Conducting a Feasibility Study
Your stocks aren't performing as you would like and you've been told self-storage is a "cash cow," but you're relatively unfamiliar with the industry. How do you choose a property? How do you determine if it will be successful? A feasibility study will provide the initial ...More
February 1, 2003 Stephan Ross
Posted in Articles,
Development
Creating Wealth Without New Capital
If you are the owner or developer of a self-storage facility, you can rent air. How much can you rent? How high is the sky? The two fundamental differences between self-storage and commercial records management are renting cubic vs. square footage and changing the storage ...More
February 1, 2003 Cary F. McGovern
Posted in Articles
The Image of Self-Storage
SELF-STORAGE IS SOMETIMES TREATED LIKE THE RED-HEADED STEPCHILD OF THE BUSINESS WORLD. The public image created by unfortunate past events and circumstances makes a manager's job more challenging. It becomes our responsibility to educate the public and dispel the belief ...More
February 1, 2003 Terry Walters
Posted in Articles
Nontraditional Records Management
Developers with existing self-storage assets and plans for diversity in services can find no better model than nontraditional records management, which can be adapted to a low-cost model with little or no new capital and very low manpower requirements. A recent calculation ...More
January 1, 2003 Cary F. McGovern
Posted in Articles
A word on pricing
THIS IS MY FIRST COLUMN OF THE NEW YEAR. WHAT THOUGHTS CAN I SHARE TO INSPIRE AN OWNER OR MANAGER? What new insights can I provide readers into problems they may be facing? Let's begin with the state of the self-storage industry. I specifically want to discuss the issue of ...More
January 1, 2003 Jim Chiswell
Posted in Articles
Rewarding Your Tenants
YOU ALREADY OFFER GREAT STORAGE AT COMPETITIVE PRICES. SO WHY IS YOUR NET REVENUE SO LOW? In prior columns, I have detailed several capital expenses that increase your closing ratios. In this issue, I talk about giveaways--memorable "tech" gadgets that convert your tenants ...More
January 1, 2003 Doug Carner
Posted in Articles,
Technology
The 14 Biggest Pricing Errors
MANY SELF-STORAGE FACILITIES USE PRICING STRATEGIES THAT DON'T MAKE SENSE. RECENTLY, a self-storage owner told me he priced his services by surveying the competiton and setting his prices comparatively. To set your fees using this system alone is folly. If your goal is to ...More
January 1, 2003 Fred Gleeck
Posted in Articles
Dry-Stack Storage
A very attractive niche market for the self-storage business is the storage of boats and recreational vehicles (RV). While many self-storage operations have occasionally targeted boat and RV customers, their efforts have mostly been in the traditional, single-story ...More
January 1, 2003 Patrick Farrell
Posted in Articles
Arkansas Self-Storage
WHEN BILL SWEETSER, PRESIDENT OF SWEETSER LTD., decided to enter the self-storage industry, he was up against a tough challenge--convincing the zoning commission his project would enhance the area. A licensed general contractor, he knows the commission of Fayetteville, ...More
January 1, 2003 Elaine Foxwell
Posted in Articles
The Importance of Roof Care
IN PARTS OF THE UNITED STATES THAT EXPERIENCE EXTREME WINTER WINDS, rain and natural disasters, it is not uncommon for storage facilities to experience roof damage. The elements are a common threat to your facility and your customers' stored goods, so it is essential to ...More
January 1, 2003 Amy Brown
Posted in Articles
