check out www.selfstorageinvesting.com to learn more.
The good, the bad and the ugly; prepare for a lot of each due to the newfound, newfangled popularity of television reality shows about the self-storage industry. “Storage Wars” and other imitators may be called reality programming, yet they are anything but realistic when it comes to actual industry operations. They attract attention to the industry, but sometimes more attention may not be more lucrative. Self-Storage unit and auction operators beware.
Self-storage professionals are keenly aware of the challenges in presenting a positive image of self-storage lien sales and the self-storage industry. However, good industry practices do not necessarily mean great entertainment, so the reality television shows ham it up creating, in the process, a distorted view of the self-storage industry. This can make for problems and challenges going forward for self-storage facility and auction operators. Misconceptions and crowd-related issues at auctions can get in the way of successful operations. Defaults and scams have increased, records show.
On the other hand, the popularity of shows like “Storage Wars” illustrates a national passion for reality-based television, bringing the industry into households that may not have been familiar with the industry. This can be a good thing. The fact is that television exposure to millions of Americans really increases the potential customer pool. A lot of operations report telephone lines buzzing with newbies. More people have been renting units and attending auctions. However, they have unrealistic expectations for what may be in units.
As interest has boomed in self-storage, criminals have taken note as well, of course. Scams have become much more prevalent, so take note, too. One of the new scams involves rubbish units. Self-storage auction tenants work with unscrupulous operators to inflate the price of a unit. The so-called tenant fills the unit with great looking boxes creating the impression of great value. The boxes are junk and the scammers divide a very nice profit. So, buyers beware.
Speaking of buyers, the popularity of the reality television shows are bringing flocks of unqualified buyers to self-storage auctions. They have unrealistic notions, which in the end may even annoy or inhibit actual customers. Parking and crowd control have become issues at some auctions. Members of the National Self Storage Association and certified self-storage managers must be able to sift through those brought into the field expecting entertainment from serious buyers. Literally hundreds of people are showing up now at auctions, drowning out legitimate, and long-standing customers.
Crime, in general, according to some self-storage and auction managers, has increased at units as criminals become more aware of the great value stored at these outstanding facilities. Break-ins are increasing due to the poor economy as well; all the more reason to be armed with the best advice and knowledge, members of the online self-storage industry say. Common sense and defensive measures are important: do not keep cash around; make sure the manager’s office is secure; and be extra careful installing security measures.
Check out Self-Storage Talk at http://www.selfstoragetalk.com/ for all types of discussion threads of interest in the quest for self-storage excellence.
There is always something new in the world of reality television, but the effects of “Storage Wars” and of other similar shows will continue. So, self-storage industry professionals need to be prepared for resulting legal challenges and lien-sale liability matters. That is the really real world and not the television version.
Much more information and help is available. If you need any additional information related to this topic or any other self-storage topic, you can check out www.selfstorageinvesting.com to learn more.
Ideally, everyone would have a place to call home; but unfortunately, this is not always the case. A recent AOL news story discussed a Houston family that was found residing in a storage facility with their six children. Amazingly, the family had equipped the unit with air conditioning, electricity and several other amenities. There was even a working garden established by the family behind the facility.
Attending school was not a problem for the children, who took online courses and received good grades. Child protective services caught wind of their activity and removed the children from their parent’s custody. As sad as their situation is, this is bad for our business as a whole. The recession has caused many previously stable individuals and families to lose their homes, and some of these economic victims attempt to make our self-storage facilities their temporary home.
What do instances such as this mean for the future of our industry? How do we prevent this type of activity from occurring at our storage enterprises? Clearly, as professional business owners we must take action to protect our client’s possessions as well as our reputations.
One of the most effective methods to avoid instances such as this one from happening to you is to be firm in your rental policies. It is standard to require contact information from storage space renters, and occasionally we may turn a blind eye when they cannot provide one. After all, several of these citizens are in the process of moving and may not have information to provide. Use your gut instinct about the potential customer when they come in to rent, and if they do not have the required information, it is your right to refuse to contract with them.
Ideally, everyone would have a place to call home; but unfortunately, this is not always the case. A recent AOL news story discussed a Houston family that was found residing in a storage facility with their six children. Amazingly, the family had equipped the unit with air conditioning, electricity and several other amenities. There was even a working garden established by the family behind the facility.
Attending school was not a problem for the children, who took online courses and received good grades. Child protective services caught wind of their activity and removed the children from their parent’s custody. As sad as their situation is, this is bad for our business as a whole. The recession has caused many previously stable individuals and families to lose their homes, and some of these economic victims attempt to make our self-storage facilities their temporary home.
What do instances such as this mean for the future of our industry? How do we prevent this type of activity from occurring at our storage enterprises? Clearly, as professional business owners we must take action to protect our client’s possessions as well as our reputations.
One of the most effective methods to avoid instances such as this one from happening to you is to be firm in your rental policies. It is standard to require contact information from storage space renters, and occasionally we may turn a blind eye when they cannot provide one. After all, several of these citizens are in the process of moving and may not have information to provide. Use your gut instinct about the potential customer when they come in to rent, and if they do not have the required information, it is your right to refuse to contract with them.
So far, it looks like 2011 is an opportune time for buyers and sellers alike in the self-storage industry. Interest rates are still phenomenally low, which gives motivation for buyers to act now before they rise and also gives sellers a better chance of obtaining a higher price for their properties. With many operators reporting a near 90% occupancy rate, even during the economic downturn affecting almost every other industry, investors are looking favorably on the self-storage sector.
Well-maintained, properly managed and well-located facilities are definitely seeing buying interest in the north-central region. Whether this is the best time to sell, however, still comes down to the individual goals of each operator. If your facility is operating profitably, with a high occupancy rate, this could be the perfect time to sell if you are so inclined. Plenty of investors are looking for ways to secure even a 10% ROI.
As far as building new facilities, this may not be the best time. Banks are still skittish about lending and there was a problem with overbuilding in the past, where supply was ahead of demand. Rather than building new, the trend seems to be in the acquisition or expansion of existing facilities. These are both viable alternatives for those wanting to grow their current base.
Hope this information is useful. Feel free to comment on this or any other topic!
So far, it looks like 2011 is an opportune time for buyers and sellers alike in the self-storage industry. Interest rates are still phenomenally low, which gives motivation for buyers to act now before they rise and also gives sellers a better chance of obtaining a higher price for their properties. With many operators reporting a near 90% occupancy rate, even during the economic downturn affecting almost every other industry, investors are looking favorably on the self-storage sector.
Well-maintained, properly managed and well-located facilities are definitely seeing buying interest in the north-central region. Whether this is the best time to sell, however, still comes down to the individual goals of each operator. If your facility is operating profitably, with a high occupancy rate, this could be the perfect time to sell if you are so inclined. Plenty of investors are looking for ways to secure even a 10% ROI.
As far as building new facilities, this may not be the best time. Banks are still skittish about lending and there was a problem with overbuilding in the past, where supply was ahead of demand. Rather than building new, the trend seems to be in the acquisition or expansion of existing facilities. These are both viable alternatives for those wanting to grow their current base.
Hope this information is useful. Feel free to comment on this or any other topic!
Okay, guys in the previous post I mentions all the good things that California had done! I ran across an interesting article today on the “Real Estate Journal Online” website (link: http://rejournalonline.com/new-self-storage-lien-law-in-nevada/854027/) discussing a law recently passed in Nevada. The law helps self storage owners by requiring delinquent renters to file suit against a lien within 21 days of filing of Declaration of Opposition. This prevents a legal deadlock by imposing a time limit on the renter.
Understand that I’m NOT advocating throwing someone’s stuff out due to one missed bill. Everybody has a chance at running into difficulty and being unable to make their bill one month. Someone might have something come up and need to renegotiate a contract. That’s no problem. I doubt a landlord would be so rigid as to refuse a change in financing to someone who clearly needs it.
Rather, this law protects owners from people manipulating the legal system in order to obtain self storage services for free. Some people out there will, when unable to pay their bill, simply stop paying it. They ignore phone calls warning them that a lien will be put on their storage unit and then are shocked when a lien is filed. They will then file a Declaration of Opposition in order to delay the process, rather than working with the owner to figure out how to keep their unit through a difficult time. This is costly for the company, and increases the stress for everyone involved.
The article closes by asking whether you think such a requirement is unfair to the tenants — So, what do you think??
Okay, guys in the previous post I mentions all the good things that California had done! I ran across an interesting article today on the “Real Estate Journal Online” website (link: http://rejournalonline.com/new-self-storage-lien-law-in-nevada/854027/) discussing a law recently passed in Nevada. The law helps self storage owners by requiring delinquent renters to file suit against a lien within 21 days of filing of Declaration of Opposition. This prevents a legal deadlock by imposing a time limit on the renter.
Understand that I’m NOT advocating throwing someone’s stuff out due to one missed bill. Everybody has a chance at running into difficulty and being unable to make their bill one month. Someone might have something come up and need to renegotiate a contract. That’s no problem. I doubt a landlord would be so rigid as to refuse a change in financing to someone who clearly needs it.
Rather, this law protects owners from people manipulating the legal system in order to obtain self storage services for free. Some people out there will, when unable to pay their bill, simply stop paying it. They ignore phone calls warning them that a lien will be put on their storage unit and then are shocked when a lien is filed. They will then file a Declaration of Opposition in order to delay the process, rather than working with the owner to figure out how to keep their unit through a difficult time. This is costly for the company, and increases the stress for everyone involved.
The article closes by asking whether you think such a requirement is unfair to the tenants — So, what do you think??
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