Creating Wealth Through Self Storage

For most of our facilities, in 2020 & 2021, what do you think was the number one source of new leases? If you guessed the internet, you are close. But as a portfolio, what is the number one source of our new lease? Let me share with you in a quick episode what it was. -My Training and Coaching at https://TheQuickStartAcademy.com/ -Listen on Apple Podcasts – https://podcasts.apple.com/us/...

“Referrals” as a source of new self storage leases average between 10% on the low end to 40% on the high end per quarter between 2016 and 2021. We do our best to track everything, including where our new leases come from, and referrals have always been a very high source of new leases for us. I think you may be interested to know where the referrals come from. You may be very surprised. -My Traini...

If you do it right in your self storage facility, you can create a lot of additional income and value for yourself by having the right additional sources of revenue. Even in managerless, automated projects, one can create a high percentage of additional revenue. But every facility is different. Let me share with you a real facility, the bread and butter add-on revenues we had, and the income and v...

Will Rising Interest Rates Cool Off the Self Storage Market? Or at least the acquisition side of it? In my opinion, that wouldn’t be all bad. But I have my doubts. Let me share my observations and thoughts about where we are currently, July 2022, concerning possible recession and what is possibly in store for the small investor in self storage. -My Training and Coaching at https://TheQuickStartAca...

Jonathan, the person who works with me on providing the content I produce supporting small investors getting in, or growing their self storage business, suggested I consider writing something on security options for people building or rehabbing a facility. It always seems like a boring subject to me, but in every Bootcamp, he reminded me there are a lot of questions on it. He is right. I seem to b...

This self storage episode will be short but could be worth, let’s say, $40,000 of value. Perhaps worth watching. I am talking about a specific way to increase retail sales. And we have done one thing that really has dramatically increased our retail sales. Let me share it with you now. Video link:  https://www.youtube.com/watch?v=G7jD9Jh4Y3g -My Training and Coaching at https://TheQuickStartAcadem...

I was reminded by a friend and someone I have been working with for a number of years just how naive I was four or five years ago about the self storage industry. I remember writing and saying, “With all the data and technology available today, there is no need for overbuilding of self storage. It is possible today to have a soft landing and not put more square feet in markets and trade areas alre...

The self storage business is competitive. Lots of new space is coming or just came online. Probably in your market. Much of our strategies as small business owners and small self storage operators are to automate and cut down on payroll costs to be competitive and take our businesses into the future. But is customer service sacrificed? Let me share with you some experiences and ideas. -Listen on A...

Let me show you how you can create, let’s say, $292,000 additional value on your next self storage acquisition of, let’s say, a 365-unit self storage facility. This is real value from cash into your checking account. Let me explain. -Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875 -The QuickStart Academy: https://thequickstar...

I recently gave a talk at the 2022 Inside Self-Storage Convention and was asked to write a follow-up article on Financial Literacy. The talk was titled “Reading Your Financial Story, Interpreting Your Self-Storage P & L’s And Other Financial Statements.” I am amazed at the number of self-storage owners and business owners with little or no financial knowledge, myself included when I got into t...

This is the final episode in a series on leadership development inside a self storage business. Remember, no matter where you are in your self storage journey, owning a portfolio of facilities, or just starting out. As you get into the business, you will be creating a culture. You will be creating an experience that customers, vendors, employees, partners, and all team members will have as they in...

In this third episode in the Self Storage Leadership Series, I want to talk about a trait an effective Leader has that has always been rather elusive to me… The Art of Delegation. I call it an art because it requires almost an intuitive skill, in my humble opinion. I believe this because, in my experience, there are so many variables involved that it is hard to quantify who will be the best person...

As a self storage owner or soon-to-be owner, you are going to need the right team assembled. I discussed this in detail in Episode 331. We talked about the team members, the roles or spaces that we need to get covered, and the possible ways (hint: 3 different ways to assemble team members) to put the team together. In this episode, I want to talk about it from the perspective of developing oneself...

After returning from the recent ISS 2022 Expo in Las Vegas, I am more convinced than ever that effective self storage leaders who are moving the needle in their companies and the industry itself are great storytellers. It does not matter how sophisticated someone is or thinks they are, they will not take the action you suggest unless they can visualize themselves inside a story of why they should....

A lot of people I work with say they are getting into the Self Storage Business by such and such a date. When I read Stephen Covey’s “Seven Habits of Highly Effective People,” it was at a time early in my professional life when it made a real impact on me. Habit Two in the book is “Begin With the End in Mind.” Let’s connect the dots and see how Habit Two works around you getting in the self storag...

Nothing other than perhaps online marketing has risen as fast for self storage owners as property tax. And that number is much larger than the marketing cost. Let me share with you what we do. This could save you thousands of dollars per year! -Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875 -The QuickStart Academy: https://t...

As I am looking at a self storage project, I have noticed that I am checking (1) apartment rent growth in the market and (2) housing demand. Let me show you what I am talking about. It affects equilibrium, in my opinion. -Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875 -The QuickStart Academy: https://thequickstartacademy.com...

Given the tight nature of the self storage market, as small investors, we are searching for any idea, lead, or data point to help us get in or grow our self storage business. I read the industry papers as they come out. Recently, I read an industry report with a lot of good information. But we need to be careful. If we are going to draw conclusions about where we are focused, be clear that you don...

As self storage owners, we hear a lot about inflation today. What does it really mean for us? Well, in my opinion, it is a mixed bag. Let me share with you where I think it may help and hurt us so we can adjust accordingly. -Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875 -The QuickStart Academy: https://thequickstartacademy....

Most people I work with getting in the self storage business are individuals who think they are solo entrepreneurs getting in storage. It often takes a while to realize they are not. There is no way. Yes, you may not have employees or partners… but I guarantee you, you are not going to do it all by yourself. You need a team. Period. No person is an island. -Listen on Apple Podcasts – https:/...

Something was brought to my attention by someone whom I provide self storage coaching regarding the relationship between apartment rents and storage rents.  Specifically, this relationship can impact demand for self storage in a market area. Said another way, how this relationship can affect per square foot per capita “equilibrium” in a self storage market. Let’s explore. -Listen on Apple Podcasts...

This is the fourth and final episode in a series titled  Practices For Self Storage Entrepreneurs to Develop Series . Given the state of the self storage industry today and the unique challenges, I thought I would share some of the best habits, mindsets, or “practices” I feel can aid us. This has been as much for me as it has for anyone. The final practice is more subtle than the others, but it af...

This is the third episode in a series titled Practices For Self Storage Entrepreneurs To Develop Series. The older I get, the more I realize how life can occur like a contradiction. Let’s discuss what may sound like another contradiction on the surface but really isn’t. Another practice I think is critical for the self storage entrepreneur in today’s world: Develop Patience … But Move Quick. Video...

This is the second episode in a series titled Practices for Self Storage Entrepreneurs to Develop Series. Given how fast we have to move to control storage opportunities in today’s world, I think a few ideas on best practices could be helpful. In last week’s episode we discussed the concept of finding the formula that works and repeating it. Last week’s episode also mentioned a p...

Practice One: Specialize…Don’t Diversify The investment world tells us to diversify, don’t put all your eggs in one basket. I guess that’s good advice if you are a passive investor. However, I am very leery of “investment advisors, “who are usually the ones telling you to diversify. If you are not a passive investor, and using self storage to create wealth, I have a different spin. -Listen o...