Gabfocus Episode 18|Real Problems New Owners Face
So, you're a new self storage owner. Now what? Lucky for you, there are plenty of resources to help! Hear from storage veterans what problems to expect and how to handle them like a pro.
Featured Speakers: Denise Bowley & Jane Sauls
Moderators: Melissa Huff & Tommy Nguyen
Category: Operations
Focus: Owners and Managers
Aired: October 22, 2020
Duration: 1:05:58
Highlights
If you don't have time to watch the whole Session, here are some of our favorite parts:
- At 3:52 - Denise and Jane tell us how to pick the best location for a new facility and how to read your market
- At 6:15 - Jane talks about how your management style should effect what you're looking for when buying an existing facility
- At 17:21 - Jane weighs the pros and cons of manned versus unmanned facilities and reminds us that "an unmanned site doesn’t mean it’s unmanaged"
- At 21:37 - Denise and Jane tell us what they're looking for in a new hire, how to support them, and how to incentivize them
- At 25:35 - Denise tells us how new owners can choose the right tools, and we it's so important to talk to other owners when you're trying to choose what's best for your facility
- At 36:03 - Jane explains why your website is your most important marketing strategy and why your website should be built by an industry expert
- At 41:10 - Denise talks about the importance of your state's self storage association and the connections, partnerships, and knowledge that they will provide
- At 53:37 - Jane talks about customer relations and reminds us that "just because someone needs storage, doesn’t make them a good customer for you"
Question of the Week
We asked our panelists: What’s the biggest blind spot that new owners have?
“It's lack of experience. Something bad is going to happen - in development, in construction, with the purchase. I've never had something bad not happen. And if you don't have the experience, it can be overwhelming.” - Denise Bowley
“You don't know what you don't know. If we could tell you your blind spot, it wouldn't be a blind spot. But, I can tell you when you'll know when you're finally doing it right. Right now, as a new owner, you're thinking that a move-out is the worst thing that can happen. I think that mindset is your blind spot. You know you're doing self storage right when you're excited about your move-outs. Because if you're doing it right, you're pushing your rates like you need to. You know that you're about to add move revenue because you're doing your marketing like you're supposed to, and you have folks ready to move in and pay more for the unit. So, you know you're doing it right when you're excited about your move-outs and you're more focused on the money you're putting in the bank than your occupancy." - Jane Sauls
Gabfocus Takeaway
As you'd expect, there's no quick route to "figure out self storage." If you're a new owner (or you want to be), connect with other owners who are running similar facilities. One of the best places to connect with other owners and any other kind of partner, expert, or vendor you'd need is your state association. They'll have a wealth of information, resources, and connections to offer.
Beyond that, our panelists reminded us to reach for partners who have experience in self storage. Bankers, lawyers, insurance, marketing and website groups - it's better to reach for experts who know your industry. Like all things, it takes time to understand and gain experience. But, there are plenty of resources, tools, people, and associations willing to help.
