https://youtu.be/_vIWtRf7X-w 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...

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 you away...

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 get...

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. https://youtu.be/BXIsUfcIZ1U Much of our competition uses the demand marketing...

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...

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...

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...

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...

“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 fair...

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.