Creating Wealth Through Self Storage

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 as an effective Leader.

And make no mistake about it, if you are getting into the self storage business, you are a Leader.

Let me share some interesting ideas on the subject…

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

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.

Great leaders know that.

Effective leaders know that.

Let’s look at what it takes to be a great storyteller in the self storage business.

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

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 storage business.

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

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

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

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’t necessarily have all the information.

Let me show you what I mean.

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

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

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://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875

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