Crime Prevention Strategies for Self Storage Operators
As diligently as you work to deter crime, there are no guarantees that you can keep criminals away from your facilities. You certainly don’t have to make it easy for them. Actually, much of the criminal activity can be traced back to the tenants themselves. Due to the unstable economy brought on by the pandemic, ...Read more
Is a Third-Party Management Company Right for Your Self Storage Business?
People get into the self storage business for good reasons. Self storage provides a stable, predictable income stream, low maintenance, and low operating costs compared to other types of real estate assets. Additionally, self-storage is a historically safe asset class with long-term growth potential. There are, however, varied approaches to operating this type of business. ...Read more
Eight Key Economic Factors that Affect Self Storage Facility Value
If you’ve found a facility that looks like it would be the perfect acquisition to your portfolio, do you know what the key economic factors are that will affect potential value? Don’t invest your hard-earned money until you’re sure of the potential value of the property. Common indicators of self storage property values emerge from ...Read more
Defer Taxes on the Sales of Your Self Storage Investment with a 1031 Exchange
When you decide that it’s time to sell your self storage facility or any other commercial real estate investment, can you take your profit, avoid capital gains taxes and escape to a Tuscan villa? Actually, you can make this happen by using an IRS provision called a 1031 exchange. Theoretically, you could sell your facility ...Read more
Will a Cost Segregation Study Benefit My Self Storage Property?
Cost segregation is a strategy that self storage owners and operators use to separate assets for tax saving purposes. The concept of cost segregation is not complicated. However, the implementation of the process is complex and should be conducted by a team of experienced engineers. A more complete definition of cost segregation, according to Heidi ...Read more
How to Optimize Your Tenant’s Self Storage Rental Experience
The core of your company’s success is the satisfaction of your customers. Happy, satisfied customers stay with you longer, and make your business profitable. Today’s self storage customers are demanding. They want the same ease of experience whether they’re renting a unit or paying their bill. Most customers want answers now, not tomorrow; and, the ...Read more
How Important is Climate-Controlled Self Storage to Owners?
Standard self storage works for most household and business items that you would generally store in your garage or attic. On the other hand, the popularity of storing luxury items, collectibles and antiques has increased the demand for climate-controlled storage. As a facility owner or manager, it’s important to understand what your tenants expect from ...Read more
Prepare Your Self Storage Facility Managers for the Busy Season
The self storage busy season is just beginning. If you haven’t thought about it already, now is the time to make sure that both your seasoned and new managers are ready. Facility managers need to be on track to tackle the ever-changing landscape of the industry. Each year brings new challenges, and managers should be ...Read more
Today’s Self Storage Office: Updated and Inviting
Walk into your self storage office as if you’re a potential tenant, and see how you feel. Is the office bright, cheerful, and welcoming or is it outdated, dreary, and cluttered with paperwork, used coffee cups and office supplies? A bright and welcoming office says that your organization is in control and that your self ...Read more