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Ok, so we've owned a storage facility for two weeks now.
I'm pretty sure I'm an expert on all things self storage by now, so let me tell you everything.
(thread) <---am I doing this correctly?
1/8
I'm pretty sure I'm an expert on all things self storage by now, so let me tell you everything.
(thread) <---am I doing this correctly?
1/8
Why do so many tenants move in withOUT deposits? I knew this before we bought the place, but this is some crazy town stuff.
I'm pretty sure y'all should be collecting deposits.
2/8
I'm pretty sure y'all should be collecting deposits.
2/8
Let's talk about scheduled rate increases. I've inherited one tenant who's been renting the same unit since...ready for it...1998!?!
The rent hasn't budged. I mean, I'm sure they won't like it come spring, but ya gotta keep up on rates.
3/8
The rent hasn't budged. I mean, I'm sure they won't like it come spring, but ya gotta keep up on rates.
3/8
Consistency with lease agreements will make things, ya know, clearer. Again, we knew the lease agreements before we bought were rough.
Unclear agreements = unclear expectations. Not how you should run any sort of business.
4/8
Unclear agreements = unclear expectations. Not how you should run any sort of business.
4/8
One of the most important pieces of equipment is locks. So how is it these are standardized at so many facilities?
Y'all got 30 different types of keys, some facility/some customer owned. And yes, some locks with no known key.
That's not a winning strategy.
5/8
Y'all got 30 different types of keys, some facility/some customer owned. And yes, some locks with no known key.
That's not a winning strategy.
5/8
It takes a lot of time to sort this stuff out.
This part I WAY underestimated and am now far more prepared for our next facility. Setting up all the email comms, auto SMS, website, uploading customer info, lease agreements, etc - budget yo time for that ish!
6/8
This part I WAY underestimated and am now far more prepared for our next facility. Setting up all the email comms, auto SMS, website, uploading customer info, lease agreements, etc - budget yo time for that ish!
6/8
If these problems sound like headaches, they are. They're also signs of a facility that is under-performing and could be a prospect for purchase.
7/8
7/8
Thank you for coming to my Ted Talk this evening on how to be a self-storage mogul.
Swipe up for my mastermind group!
8/8
Swipe up for my mastermind group!
8/8
Bonus round! Here's a picture of our building and logo.
(Subaru is also ours)
(Subaru is also ours)
