Budgeting for Self-Storage Capital Expenses

Budgeting for Self-Storage Capital Expenses

If you are considering getting into the self-storage business or in the self-storage business, one of the attractive features is the low amount of ongoing capital expenses. Unlike multi-family, office, or even retail, there are very few capital expenses required to...
Due Diligence Series # 5 – Conversions

Due Diligence Series # 5 – Conversions

We are in the fourth episode in a series centered around the due diligence process for self storage in today’s world. So far, we have discussed: Timelines and what to get from the Seller. Physical inspections and third-party vendors. Financial records and operational...
Due Diligence Series # 4 – Expansions

Due Diligence Series # 4 – Expansions

We are in the fourth episode in a series centered around the due diligence process for self storage in today’s world. So far, we have discussed: Timelines and what to get from the Seller. Physical inspections and third-party vendors. Financial records and operational...
Branding Your Self Storage Company

Branding Your Self Storage Company

We hear a lot about company brands. Have you heard much about self storage company brands? Most likely not. You know the big ones, Public Storage, Extra Space, etc. But what is the real difference between them? Why would you choose one over the other if both are next...
Self Storage Lending in 2020

Self Storage Lending in 2020

No doubt about it, 2020 is a year of totally new territory for the self storage industry, and that goes for self storage lending as well. We are currently working on three loans, getting ready to close on them, and it has been a journey. CMBS We are not doing any CMBS...
Marketing in the Age of Coronavirus

Marketing in the Age of Coronavirus

I get tired of hearing about the “new reality” we are in due to COVID-19. I am sure many of you do too.  However, in the world of self storage, as we try to figure out what works and does not work, let’s stay on the subject a little longer. What we did in 2019 to fill...
The Dark Side of Touchless Move-Ins

The Dark Side of Touchless Move-Ins

I am very grateful that I have figured out how to make money in self storage. Who I am now is someone you could take everything from, drop-off in a strange place where I know no one, and I would be OK, prosper, and soon have all I could ever want. And I don’t think it...
Too Much Data, What Does It Mean?

Too Much Data, What Does It Mean?

I have said before about self storage, “Make data-driven decisions.”   I try to do that. But it’s getting hard. Real hard, in my opinion. In my humble opinion, there are two big issues with data today in the self storage industry. The first is how it is collected, and...
Self Storage Online Marketing

Self Storage Online Marketing

Let’s talk about online marketing for a self-storage facility. Let me start by saying I am not an “expert” in online marketing for self-storage facilities. But I have never worked with an “expert” that has generated any results period,...
I Want To Hear From You.

I Want To Hear From You.

This week it is hard for me to talk about self-storage and ignore what is going on in the country at the moment. So, let’s talk about it. I am not sure when you see this, but at the moment we are slowly coming out of quarantine from COVID-19 (still no vaccine), and...
Now Is the Time To Get In Self Storage

Now Is the Time To Get In Self Storage

I have said this in the past few weeks, and I am going to say it one more time. Now is the time to get off the sidelines and figure out how to get into self storage if this has been a goal for you. I am creating this episode right now primarily because of the training...

Will CAP Rates Ever Change?

Over the past few years, I have been expecting CAP rates to start going up, making self-storage pricing more realistic. I’m still waiting. How about you? Have you seen much of a change in storage pricing compared to NOI? What would change it, and could that happen in...
How To Analyze A Conversion

How To Analyze A Conversion

I discussed in last weeks’ episode How To Analyze An Expansion self-storage opportunity. This week, lets look at a conversion. When we say conversion, what I mean is we take an existing vacant building and convert it to self-storage. In my opinion, in today’s market,...
What Business Are Your In?

What Business Are Your In?

Are you in the self storage business? Are you getting in the self storage business? For a long time, I related to myself as someone in the self storage business. For a couple of years in the 1990’s I was someone getting in the self storage business. But really? Lets look at what business you are REALLY in.

Is Self-Storage Over Building Catastrophic?

State of The Self-Storage Industry

I want to take a few Episodes and share some of the take away I have from attending the Inside Self Storage Convention a few weeks ago in Las Vegas. We are now in an industry that is growing and evolving at a fast rate, and it is important to keep our finger on the...