This episode is the first in our Platform for Change series. Inspired by the #ShareTheMicNow campaign, we’ve put together these segments in which we’ll try to understand self-storage investing through the lens of the black community.
Today, we’ll be talking about using data in self-storage with Harding Easley, who has successfully combined his expertise in real estate and “big data”.
As an Account Executive at Yardi Matrix, Harding advises clients on data collection. Whether you’re working with multifamily, commercial, self-storage, or vacant land properties, everyone can use his advice on data analysis.
Harding will also talk about his views on the subject of social justice and he’ll share his experience working with his own family-owned business – The Harding Group.
Using Data in Self-Storage Industry
Data-driven research and analytics can help you:
- Find opportunities. Data will help you make better decisions when searching for the most profitable self-storage facilities to invest in.
- Find the loan expiration date. Being able to quickly locate a self-storage facility that has a loan ready to expire offers you the ability to move fast, make an offer, and close the sale way ahead of your competitors.
- Get hold of actual owners. Contacting the facility owners of self-storage units directly makes a huge difference in terms of deliverables.
Using data in self-storage is all about getting preliminary information that will make you more competitive and increase your chances of success. Most importantly, using data will save you time! Instead of spending weeks doing due diligence on a particular property, you can finish your research in a matter of hours.
Researching legalities can be exhausting. If you’re interested in a particular location, you need to file for permits and get through entire systems of issues before you can start building your self-storage facility. But when you have access to analytics, you can go through this tiring process much easier.
Generate Rental Income With Ease
Demand for self-storage is ever-present, regardless of economic downturns. People are downsizing, moving in with others, and they don’t want to get rid of their stuff. Hence, self-storage owners don’t have to worry about getting customers. Occupancy rates are steady and you can generate consistent rental income.
Data is hugely important for facility owners and long-term real estate investors, but even beginners can profit from new technology. In the self-storage industry, tech also helps us avoid the hassle of tenants, toilets, and trash! Investors can just sit back and relax while getting money from the rent.
For more advice on how to ensure your self-storage business is a success, check out our FREE Blueprint which will provide you with all the information you need!