Creating Wealth Through Self Storage

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 value they added on a recent sale.

-My Training and Coaching at https://TheQuickStartAcademy.com/

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://TheQuickStartAcademy.com/

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 be wanting to focus on the bigger picture, and participants want to be in the weeds asking specific questions, like about security options.

So, let’s discuss some security options and our relationship to them.

Video Link: https://www.youtube.com/watch?v=VJSCtHaNtH4

-My Training and Coaching at https://TheQuickStartAcademy.com/

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://TheQuickStartAcademy.com/

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 already at equilibrium, thus causing oversupply.”

Boy, I sure was wrong about that.

I left out one important factor… the greed factor all humans can tend to exhibit.

Then private equity funds jumped into the mix in a big way doing deals that make no financial sense on the surface.

Let’s discuss how the double whammy of increased construction costs and higher interest rates may affect this segment of the self storage space.

-My Training and Coaching at https://TheQuickStartAcademy.com/

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 Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875

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

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 the business.

There is much more to being successful in self-storage than buying low and selling high.

Your numbers and ability to tell a story from the numbers are the dials you turn and the levers you pull to grow your business.

The ultimate goal is to have the numbers tell us a story. Then, we can use the story to tweak the business. Or, if we are looking at someone else’s business, know what we can do to improve it.

Let’s explore this together.

-Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875

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 interact with you and your company.

It is going to be there. It will emerge either er by design or default.

Let me share the four steps I see in creating a self storage company culture.

-Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875

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 to delegate to.

I have learned four ideas about effective delegation over the years that I think can really help with this.

— Contents of this video —

00:00 Intro

-Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875