Free guide from Mark Helm
Turnaround Playbook: 4 Steps I Use to Revive a Storage Facility
A free guide from Mark Helm about one facility that, by appearances, was doing fairly well, and the four steps his team took there without adding any square footage.
- What Mark saw in the facility before buying it
- Auctioning delinquent units
- A capital improvement plan for appearance and security
- Other income sources: U-Haul, retail and tenant insurance
- Rental price increases
- An 8-page PDF you can download right away
One facility's story, not a formula. Mark writes, “There was nothing extraordinary in the four steps we implemented.” Every facility is different.
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The four steps
In the episode, Mark describes a facility that looked like it was doing fairly well, where he saw street rates below the market and money being left on the table. These are the four main steps his team took.
1. Auction delinquent units
During due diligence, his team listed the units scheduled for auction on closing day. Tenants were offered a settlement first; the rest went to auction.
2. Capital improvements
Roof repairs, paint, doors, blacktop and landscaping, plus an upgraded camera system with screens in the office where customers could see them.
3. Other income sources
U-Haul in place of the previous owner's own truck, retail items in the remodeled office and, later, tenant insurance.
4. Price increases
Rental price increases that started within the first four months after the improvements and continued through the ownership.
About Mark Helm
Mark is a self-storage investor, CCIM and author. He shares what he has learned since 2000 about buying, building, converting and operating self-storage on the Creating Wealth Through Self Storage podcast and blog.
Get the free guideGeneral education about the self-storage business, not investment, financial, tax or legal advice. Every facility is different, and results vary. Disclaimer