Why do I help others build and or market their self storage?
Just yesterday I was on a conference call to the mid west giving a hand to a new developer. At the end of an hour conversation he asked whats in it for my – why did I just give and hour of my time. Well the answer is simple – I love and enjoy helping others with their self storage dreams and adventures. In the end it is a win – win all. Many times reading my book and or a couple of tips or an hour is all a person needs.
And often people have well over a million dollars invested and realize the value of a day or two of sharing ideas that will pay them back many times my fee.
Here is a recent email that made smile all day long.
I read your book cover to cover and could not put it down. I will read it over and over and use it as my reference.
I have tab markers & highlights everywhere. I love your selling merchandise chapters, your view on Marketing both curb appeal & outside.
I was a manager at one of our locations and my passion and experience in marketing I was able to take on a new position as Marketing Coordinator for our stores and I love it. Your book confirms the value of things that we already do, confirms things that we know to do but may not be doing, inspires new ideas, Inspires great sales, inspires great service. INSPIRES !!!! I loved every page of it. I told my boss that is should be mandatory that every manager should read this book. If they are not inspired, they don’t belong here. That’s my opinion.
I would love to meet you when you come back to Florida for the winter. I know that you met one of our store managers and our Operations Manager
Thank you for writing the book, it was my pleasure to read it and be inspired by it!
Why to I own self storage?
Because it is fun and I enjoy working with great people and helping great customers. Not to mention is is a great way to make a living.
Here is just a brief comparison of some other real estate development options. It is clear self storage cost less, makes more profits and has the highest rate of return – often over 20%. This from an old study from learnselfstudy.com, but you get the idea.
- Multifamily–$7.5 to $12 per square foot
- Office–$14 to $24 per square foot
- Retail–$16 to $20 per square foot
- Self-storage–$6.5 to $12 per square foot
- Multifamily–$60 to $70 per square foot
- Office–$50 to $100 per square foot
- Retail–$50 to $80 per square foot
- Self-storage–$34 to $42 per square foot
Notice self storage has the same rental range as multifamily but cost about half price. And you can imagine how much more work owning multi family properties. – midnight phone calls – daily maintenance & repairs – major repairs & painting when people move out.