Tag Archives: economy

Self Storage Aggregators Explained

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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.


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Storage Auctions: What Happens When They Bring in Extra Cash

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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.
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Will Extra Job Loss Affect Vacancy Rates?

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If the current economic data holds true, 95,000 jobs were lost in September and more are on the way. What does that mean for our industry?

If the history of our industry holds true, we will see vacancy drop as more people in more places move out of their existing homes and in to shared living spaces, back in with parents, or in to smaller houses or apartments. What do they do with all of that stuff? They either dump it in a quick garage sale or they move it in to self storage facilities. Additionally, what do the people that buy their stuff do with it? Put it in storage. Either way, local storage facilities win.

And so do you.