How Can You Add Value to Your Self Storage Facility?
As a business owner, there is just something about increasing the value of your business that bring a special kind of joy. Maybe you are trying to increase business, or market appeal to sell. Or maybe, you just want the best business you can build! Regardless of the reasons, here are 10 ways you can […]
Self Storage Facilities are Easy to Manage- Penny #9
Just joking! The word easy and manage are two words that don’t really coincide well together. If it were easy, everyone would be doing it, right? With that being said, though, self storage facilities really are not that difficult to manage once you have identified what needs to be done, the time frame in which […]
Ask Scott: Estimated Expenses
“Hey Scott! When elevating Storage Units what rule of thumb do we use for estimated expenses? 50% rule? 60% rule because it is commercial? When calculating vacancy and bad debt, do these have rule of thumb too? Thanks!” Hello! An existing Facility that’s being properly managed should have an expense ratio of 32 – 35%, that is […]
Do You Need Residents to Make Money in Real Estate?
Barbara Streisand once said “people who need people, are the luckiest people in the world.” Do you agree that this is necessarily the case? Or do you think that in real estate people tend to only cause more problems? Your real estate build doesn’t NEED people to exist, but without people inside, you don’t get […]
Who is the Quarterback on Your Team?
Just like in football, there is one member of your team that is going to carry the game. Do you know who this is? Your manager! They are absolutely vital to the success of your facility and not having the right one can be detrimental. The importance of having a good manager cannot be overlooked! […]
Manage You Self Storage Investment with Care
If you are the owner of a self storage facility, you are one of the many who helped to break some industry records! With so much competition popping up, passive management is no longer an option! If you want to survive the boom in the industry, you are going to have to dig your heels […]