Does it make sense to offer rental rate discounts? That is the question every self-storage operator faces at different times. During the past few years, the lack of new self-storage facilities entering the market is one of the reasons the industry has...
It is exciting to see the self-storage industry evolve to capture the growth of available technology to enhance the customer experience while meeting the operational requirements of running a real estate business (i.e. the rental of space to be used for...
It seems like the question on most business owners’ minds at the moment is, “are we headed for a recession?” Regardless of the answer to that question, one true thing is that even in times of recession, there are businesses that continue to grow and...
A self-storage facility, like all businesses, is subject to the risk of dissatisfied customers. Unfortunately, with the use of social media, the megaphone for that dissatisfaction can be widespread. Therefore, if a dispute does arise with a customer and...
“You either love self-storage or you don’t,” states Kari Kaltenborn, president of locally owned and operated Kaltenborn Enterprises & Rancho Storage Center. “It just clicked for me, and I’m still enjoying it!” Kaltenborn took an interest in the...
Everyone has them, the employees who are difficult. Maybe they’re late each day, call in excessively, or they aren’t filing reports nor making bank deposits as required. “No one usually wakes up and decides they want to be a difficult employee and do a...
As more and more facilities move to contactless rentals and unmanned facilities, one of the lingering questions has been whether it is legal for a self-storage facility to require that their tenants pay only through credit cards or ACH (electronic...
Is it just me, or has customer service become more complicated in the past few years? Customers and employees are expecting much more from businesses. And it only makes sense. Consumers are frustrated from higher prices, longer wait times, supply...
Close your eyes and imagine a Jeep. What do you see around it? People typically see Jeeps in the great outdoors, maybe in the snowy mountains or in the deep woods rolling through the mud.
“Immediately, your mind associates Jeep to the outdoors emotion...
Businesses are grappling with recurring supply chain issues in the wake of a rebounding American economy, shipping disruptions caused by the Russia-Ukraine wear, and inflation. Faced with robust consumer and commercial demand, companies are beefing up...
There are so many urban legends that just will not die: the Loch Ness Monster, Bigfoot, and aliens at Area 51. Another modern myth, at least within the self-storage industry, is that operators should be striving for 100 percent occupancy.
“There are two...
The self-storage industry has developed dozens of specialty products over the past decades to add an element of product diversity and accommodate the needs of specific markets. To attract business customers, some operators find that offering leasable...
Unfortunately, as we sit here today, the COVID-19 pandemic is far from over. As a result, issues that many self-storage operators had thought were resolved, including concerns over restrictions on their rental rate increases, remain. As self-storage...
The employee’s request had a certain degree of logic. He had just received a prescription for medical marijuana from a naturopathic physician. Could he get permission to smoke the substance on the job?
The employee argued that Colorado—the state where...
The dictionary defines data as “facts and statistics collected together for reference or analysis.” In this digital world, in which facts and statistics are literally only as far away as a finger tap, the question is how self-storage operators can use...
Neighbor Storage Inc. started with the simple premise that people with extra space in their homes, garages, sheds, or driveways, as well as owners of commercial buildings with vacant space, might want to generate extra income by renting that space for...
It’s a nightmare scenario that haunts every business owner: A troubled individual’s simmering anger boils over into an act of workplace violence. The mass shooting by an ex-employee at an Indianapolis FedEx facility in April was only the latest in an...
On May 20, 2020, Storage Asset Management (SAM), the largest privately owned third-party self-storage management company in the United States, celebrated its 10-year anniversary. Founded in 2010 by Jay Hoke, president and managing partner, and Alyssa...
In March 2019, when the initial threat of COVID-19 became evident and mass lockdowns were ordered, almost everything stopped, including many transactions in the real estate sector.
According to a recent NPR story, many people hunkered down, but then...
In 2019, Casey Jones, owner of BC Cole Auctioneers in Phoenix, Ariz., was thinking of adding an online platform to his auction business, but he hadn’t yet pulled the trigger.
“I lost a large client because they wanted to go online, so I was heading in...
I’m talking about our telephone and walk-in greeting process and the questions and command of the situation that determine how things will proceed. Your initial greeting has to be more than just a smile and pleasantries while seated behind your desk.
...
The pandemic brought changes to the way most companies do business, and the self-storage industry is no exception. One challenge to be addressed was how to continue to meet with co-workers and clients to exchange important information. With more people...
Owners and operators who were part of the first- and second-generation wave of self-storage may have lived by the “build it and they will come” adage. Provided the facility was built in a high traffic area, most self-storage facilities didn’t have to do...
Editor’s Note: This story was written prior to the coronavirus pandemic challenges. The sidebar in blue at the end of this article was added afterward to provide readers with pandemic-specific information.
It is an unfortunate part of life and business....
Self-storage facility operators have a long to-do list to keep up with, including facility maintenance and upgrades, safety and security, reconciliation of what’s actually rented with what management software shows, and rental agreements, among other...
Cooler temperatures have arrived in many parts of the country. Before we know it, we’ll be ushering out 2020 (many say, “Good riddance!”) and welcoming a new year.
What 2021 will bring the self-storage industry is anyone’s guess, as the country faces an...
Higher property tax bills can deliver a body block to self-storage facility owners’ budgets and business models, and the appeal process can be cumbersome.
But facility owners should always build a cushion into their budgets to handle possible tax...
Editor’s Note: This story was written prior to the corona pandemic challenges.
Raising rents. Just those two words can strike fear into many managers. However, experts in the industry say raising rents is not only a necessary, but it should be done on a...
StorQuest’s Philosophy For Business And Life
Over two and a half decades ago, William “Bill” Warren Hobin was working for a large, regional home builder when he took notice to the lack of closets and storage space in newly constructed homes....
Regular maintenance on leased real estate is a topic that affects all property owners and managers. Although budgets are often drafted to consider regular ongoing maintenance obligations, no one, no matter how well a property is doing, wants to carry...
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