self storage profits

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Welcome To Self Storage Profits where first hand experiences can help you build a better self storage facility, get more clients, make more money and have more time.

More recently I planned, designed, built, operate and own two self storage facilities in rural Connecticut.  I have learned about self storage from real life experiences and continue to learn every day.  I have set up this web site so everyone from a beginner to an expert could learn and profit. 

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Self Storage Blog

August 28              Hole In One

Tomorrow were of to the links.  We are sponsoring a hole in one for the local soccer organization.  If a player gets a hole in one they get $15,000.  We get a banner with our name on it at the par 3 whole.  We get to meet each player and as they go for the whole in one, and give them stuff to remind them of us.

We split the cost and the sponsorship with the local insurance company who got the whole in one insurance - Now we can hope several golfers get a whole in one.  Our half the insurance was $150.  The idea is to have fun and get out and support the community.  Will let you know how it goes.

August 22 Just Heard

Our staff just told us about a mom who came in for the second time with her kids to try their keys in the treasure chest.  Her comment " were turning her kids into gamblers"  hopefully next generation self storage users too.

We've had a rash of lost keys.  We have been cutting them at no cost. - a choir since most of them are disk locks.  We finally had to stick to our posted $50 lock cutting fee.  - Wow for $50 it is amazing how many people will look harder and find their keys - saving us time & money.

When I am not thinking self storage I have been working on a special project www.BlackEyedT.com

Its a fun themed on line T shirt company.  Tee are determined by your votes for on going designs submitted by the community. (winners get  $500 or more)  Check out our profiles  - vote  www.BlackEyedT.com 

Marc

August 17, 2008  Treasure Chest Results:

Hand out 20 post card at every local business to give out free to visitors.  Tell them about the contest and the free prises and of course talk a little about self storage.  Some places will pass out the 20 cards in a day or two.  You will know who is  out by asking people coming with their keys where they go them.  You will get back around 20% of the keys you hand out - so hand out a couple of thousand.

The good news is you will get many people thinking about self storage, even if they don't stop in.  You will get a lot of people to stop in who would never even thought about self storage - to see what a great place you have.

Go for it - you can do it!

August 1, 2008 - Treasure Chest Contest for increased Awareness of Your Self Storage - Part 2 of 3   Details

Now that you have 25 to 30, $25 gift certificates donated from local business it time to set your plan in action. When you get the gift certificates you may want to suggest services or products in some cases - A round of golf, free oil change or large pizza make great prizes.

A while back you should have gone on line and ordered a lock with 2000 loosing keys and 100 winning keys.  We bought a large plastic treasure chest & chain for about 10 bucks. Choose a start and end date for your contest.  A two month period is about right.  It take a while to get the keys out to the local businesses and real estate offices and some time for people to get into your facility to try your keys.

You most likely already have a list of all the businesses in town to use as a check list to make sure you drop off keys to each business.  There may also be events in town where you can also hand out keys. Some business will need refills every week.

At the end of the contest you will likely have prizes left over.  The contest can end with a cook out at the self storage where you can have a drawing to give away the remaining prizes.  Have everyone who key does not win sign up for the drawing at the cook out.

Check back for the project treasure chest launch and more benefits.

Marc

July 20, 2008 - Treasure Chest Contest for Increased Awareness of your Self Storage -    Part 1 of 3  Getting Started

Today we handed out hundreds of 4" x 8"  contest cards to local businesses.  One one side of the cards was a key and a list of over 30 prizes - $25 gift certificates from local businesses.  On the other side was  a  little about our self storage,  dates  for the contest, a map to our facility and two discount coupons to our self storage.

The idea is to keep our facility in everyone mind - for when they need storage - but just as important is to get people into the facility now ( who don't need storage now) to see what a clean, safe and convenient location we have for any storage uses they may have in the future.

First we stopped by local businesses and explained we would promote their business at our self storage for two months, hand out their literature (they provided us) at our self storage and hand out two thousand post cards to our treasure chest contest with their name listed with a $25 Gift certificate to their business.  All they had to provide was a $25 gift certificate.  Most businesses understood what a deal this was and were happy to give us a gift certificate - often for more then the $25 we requested.

During this first step we made connections and friends with many businesses in Town that now will consider us part of their marketing team and local business partner. Don't forget to send all donors sent a thank you letter.

More details next week on how it works

Marc

July 7, 2008  One More Unit Please!

I worked last Saturday.  One of customer came in to rent a third 10 x 20 unit.  This is not as unlikely as most would think.  In this case it was  a very large house.  In other case it is a business, a collector, or an estate. Don't  ever forget about your existing tenants

July 3, 2008          Paint The Bollards

Its summer and things are slowing down.  Now is a great time to get the place looking better than ever.  We actually make Thursdays clean up and maintenance day and dress for the work at hand.  Next week - scrape and paint the bollards.

Marc

June 28, 2008  Thanks From Renters

We get complements every week from our customers.  Last week a new renter told Lori he hopes we never sell out to the "big guys".  Whats the difference? Well there are at least a couple of things including flexibility, friendly conversation and ability to help on the spot.   

Remember there are many self storage facilities to choose from.  So what are you doing to make your facility the one they choose?  So often businesses forget that without the customer we don't have a business.

I have found many businesses can't afford to provide top notch service because they believe that they have to have the lowest prices.  Nothing could be further from the truth.  Charge more & provide fantastic customer service and everyone is happy.

To success,

Marc

June 21     How did he get up on the key pad?   0r how/why did they rent?

Are you keeping track of how many people call, walk in, rent, how they heard about you & what discounts were given - on a daily basis for a weekly review?   This can tell you if your advertising is paying off, if your rates are too high, if you are missing rental opportunities and if you need to do more to get people in the door so your staff can do their job.   I also like to ask callers and visitors when they will be needing storage.  This of course helps you know if a discount could turn a visitor into a renter.

Marc

June 12, 2008   Tractor Trailers

If they are coming in a loaded  full size tractor trailer they need a 10 x 30 or larger unit. Let your managers know and help your renters get the size they need.  It will make everyones life so much easier.  Too often they have a unit rented that is too small.  And some times they are coming when the office is closed.

Also ask the tenant and  truck driver to walk the site to their unit before they drive in.  This will insure the drivers realize then need extra eyes, go slow and take the best route. 

Marc

June 7, 2008    Dinner Out

How about taking your staff out to dinner. Invite their spouses.  Make it at a local restaurant where your bound to run into people you know.  Ask to say hi to the owner.  Get to know your waiter's.  How much you wanna bet it can be a great time, and a marketing event in itself.

Say hi to everyone, its called marketing,

Marc

June 1, 2008     Bees,  Weeds and Grass

Is your grass lush and green?  As your prospects are driving into your self storage site their initial impression is being made based upon the grass and landscaping.  It really only takes 2 fall and 1 spring application of fertilizer, to keep your lawn in great shape.  Fresh mulch is worth every penny. 

If the grass is growing so are the weeds - in your landscaping, cracks in your pavement and other areas. Your renter will notice. Word of mouth is one of the main ways we get business.  For word of mouth to work you need to give your clients something positive to talk about.  Clean and green is a start.

The eves of self storage buildings are a great protected areas for bees to make nests.  If you do not have a program to sprayed and removed the nests you can bet they are there.  Again you are either giving people something positive or something  negative to talk about.

Marc

May 23, 2008      Incident Report

Stuff happens.  Often its a vehicle backing into a door or corner of the building.  The sooner it is taken care of the better for everyone.  A completed incident report,  signed by the manager and the driver, along with a couple of photos is highly recommended.  Since many incidents are vehicle related make sure the form includes vehicle info, including insurance info and drivers license number.

Marc

May 17, 2008     Time to Change Your Phone Contacts

If you are using the same phone responses that you had  last year it may be time to  review and update them.  Both as you get more skilled and as your facility is rented up a new set of responses and questions will be need to get to the next occupancy level.  I like to ask the caller two questions: 

Have you been to our facility?  When they say no it gives me a chance to respond with let me tell you a couple of reasons were different ............

The second question I like to ask the caller is When will you be needing self storage?  This helps me determine how I should help the caller make a decision now.

Once your no longer new, its important you let both callers and walk ins know you have a limited remaining supply of units.  People what to buy/own what everyone else owns - same goes for self storage.  It makes it much easier to ask for rental or reservation if they know you only have one or two units 10 x 10's left.

On the phone: We only have a couple of units remaining for that size. I can hold it for you if you can make it in today or tomorrow.  If you can't make it here in the next  two days  I recommend you make a reservation.  Which is better for you.

Increase your occupancy!

Marc Goodin

May 10, 2008    Busiest Day Of The Year & Directions Are Key

We only have one day a year when we need to have two people in the office.  College graduation.  Its worth the marketing, leg work and extra shift.  Most of the rentals are prepaid for 4 months adding some cash flow just before the June property tax bill is due.  Car rental in Dec. is a similar cash boost for the January tax bill.

Several things can be done to make the day go smooth.  First take reservations.   Then units can be assigned and the units opened and cleaned and the leases prepared in advance.  We are usually the extra hand to work with the office manager so if things get difficult we can make a decision on the spot to keep everyone happy.  Its also a great time to go over the basics with the manger.

We did lose one rental.  A guy with a reservation called from a competitor located about 5 miles away on the same road.  He was lost, tired and upset.  He decided it was quicker and easier to rent at the competitors (even though he would loose his reservation fee -$20) then to drive 4 miles to our facility.  Make sure you give everyone the best possible directions - and here is the important part - have them repeat the directions back to you - to make sure they wrote down what you said.

Make it happen,

Marc

Marketing Notebook  and Marketing Tracking      May 5, 2008

Many of the marketing items are repeated every year or several times a year.  A good summary of each marketing plan kept in easy to find marketing notebook is worth it s weight in gold.  First you don't have to spend time reinventing each campaign.  You can spend the time making a marketing campaign better every time you use it.  Keeping track of the details of the campaign and the results from last year will help make decisions this year.  A master calender should be kept for the various campaign.

Most college are out for the summer break in the next two weeks.  How are you doing?  How did you improve your marketing from last year?  How much money did you spend marketing?  Did you increase your year to year rentals?  Did you get the student emails?

Marc

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JUST HOW BIG IS THE INDUSTRY?

According to Chushman & Wakefields 2007 Self Storage Investor Survey there are about 43,000 self storage facilities in the U.S. with approximately 1.9 billion square feet of rentable space. The industry generates revenues of about $17 billion a year and has a market cap estimated at around $150 billion.

For the most part, self storage companies are small neighborhood businesses. The self storage industry estimates that there are about 32,000 storage facility owners in the country and 70 percent of those own only one facility. Eighty-five percent of the facilities have annual revenues of less than $500,000. The ten largest self storage companies, most of which are REITs, own fewer than 10 percent of the facilities and about 15 percent of the rentable area. 

Just Getting Started:

“Self storage is easy, does not take a lot of planning or time or out of pocket money and always makes money.”  There is nothing further from the truth, but I hear this all the time.  For a typical self storage facility of 50,000 square feet you will invest around $300,000 of your own money, borrow over a million dollars from the bank, and will personally spend hundreds of hours before you rent the first unit.  But a properly planned, operated and funded self storage facility can be a very rewarding and profitable business.

Here is a list of things you may want to do this week to get started.

•    Do some personal review; to make sure you have the knowledge, sufficient time and money or the opportunity to properly acquire these basic requirements.
•    Join your local State Self Storage Association and attend a meeting.  CT Self Storage Association
•    Subscribe to the Magazine Inside Self Storage      wwws.insideselfstorage.com
•    Read a set of Zoning and Wetland regulations from the Town you may purchase land in.
•    Meet with your banker and ask about self storage loans.
•    Stop at every self storage you pass by & talk to the owner; let them you are thinking about starting your own self storage.

Site Selection:

Location, Location, Location. This is the single most important factor in the success for a self storage business.  The majority of your rentals will come from drive by traffic.  This is especially true in smaller communities, say towns with populations of 30,000 or less.  I recommend looking for a property on a road with an average daily traffic volume of at least 10,000 vehicles per day with a recommended average daily traffic volume of 20,000 vehicles per day or greater. Of course due consideration must be given to surrounding population and how much of the traffic and potential renters should be proportioned to existing or other planned self storage facilities. You can get traffic information for Connecticut state roads at www.ct.gov./dot/

Five square feet of self storage per person for a 3 to 5 mile radius can be used as an initial guide when looking for a property. Again the appropriate square footage reduction will be required for any existing self storage facilities that share the same area.  As a member of the CT Self Storage Association you can access  "Online Demand Estimator-Self Storage Association".  It is a powerful National Facilities Data Base that lists detailed information on self storages in the United States. Learn more at www.selfstorage.org/odessa.aspx.

Dry flat land can typically support 10,000 to 20,000 square feet of self storage buildings per acre.  The shape of the land, topography, wetlands, drainage and zoning can have a significant impact on the final square footage.  In some Connecticut Towns only permit 50% lot coverage for the building and pavement, other Towns do not permit a new self storage within 3 miles of an existing facility.  Regulated upland areas often vary from 50 feet to 150 feet from wetlands in Connecticut.  In other words the regulations can significantly reduce the self storage permitted.  Often self storage is not even permitted in residential zones, as well as other zones.

Often self storage building manufactures will provide a conceptual layout plan.  This is a good start but they often do not take into considerations of all the land restrictions or zoning restrictions.  A preliminary review of the property, regulations and a conceptual site plan by an engineer is recommended. 

Early on in the process you should have the wetlands delineated on the site.  Of special concern are vernal pools - special breeding wetlands- which often require very large buffer areas.  Endangered species should also be reviewed early on.

For great aerial views of a property or area try www.maps.live.com   Go to birds eye view.

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Design:

3.    Steel bollards at all building corners, entrance gates and entrance/exit key pads.  I recommend an 8” steel bollard filled with concrete. Over the years this will save big bucks and a lot of aggravation.
 
4.    Determine if you should put the outside lights on two circuits so you can turn half the lights off, after hours or at a certain time. You may also want the front entrance driveway and parking lot lights on a separate circuit so you can leave them on after hours.

5.    Make sure your camera/vcr system has enough capacity/ports for phase 2 construction.

6.    Have your engineer provided for the largest driveway radii permitted at the street intersection for easy site access.  A 25 to 45 foot radius is recommended. No matter how large you make them some drivers will still drive over the curb,
 
7.    Make sure there is room at the end of the buildings for vehicles to safely turn.  At a minimum 30 feet of pavement is recommended at the end of each building.     

8.    Determine what percentage of climate control units to construct.  We have constructed 15 - 20 percent and that has worked well.  Learn more about climate control/ humidity systems.  Also make sure the designer has experience designing self storage heating & air conditioning & humidity systems.  Self storage systems are designed significantly different from the typical residential or commercial systems.

9.    Your office will be a major showcase for your facility.  It should be located outside the gate.  Visit several other self storage offices to help determine the office size and layout.  We have found that having a large product sale area and large windows helps increase the over all acceptance of our facilities and increased our unit rentals.   Our self storage facilities offices are about 1100 square feet, including the bathroom and a utility/furnace room.

10.    Typically an access gate has a security loop installed in the pavement that can detect a car, so the gate will not close on a car.  Make sure it is clear who is responsible to provided and install the safety loop.  Will it be installed under the pavement or will the pavement be saw cut and patched.  The gate should also have a safety mechanism so the gate would not accidentally shut on a person.

11.    It’s always a nice touch if the appropriate doors are keyed alike.

12.    Consider buying your propane tanks versus renting so when you buy propane you can get the best price on the open market.

13.    Install the fencing 30 feet off the pavement, if possible to leave room for snow, especially if the fence is at the end of long drives.  I've even seen some facilities have gates in the fencing so snow can be plowed out of the way.

14.    A 3 foot man gate in the security fence near the office comes in handy for many reasons.

15.    The entrance/exit gate needs a clearance past the gate of at least 1.5 times the gate opening.

16.    In Connecticut you are required to get a CT Department of Environmental Protection “General Permit for Stormwater Discharge Permit for Construction Activities”, If the development (all phases included) disturbs over 5 acres of land.  This permit requires several best management practices be incorporated into the designs including weekly inspections of the erosion control.

17.    In Connecticut disturbance of wetlands may require a Federal Army Corps of Permit. Check with your soil scientist and engineer.

18.  Don't forget to have an electrical outlet installed at your sign for your holiday lights.  Also electrical outlets should be installed in the 1 or 2 units the facility will use. An outside water spicket is recommended.

19.   If possible place the larger units on the side of the building that does not have another building on the opposite side of the drive.   This will make it easier for cars to be stored in these 10' x 20' or larger units.

20.  Include a bank of 5' x 5' x5' lockers.  Not sure why many designers do not include lockers but they always rent out and provided the highest rent per square foot.   

21.  Slat walls are a great to hang locks and other products.  Make sure they are included in your construction specifications.

22.  Review your landscaping plans.   In addition to the various trees it is benifical to have a raised flower bed or two your clients can admire.

23.  Handicap access should be reviewed early on and included in your design.  Self storage units typically have a lip at the doors to keep water out.  A ramp design is required for handicap access.  ADA  standards  require  2%  of the units be handicap  accessible.  

24.  Determine if there is any room for outside car storage or rv storage.   Even a few spaces can help market the entire facility.  Outside parking of vehicles should be clearly noted on the site plans and applications to the Town.

25. For your non climate control  buildings you may want to determine if the building codes in your state allow floating slabs.  If they do, it could save you money.  In Connecticut you typically have to submit a geotechnical report which reviews the soils and designs the slab and base acordngly.

26. Since self storage facilities have limited use you should determine if you can have one bathroom in the office versus two.  This will give you more retail space. In Connecticut you have to request a variance from the State building code official for a single bathroom.

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Regulatory Approvals
 
Seven items you might forget to bring to your Wetlands Commission meeting:

1.    A colored rendering is a Must.  While many items like the building architectural are not part of the wetlands commission purview, a pretty picture goes a long way.

2.    Information about your security system.  Pictures of cameras, TV monitors, fencing, access gate, lighting and signage mounted on a single board tell a great story.

3.    The facility policy on client’s storage of hazardous materials.  A copy of your lease provision prohibiting hazardous materials.  A copy of a sign to be posted in your office prohibiting hazardous materials.  An explanation that includes how you know your customers, copy every renter’s driver license, require social security numbers and walk the site several times a day, goes along way.

4.    If you are going to rent units for car storage (which is worth fighting for!) be prepared to explain the steps you will take to insure gasoline will not leak and cause a problem.   If you can’t figure this one out email me & I will point you in the right direction.

5.    While you (your engineer) always had to be prepared to explain the storm drainage design and storm drainage detention design now it is common to provide detailed (and expensive) storm water quality best management practices.

6.  Make sure that you and your engineer have walked the wetlands, even though your soil scientists is coming to the meeting.  Your knowledge of the property could help turn the deciding vote your way.

7.  Early on in the design process you should have confirmed there are no endangered species on the  site.  The CT DEP site provides areas of known or reported endangered species.  Be prepared to discuss endangered species.

These photographs or others may help make your case in front of the regulatory commissions. If you need any photos, I will email then to you at $5 each.

Nine items you might forget to bring to your Planning and Zoning Commission meetings:

1.    All the items you brought to the wetlands meeting.

2.    Bring all the professionals (you can afford), design engineer, landscape designer, traffic engineer,
architect and attorney if customary in your town.  But a single presenter can do the majority, if not all the presentation.

3.    Office hours and gate hours.

4.    Samples of the building materials, including colors.

5.    Light photometrics to insure light does not impact neighbors.  A manufactures detail sheet for full cut off lights is helpful.

6.    A copy of a standard lease.  You can typically get one from your state self storage association.

7.    Knowledge of your marketing study to confirm the need for self storage in the area.  Again while this should not be part of the commission decision process, I have had the questioned asked several times.  And no, you should not tell them it is not their concern.

Construction:

Seven items you want to remember during the construction bidding process and construction.
           
1.    Try to research and completely specify as many items as possible. Allowances always seem to grow out of control. These items often include items like the security system.

2.    Often the building manufactures want large deposits and final payment on delivery of the buildings.  These fees should be reviewed with both your contractor and bank to be sure there are not cash flow problems.

3.    It is recommended that all contracts include a provision to hold back 7% of all payments. Until the work has been completed, including the final punch list items, the Town has completed it’s review and issued a final Certificate of Occupancy, the 7% hold back should not be paid.

4.   Often one of the biggest problem is the schedule.  Review the schedule in detail with all contractors, including the building manufacture.

5.  There will be problems and questions.  Make sure the contractor provides you have a contact person both in the field and the office, including cell numbers.

6.  The contract should be clear that all change orders will require written approval by the Owner.

7.  You should determine what independent (paid directly by you) testing you are going to require, such as compaction test for the driveway and concrete testing.  The contract should require your contractor to coordinate these test and redo any work not meeting the specifications.

8.  Make sure it is clear if sales taxes are included in your contract.  Often building manufactures and others do not include taxes in their fees.

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Eight development/start up fees you may not be aware of:

1.   Engineering and architectural fees are typically not covered by the bank loans and often have to payed up front by the developer.  They can run from $30,000 to 50,000 for a basic 1 story metal building project.

2.   Town building permits will run in the thousands.  The construction contracts should be clear if the building permit  fees are included.

3.    Make sure it is clear who is responsible for construction special inspections, construction stakeouts, engineering or erosion control inspections, and survey as built, if they are required.

4.    Your bank will typically have marketing report done at your expense, approx.$5,000.  They will also require a phase one environmental report at your expense, approx. $2,000.

5.    One of your largest expenses may the be property taxes.  Most towns are going to assume a full value as if the facility is rented. Your yearly property taxes could be in the $30,000 to  $60,00 range

6.    It can typically take 3-5 years for a new self storage facility to rent up to the break even point.  Many self storage facilities break even in the 55-65 percent rented range.  While monthly expenses can vary, $22,000 plus or minus $5,000 can be used for initial planning purposes for a new 50,000 sf facility.

7.    Don't forget about the initial office supplies, equipment and the sales merchandise.

8.   Remember when you open your doors you will have a mortgage, payroll and other expenses and very limited income.      How will you pay your bills (maybe $15,000 to $25,000 a month)?

Operations: Employees; Systems; Forms:

• I have compiled several forms that you may find helpfull to get started.  Click here to see more. 

• Your number one asset is your employees.  We run a 50,000 square foot facility with one manager and a part time employee to work Saturday.  Hire your employees on their people skills, speaking and writing abilities and common sense first and their self storage knowledge last. 

• Make a detailed list of the perfect employee and share it during the interview process.  It should include a variety of items like: meeting weekly with local businesses to promote your facility, shoveling snow, producing computer promotional items, empty the trash, daily calling of clients with past due clients, moping the floor, chit chat with clients, promoting the facility on the phone, weed the garden, etc. 

• When we place an ad, we do not mention self storage, instead we advertise for a self motivated office manager. 
  

• Daily, weekly, and even monthly manuals are typical for efficient operations.  In order to remember the items only done once or twice a year, a month by month operations/maintenance list should be kept for reference every month.  These manuals and list are life savers, especially when a new manger has to be trained.

• Remember to buy file cabinets with locks (keyed alike) to protect your clients information. You may need a second set of keyed alike file cabinets if you do not want all employees to have access to your financial files or other information.

• Have your office manger send you a daily email of the events of the day.  Its much easier for both  you and the office manager to make small changes as you go then big changes. 
  

• Be flexible and give your office manager room to help the customer on the spot.  Customers will appreciate it.  Your daily emails will permit for quick corrections if need be.

• Your web site should have any forms your customers may need. Move out forms and authorization for automatic credit card payments are two of the most important forms.
  

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Marketing:

2.  The single most important on going marketing is your web site. Spend the largest portion of your marketing budget on your web site, until the site includes all the basics.  See my self storage web sites for examples.  Mansfield Self Storage   Coventry Self Storage

3.  There many marketing marketing items or promotions that only occur  once a year or  seasonally.   It is important to create a yearly month by month list of these items so they are not forgotten.  I will outline many of these items at the appropriate month in my blog.

4.  it is a lot easier for your manager to visit the local community if they have something to hand out in addition to their business card.  I like a new hand out every 3 or 4 months.   Items can include rulers, ice scrapers, seeds and other items people will use.

Case Studies

Mansfield Self and RV Storage Mini Case Study

Location:  Route 44, Coventry, Connecticut       Population:  10,0000
Route 44 Average Daily Traffic: 18,000 cars a day
Land:  9.23 Acres,  (5 Acres of usable land)   Zoned: Commercial
Sign land purchase agreement: November 24, 2003
Start Site Design: November 2003     Submit plan to Town for approval: Jan 1, 2004
Town Approvals: Wetlands: Jan. 28, 2004            Zoning Comm.  March 15, 2004
Close with bank, purchase land April 6, 2005   Land purchase price $200,000    

Phase 1, 3 one story buildings, 27,750 square feet  ( 7,000 sf climate control)
Start Phase 1 Construction: April 2004           Open Phase One: October 2004
Phase 2, 3 one story buildings, 28,425 square feet   ( 7,750  sf climate control)
Start Phase 2 Construction: May 2005             Open Phase Two: December 2004
Building Manufacture Phase 1 & 2:  Trachte       www.trachte.com
General Contractor Pelletier Builders  www.pelletierbuilders.com

Rent 50 units         2 month
Rent 100 units       6 months
Rent 150 units       9 months    
Rent 200 units       1 year 2 months
Rent 250 units       1 year 10 months

Design and construction restrictions/setbacks:

•    Buildings set back off the road to obtain swift approvals and work with site topography.

•    Unexpected wetlands found, complicating approvals.

•    Only one area found for a septic system.  

•    Difficult soils for construction.

•    Construction difficult due to muddy condition of the site

•    Town Building dept required independent special inspections.

•    Town would not permit floating foundations for non climate control units.  We had to apply to the State Building Department. A geotechnical report was required to get approval for floating slabs.

•    Buy your propane tanks, vs renting, to make sure you get the best rate on propane. 2 -1000 gallon tanks

•    Surprised how many Towns people came in to rent and told us how they were originally against self storage in Town but have changed their minds once they saw what a great job we did.

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Blog Archives:

Smile          April 28, 2008

We just hired a new office manager.  We had host of required qualifications and a list of duties.  They included several items under, customer service, marketing, operations and maintenance.  It was a difficult choice.  In the end it came down to who would we want to do business with if we just walked in to a business for the first time. 

Who will greet each customer with a smile.  Who let the customer know they are appreciated. Who will be positive and personal.  Who will the customer trust.  Who will appreciate the position as much as we appreciate and trust them.

Certainly there is a host of skills that are important. But it is easier to teach skills than to teach someone to smile.

Keep smiling,

Marc

Radio        April 24, 2008

I never thought I would here "I heard your self storage radio ad".   But I did today.  We have been contacted several times by the local radio station but never gave it much thought.  But the station kept in contact with our manager and they recently came up with a campaign and cost that made sense.  

The first part is two weeks were listeners get to call in to guess what unit the DJ is hiding in.  The winner gets 3 months free self storage.  The second part is several 15 second  clips about us.  There is a large group of people who may not see an ad in the local paper or other local advertising but may listen to the radio. Now was good timing since the students will be needing storage in a couple of weeks.   In a month or so I will let you know how it turned out.

Get Their Attention for $6.50 & Make Climate Control Storage Simple     April 20, 2008

I purchased 8 traffic cones for $6.50 at target.  Put them along your entrance curb once or twice a month and you will be amazed the attention it will bring.

If you have climate control you know one concern is the walk from outside, to the cc unit.  Heavy duty flat carts are the trick. Don't skimp on the carts. Make sure you have a large picture of the cart in the office to help explain to customers how easy they are to use.  If you have 6 doors to the climate control units you need 6 carts.  Your clients shouldn't have to go looking for a cart.

Should I Use an Auctioneer?      April 13, 2008

We use auctioneer Paul Maglio of Storage Auction Solutions. (978-777-5850)  They have been great helping us with the entire process. They help us stay legal and get us top dollar for each unit.  And our overlock units are empty in 24 hours and ready to be rented with no hassles.

Several months ago a self storage friend, in a couple of towns over was doing his own auction the same day Paul was doing ours.  My friend did not have any bidders at his auction.  We had a dozen bidders that were going from auction to auction with Storage Auction Solutions.  We sold our all our units, and recovered a lot of lost rent  and did not have to haul any trash away.  My friend had to pay to have the stuff in several units hauled away.  Storage Auction Solutions list their auction dates and times on their web site to help insure a good turnout of buyers.

At one point I thought why not skip the auction process and just let people come get their stuff for free.  An experienced owner  pointed out that done properly Auctions can a part of the profits.  He explained that they pre schedule auctions 4 times a year.  Often around half the units sent notices of the auction will pay their bills, additional auction fees and all.  At our last auction we had 6 units sent notices but only 3 went to auction.

I don't know why some people pay early every month and others always pay late.  But late fees often bring in thousands of dollars.

To keeping it simple & profitable,

Marc

Keep The Heads Turning         April 6, 2008

I can't say it often enough you want the traffic looking your way just like it was the day you opened.  It amazing how after a while the excitement is gone and people drive by and don't notice your facility. Kind of like your drive to work in the morning - you get to work and you can't remember if the traffice light was red or green when you went through. When they don't notice self storage, they don't think self storage when they are spring cleaning or doing a spring project.

There are several things you can do.  I'm sure you are ordering your spring mulch to spruce up the place.  Have you ordered your flags for Memorial Day & The 4th of July?

Here's a couple you may have missed.   How about ordering 6 small (12") orange traffic cones & placing them along the driveway curb entrance every once in awhile. Here's one of my favorites.  A road sign plackert that cheers on the local sports team.  Even if the Town does not permit such signs when you are promoting the local sports team during the tournament. 

Here in Connecticut the UConn Girls basketball team are playing tonight in the final four.  Soon the sign will wish the UConn seniors and then the Coventry High school senior congrats.

Additional Rentals From Existing Tenants               March 29, 2008

Often existing tenants can be a source of additional rentals and spring is a great time to make a special offer to your existing tenants.  The offer has to be substantial.  Remember these are rentals that you would not typically get without the offer.  You need a very clear offer that is not typically offered to the general public.  In our offer letter below we are offering a free months rent and 5 free boxes.  We have never offered a free months rent  at our facilities.  If you often offer a free months rent  (which I don't recommend) you may  need to offer two free months to make the offer successful.

Existing Tenant
Main Street
Mansfield, CT 06226

Dear Marc,

Spring has finally arrived, with thoughts of sunshine and outdoor activities.  Before it gets too late, take the time now to do that spring cleaning around the house. 

Mansfield Self Storage is offering our existing tenants a Spring Special Savings !

Right now you can rent a second storage unit – any size – and the first month is Free! If you only need it for one month there will be no cost to you! This offer is good till May 30th, 2008.

We have also enclosed a coupon for a free box.  If you bring it in before May 30th, 2008 and let us know you are an existing tenant we will give you 5 small or medium boxes free, for your spring projects.

We appreciate your business,
Mansfield Self Storage, LLC



Wendy Jakoboski
Manager

There were several great graphics that are part of this letter - that I lost in the transfer to this page.  If you want a copy with the graphics please email me at yourstorage@comcast.net.

To the spring boost in rentals,

Marc

Free Advertising        March 24, 2008

In the March 17, 2008 entry we reviewed marketing for the college students.  We just checked with our local college campus paper and they stop publishing the paper at the end of April.  Advertising our web page and phone number in the classified ads is under $100 for an entire month.

Here is the article our manager Wendy put together and is sending to the college paper and two other small monthly publications.  We write and send out a couple of articles a year, often turning into free advertising.

Students Get Ready For Summer and Save Time and Money

With summer just around the corner and gas prices skyrocketing, it’s time for students to considered renting a storage unit for the summer break. It’s cheaper than lugging everything in your dorm room back home, saves time and you’ll know exactly where your stuff is when summer is over.  At the end of summer, just stop by your unit pick up your belongings and you’re ready to move back.  No more lost time spent searching for items you brought home or double checking to see if you have everything.

Here are seven things you should consider before you rent self storage.

1.    You want to rent at a location close to where you live.  It will save you considerable time.
 
2.    Climate control units should be used to store goods that may be susceptible to temperature extremes or humidity.  Items such as electronics, appliances, clothes, books, photos and valuable or antique furniture should be stored in climate control units.   If you decide to use non climate control storage, check for insulated ceilings to prevent condensation and possible damage to your valuables.

3.    Some facilities make it a practice to move you in at a low rate only to raise the rent a few months later.  Before you decide to rent ask the manager what the procedure is for raising rent and how often it has been raised in the past.

4.    If at all possible visit the storage facility the day after a rain storm and ask to see the actual unit you would be renting.  Check for puddles on the floor or water stains on the walls.  Since most facilities would not be responsible for water damage, this tip could save you money in the long run.

5.    Decide what size space you require. Most people rent more space than necessary.  Believe it or not a one bedroom apartment around 1,000 square feet generally requires a 10’ x 10’ unit.  You can stand furniture on end and stack boxes on top of other items to save space.

6.    Most facilities still charge a security deposit.  Be sure to ask if there are any hidden charges in addition to the rental rate you were quoted.  Ask if they accept credit cards or have on line bill payments.  Automatic credit card payments eliminate late fees

7.    It is always good to insure the goods you are storing.  Storage insurance is usually available when you rent, but before you sign up check with your agent.  Many times your home owner’s or renter’s policy will cover you at no extra cost.  

By Wendy Jakabowski, Manager www.mansfieldselfstorage.com

We write and send out a couple of articles a year, they often turn into free advertising.

Set your student goals now and make it happen,

Marc

Moonshine,                   March 19, 2008

An arrest last week at a Green County, Tennessee Self Storage of Mervin “Popcorn” Sutton for making moon shine in a self storage unit reminded me of a couple more important reasons for the daily site walks.

Three stills and 800 gallons of moonshine were found in the unit. The owner of Dellwood-Maggie self storage told News 13's Charu Kumarhia he knows Popcorn well, but had no knowledge of what was in the storage locker. He had been renting the unit since 2006.

"No ma'am, I don't bother with no storage persons, I have no keys to no units," said owner Dick Frese
 When the manger was asked about the use of the unit he said  “Popcorn” is a good guy, he is a legend”

Click to see the video.  Its kind of funny.

That brings us to the point.  A good manger will walk the site several times a day, especially when people are using their units.  This give the manager an opportunity to say hi and make sure everything is ok, and to help insure no prohibited or illegal uses are going on.  Of course if an illegal use is going on you do not want to confront the renter.  The owner and police should be contacted to deal with the situation.

We also use our walk around as part of our marketing.   On a warm day we will bring water and soda with us and offer every one a free drink.  We get great reviews for this service alone.  Just the fact that the renters and community at large knows of your walk around policy will deter illegal uses.  It also will get you new and repeat renters because they feel secure because they see management on and about the premises so often.

See my post of March 13 for additional benefits of daily site walks.

To moonshine,

Marc

Spring Break – Time To Get Ready For the College Rentals         March 17, 2008

The college kids are on spring break, so now is the time to start you marketing campaign for the near by college campuses.  When the students do move out of the dorms, houses and apartments it often takes place in a single week.  There are several things you can do now to make sure your facility is on the students list.

Check the campus web site.  As a service for the students many schools list the local self storage facilities and have a web link to each self storage facility.  Make sure your site is listed.  If they don’t have such a list maybe you can suggest one.

Now is the time to visit the university before the hectic year end finals.  I recommend you go to the university offices and introduce yourself and leave your marketing materials. (and free gift – maybe flower packs for the spring).  We just ordered our seeds from www.impressyou.com

Now is the time to distribute literature and coupons to the area businesses, student union and other areas the kids visit on a regular basis.

A simple ad or classified ad in the university paper for the last two weeks of school can be beneficial.  Since students often rent the smallest units and typically for only 3 or 4 months you must be carefully not to over spend on advertising.  Maybe the college paper will print an article you write on the advantages of self storage for the college student.

Again because the students only stay for a short period of time it typically does not make sense to offer any significant discount.  Since we have more small climate control units available than non climate control, we typically will offer a free upgrade to climate control unit when a student rents, if they agree to bring a handful of coupons offering the same upgrade, back to their friends at school. One or two students are often flying off on an adventure without their car for the summer.   Don’t forget to let them know they can store their car until next fall.

We notice the parents do a lot of the renting for the students.  So if you saved their emails from last year, you should send them a reminder email in April to make a reservation before the choices become limited.

College, the only place where the less you (the kids)  get for the money the happier you (again the kids) are.

Marc

Morning site "walk about" must be a priority every day.    March 13, 2008

It is easy to forget how important the morning and late day site walk is.  It is because daily we do things like picking up the trash, cigarette butts and other trash left behind that we can be (price) leaders in the area. Here is a tip.  Carry a bucket with you on your walk and  you will be amazed how much more trash  you will pick up.

It's because we clean twice a day, our renters tell us ,on a regular basis, how impressed they are that the property is also so tidy.  The morning and late day walk around also has several other purposes.

Last week during the morning walk our manager  found that the climate control door key pads were not accepting codes or letting anyone in.  This gave us the opportunity to unlock the doors until we repaired the problem, so it never became an issue with our clients.

We walk close to each building to inspect the locks.  Occasionally we find that renters have locked their units open.  They are very appreciative when we call them, especially if we noticed it is the day after they were there.

Unfortunately sometimes we find that damage has been done to the units. But since we walk the property at least two times a day we can pin down the time and easily find the incident on the cameras.  The sooner you confront the person who backed into the building, the more likely they are to admit to the damages and pay for the damages or have their insurance pay for the damage.

Hear is a portion of todays email from my self storage facility. There was one a move-in into a 5x10cc unit.  She came from xxxxx storage and complemented us on the cleanliness of our facility". If your not getting comments like this from your customers - you need to go back to the drawing board.

clean = cash,

Marc

Locks as a Profit Center and Additional Security     March 9, 2008

Everyone who rents a unit needs to lock it up. For 30 or 40 new renters a month thats around $200 a month or $2400 a year in profits. Reminding your renters about locks will also lead to additional product sales and profits.  I have learned several things that will help with your lock sales.

First make it clear that locks are important by having a a large space dedicated to locks.  We have a large section of slat wall with hanging locks.  We always have a couple of locks on the counter where customers check in.  This also make it easy for renters to physically see the added value of the disk locks.

Originally we had a couple of lock types to choose from. But often the decision between a $6 lock and a $9 lock slowed down the process and often lead to a no purchase situation.  Now we only sell one kind of disc lock for $9.99.  We sell more locks and the rental  process is completed faster.

We buy all our locks and products from Chateau. Check out their web site www.chateauproducts.com. They have always provided us great products and great service.

Just before finalizing a new client payment on the computer we say

" We ask that you lock your unit today.  We recommend disk locks because they are the safest lock.
Can I add a lock to your purchase today?  ... do you need any boxes or anything else before I finalize your purchase."

To more profits and better security,

Marc

Free Self Storage          March 5, 2008

We have never marketed our customers by offering first month free storage.  We will leave that to the big boys in the big cites.  We have found we are better off knowing what the customer wants and providing what they want, day in and day out.  But on several occasions we have given free units to the community in need, both to be good citizens of the business community and as part of our marketing program.

Most recently we provided a unit to the local cemetery commission.  Several head stones needed to be stored for a couple of months until they could be repaired and reinstalled this spring.  We have provided units to "Troops for America"  who stored various items when they were building two homes in our community.

We have provided units to various local groups collecting items for auctions/tag sales where profits went to help the community.  The local high school has used a unit to collect and store cans.  Books have been stored before they were shipped over seas to schools without any books. Every year we send a letter to the fire department letting them know that if a family needs storage due to a fire we will provide them storage at no charge.

A couple times a year we donate units to local non profit organizations  for  their  auctions.  We provide a  certificate  so they have something to represent the unit at the auction.  Typically we offer a free 10 x 10 unit for 3 months.

Its a win- win situation.  We feel good helping out, the community benefits and our facility gets recognition.  Often there are articles in the local paper where our donations are noted. Of course we get thank you letters that we put up on our bulletin board for everyone to see.

We keep it simple.  Our managers don't have to make a special request to the owners.  They can make a decision based upon the availability of units and the needs of the community.

To helping others,

Marc

Get the word out now, for spring.         March 2, 2008

Spring is one of the best time to increase your occupancy.  Many people think that since this is the time of high or higher rentals that money can be saved by eliminating or reducing advertising during this period.  Nothing could be further from the truth.  In fact when more people are looking for a product the more effective your advertising is.  So keep your marking going this spring at 100%.

Are you ready for one more idea that you can use this spring and all year round. Its simple and cheap!  A simple business size card that offers a free box for just stopping by - no purchase required.  You can use them  in so many ways. Often they will do their job and never get exchanged for a box.

Your and your staff can hand them out around town to local business during your weekly marketing trips.  They are great conversation starters.   You can hand them out around town with your spring seed handouts. You can ask business if you can leave a few for their customers.  You can drop off a couple dozen to the local real estate offices in town and mail them out to the real estate offices in the abutting towns.

They provide a very cheap hand out and an opportunity to talk about self storage.  More importantly it will keep your facility on their minds.  Many people think they will never need self storage but know sooner or later, they will need a box - so they will hold onto the free box coupon.  And when they do need that box or storage they will remember you.  

A map to your facility can be printed on the back of the card.  Note the prominence of the web site address  &  free box on the card.

Many people who have rented, have said they never thought they would ever use self storage.  In many instances self storage is a created need. 

So often the general public forgets you sell boxes no matter what your sign in your front yard says. When they do come in for their free box its an extra bonus.  Once someone is in your office they are much more likely to see how simple and easy self storage is and rent now or in the future.

Looking forward to spring,

Marc

A Video is worth 10 x 1000 words        Feb 26, 2008

Occasionally I receive inquires to see if I am interested in buying a self storage facility that is for sale.  Of the dozen or so I received last year it amazes me that not a one had a video.  We are typically talking a multi million dollar purchase.  Even houses going for much much less, often have videos.  A video may not make or break the sale but it good be just the tool to get more parties interested in your property.

My second video pet peeve is self storage web sites without videos.  A video can help your potential customers choose your facility even before they  step on site.

If you need someone in the Connecticut area to make you a professional video or just want to see what can be done on video and price ranges, check out  Dave's web site www.piqview.com.  Now that I have seen what a professional can do, I am going to have to replace the home made videos I took for my web sites.

Let  Dave know Marc sent you.

To both more customers and buyers,

Marc

Sponsor a Little League Team          Feb, 23, 2008

We just sent in our yearly sponsorship check for a local little league team.  Its fun to be part of the community but it also helps bring awareness to our facility.  The team hats have our name on them. We get a team photo plaque each year for our wall.  Also it amazing how all the local town sports teams have web sites.  Make sure as part of the donation your facility is linked from their site.

To baseball, apple pie & self storage profits,

Marc

Promotional items                                         Feb 21, 2008

Just a quick list of promotional handouts that have worked well for us last year. Yesterdays blog tells you how  we use the handouts.

Spring:  seed packets

Summer: rulers

Fall:  post it pads

Winter: ice scrapers

I just read a blog entitled Self Storage Secretes Revealed.  A couple of good ideas but it takes a more than a couple of secretes to buy and run a profitable self storage.

Do your research,

Marc

Spring Gorilla Advertising                          Feb. 20, 2008

Spring is one of the best times for new rentals.  Now is the time to get ready to make sure it is one of the best springs ever.  Gorilla marketing is all about the extra personal one on one marketing. Our marketing goal is to get people to know us, to think of us, to like us, to tell their friends about us and remember us when its time to rent self storage.

We found a great way to do this every spring.  We order 1000 flower packets to give away.  On the back side we put our name, address, phone & web site. You should put your web site on all your advertising.  We also print:  Mention our seed campaign to get $30 off your first month rent. This gives people an incentive to rent and it also helps us keep track how successful the seed marketing is. We don't make them bring in the seed packet for the discount.  We want them to keep the seeds for when its time to plant or even better, pass the seeds on to a friend.

The real key is to get out of the office and hand out the seed packets to people and businesses around Town. This gives you the opportunity to meet the community and/or just say hi again.  You hardly have to bring up self storage, the people you meet will do it for you.  When your handing out the seeds ask if the have any friends (or customers) who would might plant want to plant flowers.

Our manager typically takes two hours every week to visit the community. It's at a set time every week - to keep it simple.  Having the seed packets makes the weekly community visits so much easier.

We all keep a bunch of packets in our cars - so any time we are out and about we hand them out. Everyone loves them!  It could be as easy as giving a couple of packets to the person at the donut drive thru window when you pay. 

Giving out the seed packets to everyone who comes to the office is also a great way to show your appreciation for your current renters. How about giving out the flower packets to all the first and second graders in town. Or you could give them to the high school basket ball team who would sell them for a buck each as a fund raiser.

We order a different promotional products every 3 months to handout.  The community actual looks forward to our visits, to see what have to give away.  We buy all our advertising products at www.impressyou.com I'm sure they would glad to hear from you.  Be sure to tell Leah, Marc sent you.

Have some fun, make more money,

Marc

Payroll, vacation logs, pay checks          Feb.  17, 2008

This may not apply to you if your part of a large organization of several facilities or if you personal operate the facility you own.  But for those of us that are looking to run our business in one or two hours a week, its one more part of the system.

Even though we only have two employees we use a payroll company for several reasons. Its one less thing for us to worry about and leaves us the time to do the things we do best and can't out source.  We don't have to worry about tax tables, various payroll taxes, W2's.  Everyone keeps a daily time sheet and we are on a two week pay period to reduce the time to prepare payroll . 

To spread the cash flow & office work, we pay bills one week and have payroll the next week.  We have paychecks reach the office prior to payday.  Payday is the same day of the week I meet with my manager so a separate trip to the office is not required to sign checks. Checks must be provided on payday.  If you can not insure you will be there to sigh the checks you might want to consider direct deposit for payroll checks.

Its that time of year when the books from last year are closed out.  To keep it simple a vacation summary is kept on each employee.  It has the date of hire and keeps a running tally of vacation time used, by date and remaining balance for the year.  It sounds simple but I can't tell you how many time this is not done until its a mess.  To insure there is not a rash of vacation time used at the last minute we allow vacation time to transfered to the next year ( till April). Its best to review quarterly so everyone is on the same page.

Keep it simple,

Marc

Get Industry news e mailed to you.             Feb 16, 2000

In the blogs below I have a couple of links to current self storage news articles.  Most of my future blogs will be more about how to for marketing, operations and time saving ideas and not industry news.  If you want industry news emailed to you sign up by sending me your e mail address.

How do you compare to the trends?         Feb. 15, 2008

Sometimes you are doing everything right but your profits or occupancy rates are down - maybe due to the economy? Sometimes its important to review the competition to see if there are trends that could be effecting your business.  Since your neighbors are not going to give you their finances, you may want to check out the national riets. Often the earning reports are several pages explaining business over the last quarter.  

Here is just a couple of lines form Sovran Self Storage, Inc.Q4 2007 Earnings: 

At the quarter end date, same store occupancy was 82%, down 180 basis points from last December 31, but rental rates were higher at $10.56 per square foot as compared to the same store rate of $10.16 last year. Operating expenses on a same store basis decreased by 50 basis points this period. Read the entire Q4 report.

Just for fun,

Marc

Zoning approvals - You may only get one chance.   Feb 13, 2008 + Feb 15, 2008

WOBURN, MA - WOBURN — Feb 14, 2008, The City Council heard two very different views of a proposed storage facility at its meeting Tuesday night. The developer described a handsome building of masonry and glass sitting quietly on the corner of Washington Street and Mishawum Road. But residents of nearby Garden Terrace predicted blasting that would crack the foundations of their homes and shatter their peace. Read More.

Based upon the article and the developers web site it is clear they have a lot of experience and know what they are doing.  And still it will be hard to convince the board.  Click here to see the very high end self storage buildings on the Developers web site.

Fishers -- The Town Council has rejected a bid to build a large self-storage complex at 122nd Street and Olio Road.  Read more.

It only takes one or two people to build a mob to fight your project.  I've seen it many times for all kinds of development.  Last week in my home town they had to post pone a public hearing for a Walgreens because the Town Hall was not large enough to hold all the people against the project.

While I have never had a project denied, I have been at many commission meetings where projects have been denied.  I can say most of them could have been approved but either the engineer or owner  were unprepared or to stubborn to make some changes the Commission wanted.

There are several things to keep the odds in your favor.  And if you know or believe there may be some controversy  you  may  want  to do them all. 

Not only do you want to meet all the regulations, you want to answer all the staff questions before the commission hearing.  All your reports should submitted with your application.  If you submit new material just before or at the hearing the commission will want more time to review it. Your goal is to have the hearing closed the first night instead of continued.

Three things can make a big difference and should be considered in the early stages of the design process.

1. Larger  building setbacks from the street and property lines.

2. Better building materials, especially for the view from the street.

3. More site landscaping.

I know these things can reduce the number of units and increase the cost and turn a grand slam into a home run but isn't that a lot better than an out.  Also be prepared to make compromises at the meeting.  You almost always get more the first time around.

Make sure you check the dozen items I recommend you have ready for your regulatory meeting, noted in the Regulatory section of the site.

To approval,

Marc 

Office closed = lost clients = lost profits          Feb. 12, 2008

In most cases a well run facility can be run by one person.  But what to you do when your manger is out sick, on vacation or out for other reasons?  Your customers will feel better, if at the very least, a sign is posted on the door letting them know when the office will reopen.     

Typically our office manager works Monday thru Friday and a different person work on Saturday.   When you hire the Saturday person you may want to see if you can find a person who does not have a regular job during the week who could occasionally fill in during the week. 

My wife, myself and my son (presently in college) know how to run the management software and fill in when need be.  We also have a past Saturday employee who we can call to fill in.   I personally don't have to fill in very often but I always find its always good for me to be part of the day to day work.

Heres is some info you may find interesting.  It looks like Jan & Feb so far have been tough months.

Real Estate Investment Trust Returns of January 2008

Total Returns   
                                            1/2008    YTD    Dividend Yield

Industrial                          -6.37%     -6.37%    3.98%

Office                               +0.04%    +0.04%    4.82%

Office/Industrial               -1.25%    -1.25%    7.48%

Shopping Centers          -2.61%    +1.06%    4.91%

Regional Malls                -2.61%    - 2.61%    4.76%

Freestanding Retail        -5.00%    -5.00%    5.76%

Multifamily                       -5.97%    -5.97%    5.04%

Manufactured Homes    -3.91%    -3.91%    4.66%

Diversified                       +4.22%    +4.22%    4.74%

Hospitality                        -4.09%    - 4.09%    6.85%

Healthcare                       -3.52%    -3.52%    5.64%

Self-Storage                    -6.06%    - 6.06%    3.36%

Specialty                          -7.60%    -7.60%    4.23%

Equity REIT Index          -1.03%    - 1.03%    4.97%

To larger profits,

Marc

Ice/Salt            Feb. 11, 2008

Its winter and we are always spreading salt.  We were either running out of salt or having to run to the hardware store to buy salt.  This year our manager suggested we order salt for the entire winter and have it delivered.  We did and it was cheaper than if we bought it at home depot.  The best part is no more phone calls we are low on salt.

Remember to keep open salt containers/bags inside a closed container.  Salt, even salt fumes can do damage to both the metal walls and the concrete floor.

Add salt order on to your October maintance list and you will be ready for next year.

Saving time = saving money,

Marc

One Hour A Week     Feb. 10, 2008

So to reach our real goal,  a self storage facility must run effectively be profitable with a minimal amount of our time.  My goal is to share with you how this can be done  with  a  system  and  1 hour  a week. 

Some of my entries