Tag Archives: self storage investing

Self Storage Investing in the News

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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.

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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Tips for Video Marketing

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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.


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Offering Truck Rental Services at Your Storage Facility

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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.
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Business Awards Bring Recognition, Free Advertising

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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.
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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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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 get into the Self Storage Business Part 3: Networking

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In the past month we’ve discussed a few different tips to help newcomers break into the self storage business. Today, we’ll talk about one more important tool to put in your belt that will help any new property ownership business flourish: networking. While no one will argue that networking is an important aspect for any self storage business, many may not see the full potential that can be found in solid networking skills. Knowing the right people and knowing how to get in touch with knowledgable people can often help make or break your self storage company.

Networking and Your Manager

When it comes to networking in the self storage industry, this is one skill that you should look for in a manager or be willing to teach them. Having the proper networking skills can provide multiple opportunities for your business, and, in the long run, the time and energy spent on networking will more than make up for itself. Whether you find a manager who is a networking pro, or choose to invest in their training, it’s a good idea to make sure their skills are as current as possible. Subscribe managers to newsletters, send them to managing events, or just ask that they keep in contact with others in the self storage business. Then, when an important event is coming up, they will not only have current contacts, they will have the necessary skills to make new ones.

And as the owner, it’s always a good idea for you to keep up on your networking skills as well. There is plenty to be learned from others in the business, and the sooner you take the time to get to know more experienced self storage facility owners, the more you’ll be able to gain from those relationships. Reach out to others, and attend business related events – one of the best ways to meet up with other self storage investors.

Remember that solid networking skills will only help you in the long run and keep you connected with others in the business. Be sure to check back in for our next post on breaking into the self storage industry.

How to get into the Self Storage Business Part 2: Investing in your manager

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Here in the self storage business there are many important aspects to keeping your business in line. However, perhaps none are more important that who you choose to manage your facility/ies. A good manager can turn a self storage facility into a booming, profitable business, and in the same light, an awful one can bring it tumbling to the ground. Finding the right manager may be a time consuming task, but a necessary one when you consider all of their responsibilities.

 

Choosing your manager

When it comes to finding a self storage facility manager, do your homework. Do your potential hires have experience? Is that experience topic related? Or will their other skills translate? Just because a potential manager has minimal experience with the self storage industry doesn’t make them a bad choice. Look at their backgrounds: have they worked in retail? Dealt with customer service? All of these things will fall under your manager’s jurisdictions. Look beyond their former positions and see what skills will help them succeed in the self storage industry.

 

Another aspect to consider when hiring your manager is to get help from an outside source. Having a personal relationship with a potential hire or choosing after first impressions aren’t always a good idea. Ask a fellow property owner to help you decide, or a close friend who has experience owning their own business or working in management. When it comes to picking your manager, you can’t afford to get emotionally involved and risk choosing the wrong hire.

 

Ongoing education

Next, once you’ve made your pick, don’t forget that the self storage business is always changing, and so are the management techniques. There are hundreds of opportunities for continued education, and allowing your manager to expand their knowledge will only make them better at their job. Treat your manager to seminars, webinars, speakers, or a training sessions on a regular basis. Not only will the expense help your employees, but it will have a direct (and positive) effect on your business; helping it run smoother. And although it may seem like a costly expense, remember that with employees, you get what you pay for and your manager is the central piece holding your business together.