Interest rates have gone up and will most likely continue to go up. That has an effect on the self storage industry. As we move into the "Hyper Supply" phase of the real estate cycle (click HERE for details on the phases of the cycle) one of the historic moves of the...
I speak often about the oversupply of self storage in certain markets and how to position yourself to stay relevant in today's market. My default setting is to assume that everyone has a real estate background and understands where we are in the current real estate...
Many of us are building new self storage facilities (instead of Additions or Conversions) as the way to start or grow our self storage business. As more square footage hits the market, marketing has never been more important. In this episode, I'll share what your...
The days of simply opening your self storage facility every day and maintaining a 90% plus occupancy rate are over. For the last few years, all you needed was to have the power on and a functioning gate and you had high occupancy. Those days are over. The market is...
The self storage industry in the US has never been more varied than it is today. It’s all over the place. In Las Vegas rents are up 70%. In Denver, rents are down 5%. In Dallas, about 22% more square feet of self storage has hit the market in the form of new...
As we conclude our series on the Habits for Success series, we'll cover the final habit I've seen that people who successfully get in the self storage business possess. This last habit took me a while to flush out. I could see the difference between people who were...
As I've watched or coached people who successfully start a self storage business, I've seen four traits or habits they have in common. These habits are what they have in common, not what they know - knowledge of rates of return or how to spot a good opportunity. To...
As I've worked with successful people who start a self storage business, I notice they all are “Effective at the Right Task.” This is the second trait, habit, or way of navigating life that is required to be successful at getting into the self storage business. Last...
Unless you were born wealthy, or have great karma, the road to self storage success is rarely a straight line. In fact, I believe the key to success is how well you execute Plan B. Plan A is that stuff in your head that rarely ever happens the way you think it will....
I wish I could tell up front who has what it takes to stick with it and get in the self storage business. I know it has never been more challenging to get started in the business than it is today. Prices are still high, lenders are tough, and due diligence periods are...
Free video series
How Mark approaches finding, analyzing and getting into self storage, in three short videos.
Watch the free series