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Featured Self Storage Expert Article
- Feasibility Study: Don't Proceed Without It.
- Development
- Sep 10, 2008
- 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... Read More >
BETCO Inc.
- The Future of Self Storage: Is The Run Over?
- Development
- 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 good to you. Buyers have been like capital, plentiful. Demand for self-storage continued to grow... Read More >
- How to Make Money in Self Storage
- Operations
- There are really only three ways to make more money in self-storage, or for that matter, in any business you can call it. 1. INCREASE SALES REVENUE, 2. DECREASE EXPENSES, 3. CREATE EQUITY. Many self-storage operators run a "pretty lean ship" and would be hard-pressed to greatly decrease expenses. Creating equity can be subjected more to market influences than to the actions of the owner and may only realize benefits at the time of a capital event, such as a sale or refinance. This implies, then, that the fastest way to increase the bottom line... Read More >
- What Changes Will Lead to Greater Profits? 5 Things to Consider as You Decide
- Operations
- 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! ...What these points illustrate is... Read More >
- Defeasance 101
- Finance
- 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 obtain an early release of the real estate collateral for a sale or refinancing... Read More >
- Interviewing a Management Company? 40 Things You Really Want to Know
- Operations
- 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... Read More >
- Self Storage Government: How Management Software Helps Even the Smallest Facility Thrive
- Operations
- 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 are charged and collected. $20.00 to a 1,000 unit facility charging an average rent of $100.00 per month is just... Read More >
- How to Decrease Your Taxes Through Elections
- Finance
- 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... Read More >
- Market Focus: Major Texas Markets Still Strong
- Development
- 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... Read More >
- Beware of Hidden Costs When Purchasing Self Storage Software
- Operations
- 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... Read More >
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