Do You Know the Most Important Skill Set You Need to Build Self Storage?
If you have read any of the past few posts, you have had some advanced training in negotiating. Very advanced. Those posts were primarily focused on negotiation with a Seller in this over-priced market.  There’s another person you have to learn to negotiate...
10 Reasons You Should Join the Self Storage Association
Those of us in the self storage business are very lucky when comes to industry associations. Other industries are not as lucky. We have the SSA (Self Storage Association) Annual Convention in Las Vegas coming up next week. For the first time in a long time I am going...
How To Successfully Manage a Self Storage Facility. Even When You Make Mistakes
OK, I made another mistake. I wrote and filmed a different post for this week. Then I came down to our new facility in Florida today and left the camera with this week’s video in it at home. In that episode I wrote about anther mistake I made around the upcoming Self...
How To Create, Not Compete, in the Self Storage Industry
I think the next stage of evolution for humans is the movement from a “competitive” mindset (i.e. underlying view of the world that everything is ultimately us vs. them or me vs. you) to a “creation” mindset (there is unlimited supply of everything you need and you...
The Art of Creating a Self Storage Business – How to Bridge the Gap
The hardest part of creating a self storage business, creating abundance or wealth, is to “not judge what is happening by appearances.” It takes a special skill set, an art, to create a self storage business (or any endeavor) with a mindset of abundance. The most...
Does What You Believe Help You Find Great Self Storage Facilities?
I’m often asked the question, “Why do you share what you know about getting in the self storage business? Aren’t you just creating more competition?” Even my wife asks me that question. And even though I’ve learned over time that she is almost always right...
How to Really Win in the Self Storage Business
Winston Churchill’s famous speech rings in my ears every day. “Never, never, never, never, never, never, never give up!”  But that is exactly what I see over and over again. People giving up or “changing their goals” when roadblocks occur. Look, I get having to...
The Secret Strategies for Buying Profitable Self Storage in Today’s High Priced Market
This week I opened registration for my new online master class, “Insider’s Strategies for Buying Self Storage in Today’s Crazy Market .”  (You can register HERE) And it is indeed a very crazy market out there. My philosophy is let the big boys fight it out on...
How to Confidently Create a Winning Self Storage Business Strategy
What makes a great business strategy? How does one create a winning self storage business strategy? This will be a different type of post from my usual format. I am frequently asked how to write a business strategy. I created a worksheet for my online courses that...
Your Self Storage Goals – Do You Know How Or Why You’re Going To See Results?
Where are you today? Where are you in relation to your yearly goals? Your self storage goals? Are you mindful of them in the present? Are they a driving force in your daily life? As I write this we are half way through the calendar year 2016. Where are you on the path...
Adding to Your Self Storage Business Building Toolkit – An “Insider’s Strategy” to Minimize Risk In a New Project
Here’s one unusual way to minimize your risk when building your self storage business. I realize it may seem like it goes against everything I say about why self storage is the best type of real estate project there is, but it’s something I’ve done and it has really...
Starting A Self Storage Business in 2016 – Where to Find Your Life Changing Magic
To experience the magic life has to offer, you only have to step out of your comfort zone. Now that can be much easier said than done, especially when starting a self storage business today. Why? Because pricing is so high, to generate the returns we smaller investors...
Self Storage Management Software – Can Your System Keep You On Top of the Market?
There are a lot of good self storage management software packages out there. Most of them are very good. Over the years I have used three different programs and, for the most part, I haven’t been disappointed with any of them. That’s why I resisted changing to Site...
Self Storage Marketing – Do You Know How to Find Your Prospects Online?
It’s a brave new self storage world out there, especially in marketing. When I first got in the business on December 31, 1999, over 80% of our new customers came from Yellow Pages ads. Remember those? The last yellow page ad I ran was in 2013 and the cost per new...
Self Storage Retail Sales Not Your Thing? There’s More To That Lock Sale Than You Think
Do you sell retail items in your self storage facility? I think you’re missing the boat if you don’t put a real focus on retail sales. I know, I know…you’re in the business of renting units and selling retail items or renting trucks is a hassle that takes...
Are Self Storage Call Centers the Right Solution For You? A Look at Who Should Be Answering Your Phones and Why.
I hate companies that have a computerized, punch-in-the –last-name-with-your-key-pad answering systems phone systems. I hang up. Unless I have no choice but to deal with them – like the phone or cable company. And then I hate it even more. By the time I finally...
SBA Loans For Self Storage? My New Perspective On Them.
I’m going to do it! I am going to get an SBA loan. I don’t care where you are in growing your self storage business; if you are getting bank loans as opposed to non-recourse CMB loans, it can be tough. Sometimes the more loans you have, the harder it is...
Self Storage Stabilized Occupancy Rates – Are They On The Rise Or Going Down?
“Have self storage stabilized occupancy rates gone up?” At the Inside Self Storage Convention, I heard that question asked more than once. The quick answer is YES. For the first time in the history of this industry, all the REITS are above 90% stabilized occupancy. A...
The Great News About Getting Into the Self Storage Business Today
“How long can this expansion of self storage last?” “Is there a self storage bubble forming now?” Those seemed to be the questions on everyone’s mind at the Inside Self Storage Convention in Las Vegas this year. Here is my take away. If you are basically...
Self Storage Is Everywhere – How Can I Possibly Make Money Building More Self Storage?
“Everywhere I go, I see self storage being built. Is it becoming over built?” Have you heard that? Have you thought that? It often looks like that to me. How do you, or would you, answer that question? I usually hear something like “Is there too much self storage...
Want to exponentially grow your self storage business next week? Viva Las Vegas!
I love this time of year. I love it for two reasons: (1) The Inside Self Storage Convention in Las Vegas and (2) the Kentucky Derby the first weekend in May. If you have never been to either you should go. Especially the convention. The underlying theme in all I share...
Self Storage Rent Increases: How To Keep Up With Market Pricing When It’s A Moving Target
How fast are self storage rent increases happening? Well it depends. It depends on your market, what size and so on. But the truth is, it has been hard for us to really tell accurately. Much of our competition uses the demand marketing model (where prices vary daily...
Self Storage Cost Segregation Depreciation – Why You REALLY Want to Know About It Before Tax Time Comes Around Again
April 15th is coming up.  I don’t tend to fret over it like I used to. Two reasons I own self storage facilities and, We have had cost segregation reports completed on each one of them. Real Estate is perhaps the best way to minimize your tax liability. Because I (or...
Learn My New Answer to the Question: Should I Buy Existing or Build New Self Storage
I used to always tell someone new in the self storage business that they should purchase an existing facility first. Get your feet wet, learn the business, then if you really like it, build your second or third facility. I don’t say that anymore. Not today. Not with...
You’re business strategy – 2 areas you need to address to manage your success
As you are creating your business strategy, two central questions are: who is going to run the business? who is going to run the facility? The answer to the first is you! You are going to run the business. You’re creating it and it’s an extension of you. It’s your art...
Everyone talks about Self Storage CAP rates – do those numbers actually mean anything?
I know this is close to heresy, but especially in the world of self storage, but…STOP USING CAP RATES. The way they are being used in marketing self storage today is misleading, bordering on fraudulent. Who should stop using them? Well most importantly, Buyers should...
Find out the winning approach to closing a successful self storage project that you probably aren’t thinking about
I once represented the CEO of a large publicly trade company in a few real estate transactions in our market. He thought he would teach me how to negotiate. He told me to “Get as much as you can. Push it till they are about to walk. Then back off and be friendly. They...
The Art of Finding Self Storage Facilities – Part Relationships, Part Attitude, Part Pure Creativity
“Where do you find the self storage facilities you buy?” Well, finding self storage facilities to purchase is an art. Yes, I have a method, which I will share here, but in the end it’s an art. But I think being in business is like being an artist. We are...
How big should my first storage facility be? The answer is probably not what you think.
“How big should my first storage facility be? “How big a facility should I buy?” “How big a facility should I build?” If you’ve followed me at all, you know how I’m going to answer that question.  Every single time I get asked. “It depends.” “It depends on...
Do You Really Know What You Need to Know About Your Facility?
Do you know one of the most meaningless numbers ever asked or ever told concerning your self storage facility? I hear about it every day. “How many units we have we leased?” “We’ve leased “X” units.” I know its interesting, and it does point to trends, but for...
The New Self Storage Strategy – How Do You Balance People vs Profit?
There is a real revolution going on in the self storage industry these days. In an industry where the biggest innovation to date (climate controlled units) happened in the 1970’s, this is arguably the biggest development ever in the business landscape for self...
Profitability – it’s not about who you are or what you do – it’s who you hire
As I said last week, if you keep you eyes on a few things in this business, you can create a lot of profitability. One of them is “Accounts Receivable”. This is what keeps the economic occupancy  percentage and the physical occupancy percentage very close to each...
What do those numbers really mean? Keeping your Self Storage Facilities Healthy
I often tell people “If you keep your eye on about 5 things, your self storage facilities can be a very profitable business.” Let’s discuss one of them. We started taking last week about the difference between physical occupancy and economic occupancy, but lets really...
The Secret To Self Storage Profitability. Hint: McDonalds does it.
“How could you buy that facility that was listed at a 5.2% CAP Rate?” “I didn’t” I say. “But look at what you paid. That is much closer to their list price than I could ever pay.” “OK, but it wasn’t a 5.2% CAP rate on my income stream! In fact I think I got a...
How to win in today’s competitive self storage market – Buy it? Build it? Or both?
“Self storage facilities are so expensive to buy today!” “I’m afraid to build a new one as my first facility.” “How can I get into this business?” In today’s competitive self storage market there is a way smaller investors, like us, can get in the business and...
Taking the mystery out of the math: Building or Buying a Self Storage Facility
“They want HOW MUCH for their self storage facility?!” #x*!(*%! “Maybe we should just build one.” As the self storage market heats up, and prices keep getting higher and higher for existing self storage facilities, more and more people are leaning towards building new...
Building Self Storage – the Unexpected Way to Success
There is a little know secret to building your self storage business most don’t think about, that can make the biggest difference in your goals being reached, or not.
Self Storage Goals: Setting vs. Achieving
So I found myself sitting down to write an episode that I have been regularly deleting and couldn’t help but ask myself what could I possible say that would make a difference for my subscribers who are getting in and/or growing your self-storage business about planning your 2016.
Self Storage Financing – Creating Good Debt
“If you are born without a lot of money, and you never borrow money and go in debt, you are going to die without a lot of money.” A mentor told me that once. He also said it is important to know the difference between good debt and bad debt. Yes, there is such a thing...
You Bring The Why, I Can Help With The How – Episode 37
Your specific income goals should always be where you business strategy planning starts. If you don’t have a strong “why” you want to invest in the business, you can’t begin to start on the “how.”
Your Secret Weapon When Buying Your Next Self Storage Facility – Episode 36
It has never been harder to buy self-storage than it is right now for the smaller investor. It has also never been a better time to buy self-storage for the smaller investor. But don’t let anyone tell you otherwise, it is challenging. It is hard because REITS have...
The Most Important Asset In Your Self-Storage Business – Episode 35
What is the greatest asset you have in your business?
I know the knee jerk reaction is “my customers” or “my employees”.
I know they are both great assets, but consider again. They are not the greatest.
You, are the greatest asset to your business. It is you.
Self Storage Teams at Their Best – Episode 34
If I have learned one thing, it is that it takes the leverage of other people to do great things. If you are going to do everything, try to not have partners or stake holders, hire people who only do what you tell them to and nothing else, and otherwise totally run the show, your world and business are going to be small.
Why There Is War and Buying Self Storage Can Be Hard – Episode 33
No wonder buying self storage can be hard, there are wars, and my wife gets mad at me a lot because of this method of reasoning. People don’t really hear people, they just hear their conversation about what people are saying.
How to go from Scarcity to Abundance when buying your next Self Storage Property
Could self-storage be a path to enlightenment? A path in which someone can reach their highest potential? Well…yes. Especially as we explore the fourth habit of Stephen Covey’s<strong> Seven Habits of Highly Effective People.</strong> <strong>The...
How to go from Scarcity to Abundance when buying your next Self Storage Property – Episode 32
Could self-storage be a path to enlightenment?
A path in which someone can reach their highest potential?
Well…yes.
Especially as we explore the fourth habit of Stephen Covey’s Seven Habits of Highly Effective People.
The Fourth Habit: Think Win-Win.
A Powerful Way To Create Your Self Storage Business
It has never been harder to get in or grow your self storage business than it is now. I mean real hard. Properties listed for 4% or 5% CAP’s, and selling! Large players in this business are aggressively building and buying, and very happy with single digit returns....Fail Your Way To Success In The Self Storage Business
It really takes a lot to be successful in any business today, especially in the self-storage industry. I really think my Grandson Jackson is being trained to be successful in life. He is in the second grade and his school district has taken on teaching the...A Hack to Create Your Self Storage Future
When my Grandson Jackson was in the first grade, at his first “Leadership” day at his school, he informed me that he will start college in 2025. I don’t even think he knows what college is. I created a game a few years back called “A $60,000,000...The “Put First Things First” Self Storage Growth Method
If it is not a <strong>“Hell YES”, it’s a “NO”.</strong> It has gotten that simple these days. Life is very interesting and seems to have <span style=”line-height: 1.5;”>an intelligence of its own. It seems the more I...
The “Put First Things First” Self Storage Growth Method – Episode 31
If it is not a “Hell YES”, it’s a “NO”.
It has gotten that simple these days.
That is where the third habit of Stephen Covey’s Seven Habits of Highly Effective People comes into play.
Habit Three: Put First Things First.
Not only in business but in life itself, because there is really no separation. There is just life.
Learn 5 simple steps to turn your Vision of a Self Storage Future into reality by putting in time the next “First Thing” that will move you forward.
A Hack to Create Your Self Storage Future – Episode 30
When my Grandson Jackson was in the first grade, at his first “Leadership” day at his school, he informed me that he will start college in 2025.
I don’t even think he knows what college is.
I have created a $60,000,000 self-storage portfolio by 2015.
When I created that initial goal, I had no idea what that meant either.
Fail Your Way To Success In The Self Storage Business – Episode 29
It really takes a lot to be successful in any business today, especially in the self-storage industry.
I really think my Grandson Jackson is being trained to be successful in life. He is in the second grade and his school district has taken on teaching the Seven Habits of Highly Effective People to the children from kindergarten through high school.
The first of the seven habits is “Be Proactive”.
A Powerful Way To Create Your Self Storage Business – Episode 28
It has never been harder to get in or grow your self storage business than it is now. I mean real hard. Properties listed for 4% or 5% CAP’s, and selling! Large players in this business are aggressively building and buying, and very happy with single digit returns....
Learn How To Make Money Off Your Maintenance Expense – Episode 27
We make money off our self storage maintenance team!
It may show up as an expense on the P & L, but it sure makes us a lot of money.
Here is how.
What is a CAP Rate? How is it used in Self Storage?
There are a lot of complicated definitions of a Capitalization Rate (CAP rate for short). They are interesting, but mostly irrelevant. Let me give you an easy to understand way of relating to and thinking about a CAP rate. If I (or anyone) purchased an income...
The SSA’s Self Storage Convention and The Quick Start Academy – Episode 26
Take look at this year’s Self Storage Association’s annual convention. It was a pleasure meeting many of you and based on what you have told me you want, I am introducing the Self Storage Quick Start Academy in OCT. 2015.
See what courses are being offered in this online, step-by-step training that is easy to use and very effective in the Bata testing. Each class offerings will have the forms and check list we use as we purchase self storage facilities and grow our company towards the goal.
I love this business and want to share some of our resources so that you can get in, or grow your company to the next level.
Meet The Self Storage Managers – Episode 25
It could be said that the most important people in the self storage business are the Managers. At least in our case, that is so.
The public relates to them as the face and personality of the facility, not the Owners. Customers for the most part don’t even know we exist.
Let me introduce you to some of our Managers.
The Rest of the Self Storage Money – Episode 24
We have spent a lot of time discussing equity. But equity usually only accounts for 20% to 35% of any new Self-Storage deal.
What about the rest of the Self-Storage money?
Investors Are More Than Just Money – Episode 23
On a Friday afternoon, in September of 2012, I sat at the kitchen table of my operations partner presenting yet another Self-Storage deal to an investor. This was one of her & her husband’s close friend.
The whole thing made me very nervous.
Here Is What To Show Investors – Episode 22
Interested in raising money for a Self-Storage deal you want to buy?
I have done it many times. Raised many millions of dollars, and here is what I do.
This works great and can help you raise millions of dollars.
Show Me The Money – Episode 21
“Show me the money”. It’s funny, having been a buyer of Self-Storage most my life. But now that I am selling one of our facilities in today’s climate, I find myself repeating the old saying from the Jerry Maguire movie, “Show me the money”. I can’t tell you the number...
I’ve Been Fired! – Episode 20
I have been fired!
More accurately, I took my own advice and fired myself! Did you?
I am proud to announce that I am no longer the CFO, bookkeeper, financial data entry person or anything else related to that for our storage company.
I could be wrong, but I bet you shouldn’t be either.
Fire Yourself! – Episode 19
The world of Self-Storage marketing is evolving so fast, that you, yes you, the Owner (CEO), are most likely the problem.
Find out.
This episode explores when and how you may need to replace yourself as the one in charge of the marketing of your facility or company.
Watch or Read Here to find out!
How to Run with the Big Dogs through Self-Storage Systems – Episode 18
Here is a simple way to stop winging it and create the structure and space for real growth to occur in. You will now own a company the big boys would consider and your facility and streamline your operations/or company is worth more instantly.
Click and learn a way to go from people to systems. Click and Create Wealth Through Self-Storage.
This simple strategy is something most owner/operators never do. However, it makes all the difference in the world.
A View From The Top – Episode 17 –
I sure wish that I had addressed company organization when I was starting off as just myself. Back then it was me doing virtually everything, so what need did I have for company structure! Well, a lot actually. Had I began to design a company organizational structure...How To Ensure Your Storage Business Does Not Fail – Episode 16
Get behind the three aspects of running a business that insure your business will not be one of the 50% that fail.
Click here and see the simple, but absolutely critical mindset and strategy required to insure your self-storage business succeeds in an environment with 50% odds.
How To Inspire Others To Take Action – Episode 15
What if you knew yourself as someone who could inspire others to take action? Not just any action but one that can forward your business. Someone to invest in your facility. Someone to work for you. A prospect to rent from you. In this series of mind set principles I...A Simple Way To Develop Discipline – Episode 14
I know a simple way that you can develop into and know yourself as a disciplined person. Many people I have worked with, as well as myself, have moved from being extremely undisciplined to being able to relate ourselves as very disciplined. I believe discipline...A Powerful One Step Approach to Developing Confidence – Episode 13
Every entrepreneur, every self-storage owner requires confidence to succeed.
Here is the single most important practice that you can implement – no matter how much confidence you currently have – that will accelerate your belief in yourself to new heights.
This short video goes beyond just self-storage. It can alter your life forever.
It’s simple but not always easy… but it can have an immediate and lasting impact on your life and future. If you grew your own belief in yourself, what do you think would be possible?
My hope is that this article shows you how to help become the person you can potentially be.
The Secret Only Self Storage Owners Know – Episode 12
There is a way to make sure you don’t ever encounter a surprise expense or major repair item. By incorporating this method, you will have added peace of mind that your property will never require you to fund it out of pocket and reduce the amount of money you are...Income Growth The Keys to the Kingdom Episode 11
Sometimes I am a hypocrite. I have harped on this in the book, “Creating Wealth Through Self Storage”. If I am coaching someone I almost get in their face about it. It is easy for me to lecture others about it, but I caught myself being reluctant last month to having...Find $250,000 Hidden In Your Facility – Episode 10
One of the many fantastic features of self-storage is the ability to generate significant amounts of additional revenue besides rental income that dramatically enhances the value of your facility.
I will go so far as to say we can create an additional $250,000 in value for a typical facility you may purchase. That may sound very bold, but let me show you how.
The Single Most Important Question…
The single most important question when analyzing a facility is what is the real income. This month we are going to focus on the financial analysis aspects of looking at a self-storage facility to purchase. You will see a number of ways to figure this out; however...Invest In Yourself – Episode 8
Creating a self storage business that is fun and fulfilling requires investing in yourself
