Expert Articles

Current Category: Main > Expert Articles

Featured in Expert Articles [ browse by text ] [ browse by pic ]

Title Description	Self Storage Expert	Company	Article Info
What's It Gonna Cost Me? Part 1 You have the land and the plan or just an idea that the self-storage business is for you. But what's it going to cost to complete? A comprehensive cost development schedule will ultimately be created to detail the breakdown of all expected expenditures for your self-storage facility. There are hard and soft costs, financing variables and land valuations to...	Julie C. Farrar	United Properties Group, Inc.	Development
Intelligent Changes: Part 6 of 6 If you want to understand the difference in first impressions, there are several easy ways to develop an attitude about how your guests are treated and what their first impressions may be. The first is to visit one of those retailers that specialize in selling everything for a dollar. You will find narrow aisles, overstocked merchandise, and checkout clerks who do not participate very well in...	Self Storage Consulting	Coast-To-Coast Realty	Development
Intelligent Changes: Part 4 of 6 Many of us, are not the Albert Einstein's of e-commerce. There is good news, and there is bad news. The good news is that there are so many very reputable firms who will provide you with not only search engine optimization, but also with setting up the pay per click budgets and campaigns which will help to move you the rankings very quickly. The bad news is that there are dozens and...	Self Storage Consulting	Coast-To-Coast Realty	Development
Intelligent Changes: Part 3 of 6 There are also Web portals or aggregators that can work on your behalf. There are many of them marketing specifically to self-storage operators. These firms compete with Public storage and Extra Space by getting very high on geographic locations connected with the words self-storage, in the hopes of appearing very high in the sponsored links, and by creating webpages with the right keywords so...	Self Storage Consulting	Coast-To-Coast Realty	Development
2010 Outlook: What's in Store For Commercial Real Estate? After another grueling year, as we reflect on the faltering economy, characterized by a stagnant real estate market and a nearly non- existent lending market, we impatiently wait to see what 2010 holds. No doubt high unemployment and vast deleveraging will continue to curb growth in the upcoming year, however, many predict a “bottoming out”, allowing for the recovery process to begin....	Terry Campbell	Betco	Development

Newest Classifieds in Expert Articles

Title Description	Self Storage Expert	Company	Article Info
What in the world is "Due Diligence"? Whether buying or selling; here’s a typical list of what to expect when “due diligence” is required. Generally, within 10 days after the effective date, the seller is expected to deliver to the buyer a number of documents. Stock up on toner; a lot of reports will be printed and copies made. Don’t have it? A typical purchase contract assumes...	Julie C. Farrar	www.TheSelfStorageAdvisors.com	-
Need an Audit? Absolutely (Part 1) From time to time every owner should take a good hard look at how well things are really being managed. There’s only one way to be sure: · Inspect · Examine · Take...	Julie C. Farrar	The Self Storage Advisors.com	Development
Development Costs: Part 3 FIXTURES, FURNITURE & EQUIPMENT The choices here are aesthetic and practical, too. The décor and office appointments set the tone for the entire operation. A higher-end office attracts a better clientele who will ultimately pay a premium for their space and the experience in general. Offering a conference room, business centers and flex...	Julie C. Farrar	United Properties Group, Inc.	Development
Development Costs: Part 2 SECURITY Perceived security is a key decision maker for prospective tenants. Then once they become a customer, the gates, keypads and doors are the primary components with which they interact. Will the gate roll smoothly? Do the keypad numbers stick? Is the display readable? Quality (accompanied by maintenance) is critical here....	Julie C. Farrar	United Properties Group, Inc.	Development
What's It Gonna Cost Me? Part 1 You have the land and the plan or just an idea that the self-storage business is for you. But what's it going to cost to complete? A comprehensive cost development schedule will ultimately be created to detail the breakdown of all expected expenditures for your self-storage facility. There are hard and soft costs, financing variables and land valuations to...	Julie C. Farrar	United Properties Group, Inc.	Development
Makeover Ministorage When Thomas I. Shields, Sr. observed the existing self-storage situation in the Waynesboro, Virginia area back in 1975, he liked what he saw. Why? There were no serious competitors. In fact, he would be the first developer of this new concept not only in his local area (Waynesboro/Augusta County, VA) but also in the surrounding region.It was a time when the “mini-warehouse,” or...	Terry Campbell	BETCO, Inc.	Development
The subprime mortgage crisis wasn't so hard on the storage business. After a period of slowed growth during the U.S. housing crisis, self-storage has bounced back – largely because it was already better insulated against economic forces than the housing market. According to IBISWorld, revenue growth in 2009 was expected to be 2.5 percent. And expected annual industry revenue increase growth in the next four years will be 3.3 percent. ...	Inc. Magazine	-	-
The Components of a Successful Marketing Calendar It’s easy to make a Marketing Calendar. Free templates can be found and downloaded on line with one Google search. No matter what format you use, a marketing plan should always include: 1. Who your manager will target a. Company Names b. ...	Julie Farrar	The Self Storage Advisors	Operations
Advertise with SelfStorageGuide! We have the target market you're looking to reach Contact us for rates and more information. There are many great products and services available to the Self Storage Industry, make sure they're featured here Christie Cook Christie@selfstorageguide.com	Christie Cook	SelfStorageGuide.com	-
DHS Software-Total Recall Sets Itself Apart How is Total Recall different from other self-storage property management software packages? Powered by Microsoft’s SQL, Total Recall is set apart from other self-storage property management software packages in that it provides operators with a true enterprise solution. Self-storage operations that use Total Recall can manage all of their facilities in a central database. A central...	Chris Gambino	DHS Worldwide Software Solutions	Operations
Investor Confidence Goes Up as Cap Rates Go Down Investors' confidence that commercial real estate markets will rebound are on the rise, and capitalization rates for property transactions are declining. So says the latest Korpacz Real Estate Investor Survey, which gauges the sentiments of REITs, pension funds, mortgage bankers, developers, insurers and other institutional investors. The survey, conducted by PricewaterhouseCoopers, found...	CommercialRealEstateDirect.com	Loopnet.com	-
Move Over Traditional Media: Mobile Marketing is just "Smart" No one needs a new survey, study or pundit to tell them how important mobile devices have become to consumers. Just look down the street where everyone from teens to corner-office suits appears sidetracked by communication on the go—texting, talking, thumbs jumping across tiny keyboards in a hurried attempt to reply-all. This is the audience of the future. And 2010 may just be the year...	Tom Leung	Marchex	-
Marketing Managers: You Need Them...Enough Said. Why not mix the new with the “tried and true”in getting new move-ins? Combine old-school handshakes with the plethora of tools that social media presents. Make both face-to-face and on-line community connections part of a self-storage manager’s mission. Put it at the top of their “to do” list and get started...	Julie Farrar	The Self Storage Advisors	Operations
Tough Times Call For Innovative Solutions Is the Self-Storage Development Business Dead? While certainly not dead. It is, at best, in hybernation Spring may be around the corner, but the real wake up call for self-storage development will be the springing back to life of capital. Until the developers have access to capital, on reasonable terms and at rates that make sense, there will be few signs of life. The...	-	-	-
Conversions - Hot New Trend For Self-Storage Self-Storage conversions are one trend that has emerged from a deteriorating real estate market, and it’s a trend that boasts great benefits to developers. There are 4 major reasons to consider a conversion: 1. Current Real Estate Pricing: With real estate prices being at a historical low, it is fairly easy to obtain a suitable vacant warehouse or single-tenant building at a...	Terry Campbell	Betco	Development
2010 Outlook: What's in Store For Commercial Real Estate? After another grueling year, as we reflect on the faltering economy, characterized by a stagnant real estate market and a nearly non- existent lending market, we impatiently wait to see what 2010 holds. No doubt high unemployment and vast deleveraging will continue to curb growth in the upcoming year, however, many predict a “bottoming out”, allowing for the recovery process to begin....	Terry Campbell	Betco	Development
Timely Tips on Self Storage Zoning By any measurement, zoning can be one of the biggest challenges for self-storage owners. However, there is one important exception. If the property is already zoned for self-storage, the owner’s life just got easier. More often than not though, owners have to go through the zoning process, so here are a few tips on how to handle it: Ordinances and land use codes are different from...	Terry Campbell	BETCO Metal Building Suppliers	Development
The Secret to Increase Business with Online Business Forums Business forums have two types of participants: 1. Solution Seekers - Up and coming entrepreneurs and business owners seeking solutions to launch their business idea or improve their current operation. 2. Solution Providers - Professionals with a bottom-line goal of gaining visibility for their businesses and capturing new customers. The purpose of my story is to address...	Doug Dolan	The Solopreneur's Guide	-
Intelligent Changes: Part 6 of 6 If you want to understand the difference in first impressions, there are several easy ways to develop an attitude about how your guests are treated and what their first impressions may be. The first is to visit one of those retailers that specialize in selling everything for a dollar. You will find narrow aisles, overstocked merchandise, and checkout clerks who do not participate very well in...	Self Storage Consulting	Coast-To-Coast Realty	Development
Intelligent Changes: Part 5 of 6 Once you have converted a telephone call or e-mail to a rental, your job is done. The job is not complete if you have only motivated the web surfer to call or visit your store. We are all familiar with the word conversion in our industry which simply means that we have motivated a telephone caller to visit our store, the first part of the conversion and then to actually rent space which...	Self Storage Consulting	Coast-To-Coast Realty	Development
Intelligent Changes: Part 4 of 6 Many of us, are not the Albert Einstein's of e-commerce. There is good news, and there is bad news. The good news is that there are so many very reputable firms who will provide you with not only search engine optimization, but also with setting up the pay per click budgets and campaigns which will help to move you the rankings very quickly. The bad news is that there are dozens and...	Self Storage Consulting	Coast-To-Coast Realty	Development
Intelligent Changes: Part 3 of 6 There are also Web portals or aggregators that can work on your behalf. There are many of them marketing specifically to self-storage operators. These firms compete with Public storage and Extra Space by getting very high on geographic locations connected with the words self-storage, in the hopes of appearing very high in the sponsored links, and by creating webpages with the right keywords so...	Self Storage Consulting	Coast-To-Coast Realty	Development
Intelligent Changes: Part 2 of 6 Linda Brakeall, American author, once said that "life is like riding a bike. It is impossible to maintain your balance while standing still." So, let's look at what we may do differently In the store that we manage, and for many of my clients, the use of the Yellow Pages by their guests has decreased dramatically. Most maintain ads in the Yellow Pages because of fear, not because the...	Self Storage Consulting	Coast-To-Coast Realty	Development
Financing Today: An In-Depth Look by Dana Deason, Deason Financial Group, LLC When talking about the economy and the current financing markets, one thing is certain: There has been, is, and will continue to be much uncertainty. A great deal of news is coming out daily about our economy, and most of it is bleak. A factor in this is the state of our national credit markets, which is also bleak. Economically, we...	Dana Deason	Deason Financial Group LLC	Finance
Intelligent Changes: Part 1 of 6 "Insanity: Doing the same thing over and over again and expecting different results." - Albert Einstein Who knew that Albert Einstein would have predicted the great recession of 2008? And better yet, how did one of the smartest men in the world know he would be speaking directly to self-storage operators? Well I guess when you are one of the smartest men in the world it makes...	Self Storage Consulting	Coast-To-Coast Realty	Development
What's It Worth To You? Wondering what your property is worth in today’s market? Unfortunately, current conditions are not the best. “Real estate values are declining,” says Dana Deason of Deason Financial Services in Longview, Texas, because cap rates are going up.” At the start of 2009 self storage assets were seeing an 8 to 8.5 cap rate. “In the last 30 days we’ve...	SSGcom	Deason Financial Group LLC	Finance
SSG Asks Cornerstone Realty: HOW IS THE MARKET? SSG: Is it true that the only purchases that are being made today in the self-storage market are a result of “distress” due to the economy and hard times? Cornerstone Realty: No, we are seeing self-storage facilities trade for several different reasons. Most of the sales we are seeing today are because of life events such as health reasons, partnership issues...	Mark Keys	Cornerstone Realty	Finance
Storage Sector Last Year's -Best Performer- With all of the negative news regarding the U.S. economy, it's nice to see that some sectors of the Commercial Real Estate market seem to be weathering the storm quite well. According to the National Association of Real Estate Trusts, the past year's (August 2007 July 2008) best performer was Self-Storage, with total returns up 17 for Self-Storage REIT's (Real Estate Investment Trusts). Storage...	BETCO Inc.	BETCO Inc.	Operations
Key Expense Categories for Any Operator Self storage continues to be a great investment. Still participating in a growth market, the industry not only offers a good rate of return but has been described as recession proof" by those citing very low failure rates of self-storage properties during the economic downturn of the 1980's. On a per square foot basis, it takes less capital to get started in self-storage than other...	SelfStorageGuide.com	-	Finance
How Mixed-Use Can Maximize Income When developing a new self-storage facility, or buying an existing facility with land for expansion, market demand becomes the determining factor, and you want to develop your facility accordingly. Mixed-use development is a means of diversifying your property and capitalizing on various sources of demand in your area. For example, let's say you are developing an 8-acre site, but current...	BETCO Inc.	BETCO Inc.	Development
Renovate Your Real Estate When it comes to facility appearance, IMAGE IS EVERYTHING If your buildings have some age on them, here's a clue: If your competitor's buildings look better than yours, it's time to refurbish. First, you need to look closely at your buildings for signs of deterioration, because you can rest assured that your tenants and prospects have been looking around with a critical eye. They notice the...	BETCO Inc.	BETCO Inc.	Development
Mezzanines: Adding Space and Value to Your Facility In today's economic environment and the demise of several nationwide retail chains, there are greater conversion opportunities for self storage developers. Existing commercial buildings are especially attractive primarily because investors know they can avoid spending unknown amounts of time and money to meet zoning regulations. Most existing structures have previously complied with zoning...	Charles Cordes	JanUS Door	Development
How To Add Value Without Spending Money When evaluating value-add deals for acquisition, ideally you want to find one with opportunities to add significant value without digging into your wallet. Many people choose rehab properties, but these can require hundreds of thousands of dollars upfront to provide a facelift, whereas some properties offer the same ability to increase value, but require little to no money out of your pocket....	Lori Goad, V.P., Broker-in-Charge	BETCO Inc.	Operations
We Ask RK: Why INSOMNIAC? Insomniac - Open Tech Alliance SelfStorageGuide.com has had a chance to ask influential self-storage industry veteran R.K. Kliebenstein a few questions about his joining the Open Tech Alliance Advisory Board. SelfStorageGuide.com: Why have you joined the Open Tech Alliance Advisory Board? RK : In 1992 I began to design a kiosk for renting and accepting payments after hours. I tried...	RK Kliebenstein	Coast-to-Coast Consulting	Operations
Self-Storage Tax Advantages If it were possible to expense the entire construction cost of a new facility the year it's incurred instead of capitalizing it, most self-storage owners would do so in a heartbeat. Although that's not feasible, cost-segregation studies provide a good and absolutely legal alternative. Cost-segregation studies allow owners to obtain the most efficient write off of expenditures as allowed by the...	Jerome H. Kootman	Cost Recovery Solutions LLC	Operations
2009 Financial Landscape: Why this is a 6 month year? by Chris Hazelip, Deason Financial Group, LLC There is a great deal of news coming out daily about our economy and most of it is bleak. A factor in this is the state of our national credit markets, which is also bleak. With this, we must all find ways to adapt and continue to exist. This would be referred to as survival". Taking a look at how we got here, the current market conditions, and some...	Dana Deason	Deason Financial Group, LLC	Finance
Watch Your Step: Lest Ye Be Liable. Premises Liability Primer for Self Storage Facilities. The liability for the condition of a self storage facility is no different that that for owning a flower shop or grocery store. The burden is on the business owner to keep the property safe for its customers. Do your part and you will likely have no problems. What the Law Says Premises Liability" is the law that establishes the various duties owed by an owner or occupier of land to people...	Will Farrar	W.D. Farrar Law	Legal
The Future of Self Storage: Is The Run Over? The Future of Self Storage: Is The Run Over? It has been amazing. Ownership of self-storage has been a dream. If you have owned a store for more than five years, you have seen the value skyrocket. Some of you resisted temptation to refinance at the highest level of leverage, others of you chose to cash out" by refinance, and some of you fully cashed out with a sale. Cap rates have been very...	RK Kliebenstein	Coast-to-Coast Consulting	Development
What Changes Will Lead to Greater Profits? 5 Things to Consider as You Decide If I were to say 7-11" and hypothetically give the year "1970", what you're thinking is milk and bread. Conversely, if I say Exxon with the same year, you're thinking gasoline and engine repair. Today, if I say 7-11 or Exxon (Tiger Mart) you're thinking full service convenience stores including gasoline but no service bays Let's use another model; if you think hotels you're thinking limited...	Bob Vamvas	Coast to Coast Storage	Operations
How to Make Money in Self Storage If you are feeling the challenges of the fiercely competitive self-storage industry, you'll be glad to know that there are strategies for success that will increase your bottom line. The following is compiled from the book How To Make Money In Self-Storage by RK Kliebenstein and Jennifer LeClaire available at the Inside Self-Storage online store. There are really only three ways to make...	RK Kliebenstein	Coast-to-Coast Consulting	Operations
Defeasance 101 What is defeasance? In the United States and Canada, many fixed-rate loans that encumber self-storage and other property types strictly prohibit prepayment during the term of the loan, if the lender securitized the loan (transferred it and other loans to a trust that issued bonds backed by the mortgages). However, most loan documents do allow the borrower to defease" the loan in order to...	Janell Otis	Commercial Defeasance, LLC	Finance
Interviewing a Management Company? 40 Things You Really Want to Know What does a professional property management company do anyway? How can you decide which one is best for your facility in a particular market? A novice owner of a brand new facility has lots to discover. A list of questions like these may help you qualify a prospective management team. Company Background & Experience How long have you been in the business? How many storage...	Julie Farrar	Self Storage Advisors, LLC	Operations
Self Storage Government: How Management Software Helps Even the Smallest Facility Thrive How can you introduce checks and balances into your business? The answer is simple. Buy some good management software. Let's take late fees as a simple example. Can a 1,000 unit operation afford to miss a 20.00 late fee? You might think it probably can. But you can bet the owner of that business does not agree. That is why they have management software to track and ensure all late fees...	Wayne Roycroft	StorMan	Operations
Feasibility Study: Don't Proceed Without It. Once a developer has decided to get into the self-storage business, one of the initial steps involves finding a suitable site. But the final decision on whether to purchase the property or not, must come after a closer examination of the site, preferably by an independent third party. Why? Because a feasibility study, conducted by a professional, will provide an in-depth analysis of the viability...	BETCO Inc.	BETCO Inc.	Development
How Site Selection Can Determine Success or Failure Selecting the correct site for a self-storage facility is the most important decision an owner has to make. Let me repeat this. Selecting the correct site for a self-storage facility is the most important decision an owner has to make. Why? Because everything else depends on it. Location will determine rental rates, occupancy rates, unit mix, how quickly you can expect to lease units, who your...	Terry Campbell	BETCO Inc.	Development
Market Focus: Major Texas Markets Still Strong Currently I'm seeing moderate demand for Self Storages in the Texas market. The Dallas/Fort Worth market has done well for the Grubbs & Hendricks Investment Group of Marcus & Millichap and we're expecting a strong 2nd quarter too. However, lenders have definitely tightened their underwriting criteria and self storage facilities being offered on a pro-forma and/or rent guarantee basis will not...	Roger L. Hendricks	Marcus & Millichap	Development
Beware of Hidden Costs When Purchasing Self Storage Software After finding the perfect software solution for your self storage business, you may unfortunately discover that there are extra modules and services needed to run the software. For example: Updates: Many software vendors charge additional for updates to the software that are released in the future. These updates can include new features as well as "bug fixes". Charging for these updates is...	Jill Shaffer, Psy.D.	Property Sidekick, Inc.	Operations
What To Do When Your Tenant Files Bankruptcy It's been 45 days since the last payment, your tenant's in default under the Rental Agreement and you're preparing your letters and advertisements for the auction when you receive the Notice from the United States Bankruptcy Court that your tenant filed bankruptcy. You ask yourself: Can I still send the pre-foreclosure notices? Should I still place the ads for the sale? Can I auction the...	Scott Zucker	Weissmann & Zucker, P.C.	Legal
Fire and The Unforeseen Consequences Many owners believe that their facility could not - and will not sustain a loss because metal doesn't burn and the concrete pad cannot be damaged. While we wish this was true, it is not. The intense heat produced by a fire can cause metal to distort and concrete to crack, resulting in permanent structural damage. Fire is one of the most devastating losses a storage owner will ever...	Randy Tipton	Universal Insurance	Operations
Successful Interviewing ISSUE: The primary reason for the failure of most interviews to identify a truly outstanding candidate is that most interviews focus on the capabilities, background and experience of the prospective employee. This approach ignores the fact that the interviewee is a human being that the employer is going to have to live with day after day. ABSTRACT There is a way to...	Scott Hunter	Scott Hunter	Operations
Steps To Letting Go There is no such thing as a typical" firing. Each dreaded event is as unique as the individual manager along with the specific circumstances surrounding the need to terminate. Assuming you are an "at will employer", and that you are not dealing with an emotionally unstable or hostile individual (which will require more deliberate safety measures -- perhaps even police presence), there are some...	Julie Farrar	Self Storage Advisors, LLC	Operations
A Day In The Life Of The Storage Biz: I've Been Robbed! Well, things have been going pretty good, except that I got robbed," she said. Looking up I saw the frustrated face of my hairstylist, our eyes meeting in the tall salon mirror as she continued. "Yeah, I had to move out of my apartment before my house was ready and I stored all my furniture at that big place around the corner. So, I'm sitting in La Duni having lunch with my brother last week...	Julie Farrar	Self Storage Advisors, LLC	Operations
How to Decrease Your Taxes Through Elections The current political environment with the impending presidential elections reminded us of the fact that elections can make an immediate impact on your profitability. We're not talking about voting for our next commander-in-chief but rather some uncommon elections the IRS allows you to make to decrease your taxes. Our discussions with clients have addressed concerns over how to more...	Cost Recovery Solutions, LLC	Cost Recovery Solutions LLC	Finance
Q and A: Ask An Expert I am developing a plan for a self-storage facility that is located on a highway outside of a mid-size Texas city near a large recreational lake. It is going to be around 460 units ranging from sizes 5x5 to 10x30. My self storage facility will have high security features, low prices and excellent customer service that set it apart in its market. It will have a moving truck to use for free with any...	Julie Farrar	Self Storage Advisors, LLC	Development
How To Remediate Water Damage From Parking Lot Leaks In Below Ground Storage Units Self Storage operators are more than familiar with the problems associated with below -ground or below-grade units in regard to water infiltration through masonry walls. Although concrete sealing is a positive preventative maintenance measure against mold and staining, it sometimes in itself is not enough to prevent water leaks. There are two sources of water leaks that are of concern for below...	Steven Brahney	Brahney Pavement Solutions	Operations
Firing a Bad Manager: What Are You Afraid Of? Hiring is hard, but letting a bad manager go is always a difficult and daunting task. And in this case patience is not a virtue. Procrastination plagues owners and professional property management companies alike. When it comes to replacing a self-storage manager, most delay far longer than they should. Why Wait? Self-storage can be a one-man show. To remove a manager may mean no one...	Julie Farrar	Self Storage Advisors, LLC	Operations
Keeping an Eye on Income Managing self storage is more than just taking care of the property and the customers. Successful managers and owners know keeping a close eye on the income stream is an ongoing critical task. A good management operating software will provide reports that are needed for the job. But someone should constantly be taking a look". Here are just a few items to watch: Actual Billing The...	Julie Farrar	Self Storage Advisors, LLC	Finance
Top Ten Traits of a Great Self Storage Manager: Every Store's 'Most Valuable Player' Some say nothing is more important to self storage success than having the right manager in place to promote the product. Exactly what should an owner look for when hiring this MVP? Here's a top-ten list of key characteristics: #10: Non Smoker While this might not go over well with every owner (and notice it falls at the end of the top ten list), a manager who smokes is not ideal....	Julie Farrar	Self Storage Advisors, LLC	Operations
The Importance Of Customer Service In Self-Storage Customer service, as it relates to the self-storage business, is no different than customer service as it relates to any other product or service. It has to do with the relationship between the facility owner/operator and the customer. To put it in simple terms, the dynamic at work is this: From the owner's point of view, it is an understanding of the wants and needs of the customer, and from the...	Terry Campbell	BETCO Inc.	Operations
Springtime is 'Prime Time' for Storage It's springtime Spring cleaning, major residential moving and the end of college classes all (happily) contribute to self storage success in this season. As the calendar turns, get ready for the best part of the year in self storage performance and, hopefully, profitability: Spruce up Company's coming How's your curb appeal? These areas of self-storage facilities often need...	SelfStorageGuide.com	-	Operations

[1] [2] >