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March 2018 Self-Storage News & tips you can use.



March 2018 Self-Storage News & tips you can use.

 

March 2018 Newsletter

We would love to grab a coffee with you if you are going to be at the National SSA conference in Orlando next week March 14 & 15. Send me an email to set a time Garrett@StroageAuthority.com

We want to welcome two new franchise owners; Robert from Massachusetts and Don From Texas! Our new master development checklist added to our Development Dynamic Ease Series will make it much easier to keep on track.

And we want to congratulate Scott from Florida and Ed from Texas for breaking ground on their new selfstorage Projects.

This picture may just look like your ordinary bulldozer but for Ed, it is a milestone as it means he found land, designed his project & obtained approved, obtained financing and he is on his way to making his selfstorage dreams come true.  You can read an interview on our blog with Ed about his StorageStorage Authority experience to date here.

Interview with Storage Authority Franchise owner Ed O., March 2018

Tips You Can Use Today:

  1. Even before you look for the land you should have your engineer and architect on board so you can move forward swiftly.
  2. When you find a piece of land you need to be ready to do a concept plan in hours, not days in order have a preliminary concept of how much square feet will fit on the property.
  3. When you make an offer it is critical to have your counter-offer ready. A quick counter offer lets them know you make decisions quickly and will not take forever to get your project approved so can buy the property faster.
  4. Here is Ed’s building 1.  It is important to beef up the office area to give it that first class appearance.  Also even if you do not have unit access along the street frontage it is important to install faux doors.  The best selfstorage signage is a row of selfstorage doors.

 

As part of our Dynamic Ease Self Storage Development Series, we help our franchisees around the development landmines, including finding land, designing, financing and building a premier selfstorage facility and to understand the options and prepare accordingly.
_______________________________________________________________
If you want to learn more about Storage Authority Franchise there is a wealth of information on our website www.StorageAuhorityFranchise.com  Don’t forget to check out “Why Storage Authority” and our blog/newsroom. Then the next step is to apply on our website or email or call Garrett Byrd (Garrett@StorageAuthority.com or Direct 941-928-1354)
 

Vendor Highlight

Storage Authority is excited to welcome aboard Union Real Time Radius, Location Intelligence Experts.  Your key to finding better selfstorage sites faster with confidence.

Just a short year ago it used to take two days of hard work to do a mini demand study to determine if you should make an offer or do a further review.  Now you can do the same mini demand review in less than an hour with Radius.

In one simple screen for a chosen radius you get:

  • The locations of the existing selfstorage and a ton of info on each one.
  • Demographics including population, # households, income & more.
  • The total square footage of the existing selfstorage broken down to gross and net square feet and climate control and no climate control.
  • The existing sf of selfstorage per person.
  • Selfstorage pipeline info
  • Rental rates for existing units
  • And this is just the beginning. Zoning, drive time analysis and much more will cut your decision time drastically.  You need to check out their website: https://www.unionrealtime.com/radius.html 
I highly suggest you take up James de Gorter’s,(Co-founder of Union Real-time) offer to provide you a demo.  You will not regret it!

Here is a link to set up an appointment on his calendar and his contact info:
https://calendly.com/radius-team/radiusdemo

Radius tips you can use today:

  • 7-8 sf/per person of selfstorage can be a good starting point of selfstorage at equilibrium if you do not have local selfstorage averages.
  • You can simply move the Radius anywhere on the screen to compare different densities of selfstorage in a given radius.  And you can visit areas from low density to high density to get an idea of what density the occupancy falls off.
  • Union real-time Radius allows you review a specific address but since you can move the radius on the screen and at the same time see the sq ft of selfstorage per person it is a great tool to help you decide where are the best locations to look for selfstorage.

 Industry News & Tips You Can Use Today

Tips
 1. If you are going to be at the National Self Storage Association Orlando Convention March 14 & 15, 2018 be sure to send us an email we would love to meet up with you.  Garrett@StorageAuthority.com

2.  With Open Tech’s newest CIA Access Control systems you and your clients will notice the difference.  Battery backs up access during power outages are no problems.  And customers don’t even half to roll down the window to enter a keypad number as it will be sent directly from their cell phone.  And just as important they have great prices!

3. Make sure when you order your entrance ground sign it is clear if it is one-sided or two-sided.  Sounds simple but haha easy to get wrong.

4. When purchasing your facility blower, disc grinder, and shop vac go with rechargeable battery back up as you can move more efficiently throughout the facility without dragging around extension cords or worrying about your oil to gas mix on your blower.

5. Quill.com is a great place to order your office supplies and if you set up an account most orders ship free and the next day.  One less stop for your manager to keep all needed supplies on hand to keep the office moving efficiently.

Self Storage Articles

Top 5 Reasons to Invest in Self Storage:

1) Asset Class Returns:

According to the National Association of REIT the selfstorage sector produced an average annual return of 17.43% from 1994 – 2017. For comparison here are the returns from some other REIT sectors during that same time:

Office: 13.26%

Retail: 12.75%

Industrial 13.36%

Residential: 13.42%

Apartments: 13.32%

Manufactured Homes: 13.27%

Mortgage: 11.18%

S&P 500: 7.54% (https://dqydj.com/sp-500-return-calculator/ )

Selfstorage rents on the rise across the United States

One of the most consistently reliable commercial real estate investments? Selfstorage units. And a new study showing how much Americans are willing to spend on these units each month shows just how solid this investment type can be.

Interested in selfstorage rents across the country? Check out this interactive map from Life Storage.  A great tool if you are trying to decide between states where to build.

With Storage Authority on your team, we will help you every single step of the way, from finding land to operations, to driving your revenue year on year.  If you have a question we have the answer, we will help get you developed and lease up faster than if you were to go it alone. Team up with the experts to maximize your profits.

ARE YOU READY?

Click here to Get Pre-Qualified to Begin your Journey to Financial Freedom with Storage Authority Franchising!

” Nothing in the world can take place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. ”
Ray Kroc

Recent Storage Authority Blogs You Will Enjoy!

Complete Storage Authority News Room 
The Storage Authority Marketing & Sales Advantage for Higher Profits!
Chapter 8 – 10 things to consider to find an A+ Site

Recent Storage Authority Newsletters

February 2018 Self Storage State of the Union-Tips you can use Today!
Storage Authority -Jan. 2018 Newsletter- SBA Lending Updates
December 2017 Newsletter. Let the experts help you find Land.Storage Authority & Morrow Hill

Storage Authority Recent Videos

Storage Authority Development Series 

Storage Authority How to Find Land

Storage Authority Outward marketing 

Storage Authority Pre-opening task

 

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Please share!      We Love Referrals.
Storage Authority

677 N Washington Blvd.

Sarasota FL 34236
www.StorageAuthorityFranchise.com         Garrett@StorageAuthority.com
1-941-928-1354

Self Storage State of the Union-Tips you can use Today!

February 2018 Newsletter

2018 Self Storage State Of The Union

New Construction is the Story of 2017 & 2018!

Self-storage records were broken in 2017 and looks like even more will be broken in 2018.  52 Million square feet of new self-storage may sound like a lot, but unless you are in one of the top 10 metropolitan cities it will have little effect or even a positive effect on your Storage Authority Facility. 40% of these new facilities were built in just 5  cities.  And take one of those cities, Miami for example, they still need new construction to meet the demand. But the immediate concern is when you build 2 – 200,000 sf facilities on the same side of town it is going to increase the rent up time from 24 months to 48 months. The 1000 new facilities equate to a 2-3% increase in the number of facilities but if you look at the average over the last 10 years it is well under 1% growth leaving unmet demand in many locations throughout the US.

In 2017 many operators exceeded their 12 – 14 month projected rent up timetables. And vacancies remain at or near historic lows with increased rental rates.

Taxes:

Whether you like or hate Trump the good news is the new tax codes provides immediate tax savings for savvy self-storage owners. Now if you do component depreciation the previous 5yr – 7 yr and 15 yr component depreciation items can be depreciated in the first year!

Future Development

So what does this all mean?  For the REITs and large developers who want to add 5 or 10 or more facilities to their portfolio, it means it will not be easy or cheap in 2018.  The self-storage facility inventory for sale continues to be very low and continues to be priced high. The large players like to be in metropolitan areas where they can have multiple large facilities and these are the areas where the bulk of new facilities were built in 2016, 2017 and will be built in 2018 and 2019.

For the individual investor and Storage Authority Franchisee all the new construction and associated abundant news is good news in many respects as it is bringing in new technology and new renters using for the next generation self-storage facility.  As long as you are looking to build a single facility outside of the major metropolitan areas, you have the opportunity and luxury to take your time and typically find a location where there are no new facilities in your 3-mile radius.

The new growth has spurred a lot of self-storage technology growth that will make your facility more renter friendly.  This allows you to rent for more and allows you do more with fewer employees.  As the new self-storage quality and security standards are increasing so are the number of people who want to rent at a new generation facility vs an older facility.

Also, the new technology allows us to do a mini demand review in 15 minutes which only a year ago would take two days. Check out https://www.unionrealtime.com/radius.html it will cut your research time by 90%. Let James know Marc from Storage Authority sent you.

Future Profits

Many self-storage will not Cater to the Modern Consumer!
The self-storage world is in the middle of going cloud-based and customer base. In a few short years, we have a two-tier self-storage world. Motel 6 vs the Hampton INN or a $1.99 coffee at Dunkin donuts vs the $4.99 coffee at Star Bucks.  The world needs both but you have to decide which one you want to be a part of and the profits from.  The High Tech – High Touch model may take a little more work but you will make substantially more profits

Timing

For most new developers it will take longer to develop a new self-storage from the ground up if you are not multi-tasking all the time.  The Vendor capacity has not caught up with the new development demand so 60-day building designs are taking 120 days.  Building delivery times for many manufacturers is 6 months.

Even bidding has gone form 30 days to 90 days.  In some cases, the bidders have so much work they are not doing the proper work to keep the bids low but rather making a quick estimate and adding 20 or even 30% to the price.  Or they bid the plans your provide which often means they are bidding 75% of the job leaving 25% as extras.   In the past, they would have contacted you to make the bids complete.

Tips You Can Use Today:

  1. Even with great demographics and self-storage demand, a new large nearby competitor can double you rent up times.
  2. In 2018 it is going to be much easier to find good locations for single story facilities than multi-story facilities without
  3. If you are looking for land the new internet-based tools that provide the existing self storage rates, locations, square footage, climate control sf vs non climate control square feet, populations, mile radius maps and the existing self storage square footage per person on a single page will turn two days or research into 15 minute review so you can quickly look at more sites. See Radius for more details on internet research.

SA DE Ease logo smaller 1

As part of our Dynamic Ease Self Storage Development Series, we help our franchisees around the development landmines, including finding land, designing, financing and building a premier self-storage facility and to understand the options and prepare accordingly.
_______________________________________________________________
If you want to learn more about Storage Authority Franchise there is a wealth of information on our website www.StorageAuhorityFranchise.com  Don’t forget to check out “Why Storage Authority” and our blog/newsroom. Then the next step is to apply on our website or email or call Garrett Byrd (Garrett@StorageAuthority.comor Direct 941-928-1354)

Vendor Highlight

Select Merchant Solutions is the approved preferred Credit Card Merchant provider for Storage Authority.  After a lot of research and firsthand experience, the choice was easy for many reasons. First, we have unbelievable pre-negotiated rates for all our franchisees which will save you $$ thousands per year compared to the other options and the rates are guaranteed.

Everyone touts customer service but few ever provide.  The entire team at Select Merchants Solutions is ready to help us 24/7.  And even better than that we have our own customer Storage Authority National agent John Berry that understands the Storage Authority platforms.  I have tried the others and their guaranteed rate disappeared in the first year and our promised agent turned out to be a random person after waiting on the line for several minutes.

It may sound corny but Select Merchant Solutions really is a small group of professionals with the long-term goal to help us succeed. I am sure their service is why they have been voted best of the best year after year. When compared to the international conglomerate’s alternatives, the difference is huge.

Don’t forget to read the Tips you can use today below to learn if your merchant provider is ripping you off.

$$ Saving tips you can use today

 

  • Take a look at your current and last several Merchant bills to see if it has something to the effect “there may be new fees and new rates to better serve you” and if you object your option is to provide the 30-day notice you are leaving them.
  • Simple take you merchant Account bill from a year ago and compare it to last months bill.  Chances are very high for the same amount of money processed the bill is significantly higher now due to new rates & fees. Time to change?
  • Exchange fees are much lower for debit cards.  So it is important to let your managers know this so they can get used renters debit cards when possible.  A change in your rental script may be required.  ” our clients love the convenience and no late fee savings of our Automatic payment plan.  If you have a debit card I can get you started now”

Industry News & Tips You Can Use Today

Tips

  1. Marc Goodin’s Self Storage Development Book has been updated for 2018 with over 200 development tips.  Available on Amazon or email Garrett@StorageAuthority.com before the end of February for you your free copy.
  2. There are incredible new software programs that can provide the 3-mile competition and the existing square footages, rental rates. population, existing square footage of self-storage per person and much more.  Want to know more email Marc@StorageAuthority.com & Check out Radius.
  3. The SBA standard operating procedures have been updated for 2018 which require owners to manage their own facility, which means most owners who use a 3rd party management company will not be able to get a SBA loan.  Storage Authority franchise has been approved by the SBA.
  4. Two pieces of equipment I find most facilities missing that would help them save time and keep the facility cleaner for higher rents are a cordless DeWalt vacuum to clean units and a $200 rubber maid clean cart available on Amazon.
  5. The presentation of auto-pay is everything, how you say it, how you deliver it and the sub-conscious triggers the customer reads all work as a synergy to optimize your auto-pay program.  As you start lease presentation “All I need is your ID and the debit card you would like to keep on file.” As you swipe the debit card remind the customer their card will be debited on whichever date their move-in date is every month and we will send an email confirmation. Because people stay 2 extra months if they are on auto pay an extra 10 auto pays a month is worth $30,000 a year. 
Self Storage News
2018 will be the first time self-storage security becomes cloud-based.  This means several things such as automatic updates and gives us the ability to access our keypads, cameras & our gate systems from off-site to assist our clients after hours and keep an eye on our facilities 24/7.

Self Storage Articles

New self-storage facility in Broward, FL sells for $15.7M

The seller paid $2.9 million for the 3-acre property in 2016. Records show it scored $8.2 million in construction financing from Stonegate Bank in October. The 84,000-square-foot, climate-controlled facility was completed earlier this year and is made up of two buildings – one two-story building and one three-story building.

All in Build price $11.1M at $132.14 dollars per square ft.

Sale price $15.7M at $186.90 dollars per square ft.

Assuming all numbers are factual seller will net $4.6M in 15 months of developing and this is before one unit is rented.  If the developer would have taken the time to lease the facility up he could have doubled his profits!

The death of the shopping mall meets self-storage development

Goodbye Macy’s, hello self-storage.

Long considered anchors of the shopping mall, many department stores are undergoing a long, painful death. That has left mall owners scrambling to find suitable tenants to fill the large empty footprints left behind. Enter self-storage.

Department stores are slowly withering, as the internet and other apparel retailers suck the life out of them.
*Sparefoot Storage Beat


While conversions are a great option it is not easy to find the empty big boxes as they are often offered to a list or preferred developers before they are offered to the public for sale.

With Storage Authority on your team, we will help you every single step of the way, from finding land to operations, to driving your revenue year on year.  If you have a question we have the answer, we will help get you developed and lease up faster than if you were to go it alone. Team up with the experts to maximize your profits.

ARE YOU READY?

Click here to Get Pre-Qualified to Begin your Journey to Financial Freedom with Storage Authority Franchising!

“You cannot change your destination overnight, but you can change your direction overnight.” ~ Jim Rohn

Recent Storage Authority Blogs You Will Enjoy!

Complete Storage Authority News Room 

Self Storage the Art of the Auto-pay

More big box retailers closing – Think Self Storage Conversions!

Recent Storage Authority News Letters

Storage Authority -Jan. 2018 Newsletter- SBA Lending Updates

December 2017 Newsletter. Let the experts help you find Land. Storage Authority & Morrow Hill

November 2017 Newsletter: When should you start your self-storage construction financing plan?

 

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Please share!      We Love Referrals.

Storage Authority
677 N Washington Blvd.
Sarasota FL 34236

www.StorageAuthorityFranchise.com         Garrett@StorageAuthority.com
1-941-928-1354

Storage Authority -Jan. 2018 Newsletter- SBA Lending Updates

January 2018 Newsletter

SBA Lending Updates

The Small Business Administration has issued new Standard Operating Procedures (SOP) for 2018. While there are several changes the major one is the requirement that employees be hired and paid by the owners and owners must have oversight of the employees.  Essentially this means that if you decide to go with a management company you can NOT get an SBA Loan.

The difference between the required capital for an SBA loan and a traditional loan can be huge.  For new self-storage construction a SBA loan typically requires 10 – 15% down and a traditional bank typically requires 30-40% down,  So for a phase one $3,500,000 loan, it means an equity requirement of $400,000 for a SBA loan vs $1,200,000+_ for a traditional loan.

A message from our President

I could list all our vast accomplishments in 2017 and outline our many goals for 2018.  It would be impressive but it is not what is going to motivate you to take a leap of faith and start your own business.  Instead, I am going to get right to the point, you can make it happen in 2018 but you have to be ready for the journey.  As I learned a long time ago:  If it is to be it is up to me  (and a bunch of smarter people on my team.)

While you are compiling the facts I encourage you to always be learning from the insights and encouragement of others.  One of the daily blogs I read is by Seth Godin.  Below is a portion of two recent blogs by Seth that may encourage you to make your dreams come true in 2018.

Enjoy the Passage of Time!
Marc

How much is ‘smarter’ worth?

No new costs, no new machines, no new resources.
Just smarter.
Smarter about the process, about the effects, about planning. Smarter about leadership, about management, about measurement.
How much is smarter worth?
In my experience, smarter is almost always a bargain, something you can buy for a lot less than it’s worth.

The power of the possible

Next year is almost here.

And doing what you did this year probably isn’t going to be sufficient.

That’s because you have more to contribute than you did this year. You have important work worth sharing.

To reach your goals, you’ll probably need more effective and powerful ways to tell your story, get clients, gain market share and serve your audience.

As part of our Dynamic Ease Self Storage Development Series, we help our franchisees around the landmines, including finding land, designing, financing and building a premier self-storage facility and to understand the options and prepare accordingly.
_______________________________________________________________
If you want to learn more about Storage Authority Franchise there is a wealth of information on our website www.StorageAuhorityFranchise.com  Don’t forget to check out “Why Storage Authority” and our blog/newsroom. Then the next step is to apply on our website or email or call Garrett Byrd (Garrett@StorageAuthority.com or Direct 941-928-1354)
 

Vendor Highlight

INSOMNIAC Self Service Kiosks are Storage Authority’s approved kiosks.

To be competitive you need to rent and take payments night and day and having a kiosk is not a choice.
There are several Insomniac models to choose from to meet your needs and price point. Storage Authority’s National rep, Sheri, is always available to make sure Storage Authority Franchisees get the best pricing and the right model.

Shari Klein
Business Development Manager
OpenTech Alliance, Inc. | 2501 W. Dunlap Ave., Suite 255 | Phoenix, AZ 85021
Main: 602.749.9370 | Direct: 602.324.8678 | Mobile: 561.777.5099
Email: sklein@opentechalliance.com

If you are not planning on a kiosk you simply do not understand the value and the math.  Literally, it will pay for itself in the first year. And then renting just 1- 2 units a year, will pay for the kiosk maintenance and program and the rest is pure profit for you!.  No more worries when you have one manager and two clients in the office because the kiosks can take payments and rent!



The INSOMNIAC 900 Kiosk is my favorite.  Marc 

Self Storage Industry News

Our Co-Founder Marc Goodin’s best-selling book Your Self Storage Planning, Design, Build has been updated for 2018. It shares what it takes to get started including updated development cost, example proforma, how to find land, how to do a mini demand study and more.  For your free copy email Marc. Marc@StorageAuthority.com

Self Storage Articles

Two Nashville self-storage facilities fetch $38 million

One of the facilities, at 7102 Bakers Bridge Ave. in Brentwood, TN, sold for $21,485,000, or $301 per square foot, according to Ashley Compton of Nashville, national director of the self-storage group at Colliers International. The other facility, at 6346 Nolensville Road in Nolensville, TN, sold for $16,485,000, or $216 per square foot. Compton brokered the two-facility deal.
*Spare foot

2018 Debt Forecast: The Lending Climate Remains Clear for Self-Storage Borrowers

After many years of historically low and stable interest rates, borrowers should realistically expect that rates will begin to tick up as the economy continues to improve. Nonetheless, self-storage borrowers have an abundance of options. Barring unforeseen events that would dramatically alter the financing landscape, the window of opportunity should remain open to lock in on low rates with aggressive lenders looking to put money to work.
*Inside Self Storage

With Storage Authority on your team, we will help you every single step of the way, from finding land to operations, to driving your revenue year on year.  If you have a question we have the answer, we will help get you developed and leased up faster than if you were to go it alone. Team up with the experts to maximize your profits.

ARE YOU READY?

Click here to Get Pre-Qualified to Begin your Journey to Financial Freedom with Storage Authority Franchising!

Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” —Pablo Picasso

Recent Storage Authority Blogs You Will Enjoy!

Complete Storage Authority News Room 

Sample Self Storage Development Budget & Proforma

Chapter 6 The Five Most FAQ’s

Recent Storage Authority News Letters

December 2017 Newsletter. Let the experts help you find Land. Storage Authority & Morrow Hill

November 2017 Newsletter: When should you start your self-storage construction financing plan?

 October 2017Why own a “Storage Authority” Franchise?

 

 

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Please share!      We Love Referrals.

Storage Authority
677 N Washington Blvd.
Sarasota FL 34236

www.StorageAuthorityFranchise.com         Garrett@StorageAuthority.com
1-941-928-1354

December 2017 Newsletter. Let the experts help you find Land. Storage Authority & Morrow Hill

 

 

December 2017 Newsletter

Franchisee Updates:

 

Welcome & Congratulations to our newest Franchisees. Keith & Lisa and George and Andrea.

They are already off to a fast start.  Before the ink was dry on the franchise agreement our national land brokers Morrow Hill were already looking for land for their first self-storage! When we met with Keith & company, Keith had done extensive research on Self Storage, Storage Authority and even myself (Marc Goodin).  When we were done with our meeting I asked if they needed anything else to make a decision and Keith surprised me with:   “I just need to do more research to see if I could find any reason not to get on board”.

 

I think research is important, but you could look forever for a reason not to do something and never find it. In the end, starting a new self-storage business or any business is partially a leap of faith.  But if you believe in yourself, and have done your research on self-storage and Storage Authority it is an easy choice in the end.

 

Scott House our co-Founder has received his site plan approvals and just finished up Architectural and construction is slated to Start Jan 2018 on his Mulberry Florida Storage Authority Facility. He has decided to build 70,000 sf in phase 1.   Scott Found his land this summer so he has been going at a sizzling pace.

 

Ed & Jenny site plans have been approved and are slated to start construction this January on their Houston facility.  They are building in 2 phases with phase 1 being 30,000 sf.


As part of our Dynamic Ease Self Storage Development Series, we help our franchise understand the options and prepare accordingly.

———————————————————————————

If you want to learn more about Storage Authority Franchise there is a wealth of information on our website www.StorageAuhorityFranchise.com  Don’t forget to check out “Why Storage Authority” and our blog/newsroom. Then the next step is to apply on our website or email or call Garrett Byrd (Garrett@StorageAuthority.comor Direct 941-928-1354)

Vendor Highlights

Let the experts help you find Land.  Storage Authority & Morrow HillOur goal is to have you looking at land choices within 30 days of becoming a Franchisee. It takes most people longer than 30 days to find a broker and another 30 days for us to educate them on self-storage land requirements.  And then they are often just passing along LoopNet sites.

To make sure this is not your plan we are excited to introduce our national land brokers Morrow Hill.

Screen Shot 2017-11-12 at 12.44.03 PM

We start by understanding you, your goals and your finances.  Unfortunately, most people and brokers start by looking on Loopnet.  Big mistake, as LoopNet is where we find about 10% of our self-storage sites. If that’s your plan or your brokers plan it could take you several months if not longer to find the right parcel of land for you.

Next, we provided 30 minute driving maps from your home or from the center of where you want your facility.  This map will also show the existing self-storage facilities and the area road network. An areal view will also help you understand the population density.   From this, you can start to understand the existing self-storage density along with changes to the population density.

srq fl

We then typically choose the center of the area you want to find land in and draw a 1 & 3-mile radius.  This, in turn, allows you to understand the general size of the competition impact area.

As a side note, many people look at the above map of Sarasota FL Area or their hometown and think all the good places are gone.  I have to laugh because many great successful self-storage will be built this Sarasota FL area in the next couple of years.  Until you compare the population density to the existing square footage of self-storage you can not generalize.  Here is the same 30 minute driving time map for Houston TX.  See a much higher density of self-storage?   And we have a new Storage Authority Franchisee just about to start construction in Houston Jan 2018.  And Expect we will have many new facilities in Houston in the next five years

houston

The next step is choosing a broker and educating them on self-storage. This can take time. The Storage Authority Dynamic Ease Development Series has multiple sections to help you and your brokers find land.  And of course, we are there every step of the way as well.   I hate to say it but many of our franchisees have told us they often do not even get callbacks from agents for days.

To reduce the time to find land we have added Morrow Hill as our preferred national brokers.  They understand Franchisees, Storage Authority and know how to find land.

99-ESYu-Morrow Hill-Blue

If you have a great commercial land broker that’s great just make sure they have the Storage Authority land requirements and worksheets from our Dynamic Ease Development Series and have the expertise to use all the tools required to find land fast.  One of the many questions I would ask is, excluding LoopNet how would you help us land?

The second pitfall in finding land is understanding if you need 5 acres of land, that any 5-acre parcel may not meet your needs for so many reasons and takes substantial investigation.  This is because there are so many things that can reduce the usable area including wetlands, flood planes, easements, deed restrictions, utilities, zoning, stormwater detention, endangered species, topography, and even neighbors.  And of course, the 3-mile population density and amount of existing self-storage in 3 miles, traffic counts, visibility, access, pricing are critical to the decision making process.  As a civil engineer and site plan designer for 30 years, I learned site development in the trenches and I am ready to share them with you and your team.  Of course in many respects, I am a part of the Morrow Hill team because we are always sharing our ideas on land and we will continue to learn together.

If you have questions about Storage Authority Franchising or finding land for your next self-storage project give us a call.

Marc Goodin  860-830-6764

…….

Self Storage Industry News

So why develop a self-storage facility with Storage Authority to add to your portfolio?

For one, it’s recession-proof. This was proven by Forbes 400-member B. Wayne Hughes when he built a $2.4 billion fortune on self-storage. He was clearly doing something right. You can’t argue with that.

In a bad economy, people start trading in luxury goods for, well, fewer luxury goods. Apparently, storage units, are – ding ding! – not luxury! Which turns out to be their appeal.

In fact, during the 2008 economic downturn, self-storage was the only REIT sector that posted a positive return of five percent including dividends. We think that’s kind of big deal.

Storage facilities need little capital outlay or upkeep, their property taxes are modest, and net acquisitions in that sector have surged. *Forbes  (I may have to differ with Forbes a bit as self storage does seem to pay a hefty tax. Marc Goodin)Even in the cities with the newest construction, developers can still find opportunities to build new projects. “Self-storage is a three-mile business,” Most Customers are not likely to use a self-storage facility more than three miles from their home. That means that developers don’t need to worry as much about competing properties that are four or five miles away.

“Self-storage properties compete in such micro markets that it all depends,” says Ryan Burke, an analyst with Green Street Advisors, a real estate research, and analysis firm.

Self Storage Articles

Not Sexy, But Investors Should Consider The Simplicity Of Self-Storage

Developers can still find opportunities to build new projects.

Q&A Spotlight: Self-Storage Construction Loan Team  by Live Oak Bank

ARE YOU READY?

Click here to Get Pre-Qualified to Begin your Journey to Financial Freedom with Storage Authority Franchising!

It’s only a dream until you write it down then it becomes a goal.  Write down you will have a goal to begin construction of your self-storage facility in 2018.  Put it on the mirror where you can see your goal and visualize it daily.  Start today, take the leap of faith and never look back!

Recent Storage Authority Blogs You Will Enjoy!

Complete Storage Authority News Room 

Storage Authority proprietary “Dynamic Ease Development Series” Finding Land Through Pre-Opening Tasks.

Why not you? Why not now?

Recent Storage Authority News Letters

November 2017
When should you start your self-storage construction financing plan?

 October 2017

September 2017

 

 

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Storage Authority
677 N Washington Blvd.
Sarasota FL 34236

www.StorageAuthorityFranchise.com         Garrett@StorageAuthority.com
1-941-928-1354

November 2017 Newsletter: When should you start your self-storage construction financing plan?

November 2017 Newsletter

When should you start your self-storage construction financing plan?

Financing must be considered early on as an integral part of your self-storage planning and must start before you look for land. You need to understand the various options and their terms.
Most people can not close on the land without a mortgage so early on you need to know what the bank requires for a loan commitment and for the closing ( like final approved site plans, reports, complete bids, attorney documentation etc)

What Are the critical factors in a bank loan?

Most people learn many of the banking basic and have a game plan early on but often fail to realize the interest rate is just one of the several factors of a good loan.

An SBA loan may be for you because you only have 15% equity to invest.  Or a conventional loan with 25-35% down may make more sense.  Just like when renting a self-storage the first question is always what are your rates but that is less than half of the decision making process.  Other important factors include:  fixed rate vs variable rate, amortization schedule, loan term 5 yr – 10 yr or 25 years? Can carrying cost and other soft costs be included in the loan, how long to close, closing costs, bank track record to close on time, is an unreasonable debt service coverage ratio required, are there overly restrictive prepayment clauses, how will phase two loan work?  And the list goes on.  Again be an expert and realize the rate is not the first question to ask.

Many borrowers also do not realize how many things have to be done simultaneously to have financing in place in time to close before your option to purchase runs out.

What are the biggest banking mistakes? 

1.) Assuming a handshake is all that is needed.  I have seen too many people believe they have a solid loan in place and just need to gather a few more documents just to be told the deal has changed or worse the bank is no longer going to lend the money leaving you in the learch within days of the option to purchase time running out.  Your loan is never fully approved until you sign on the bottom line but typically the loan starts with the bank reviewing the basics and offering you a written term sheet.  If you agree to the terms they will provide you a written commitment for your signature and request a deposit for various bank ordered reports and or an origination more formal agreement.

Then they will continue to the full underwriting and once all the required information is provided and meets the original assumptions the loan closes.

2) Not having construction bids in time.  Banks often take 60 days or more to have a closing.  The 60 day period starts after they have all the information, including actual construction contracts with pricing broken down in AIA payment form. So this means you need to get your Architect doing the final building, electrical and MEP design during the site plan approval process if you want to close within 60 – 90  days after site plan approval.

3) Not having enough money in the loan due to cost overruns often due to poor plans or bid specifications.

4) Not having carrying cost in the loan or cash on hand for carrying cost so you do not run into financial problems prior to even breaking ground.

As part of our Dynamic Ease Self Storage Development Series, we help our franchise understand the options and prepare accordingly.

———————————————————————————

If you want to learn more about Storage Authority Franchise there is a wealth of information on our website www.StorageAuhorityFranchise.com  Don’t forget to check out “Why Storage Authority” and our blog/newsroom. Then the next step is to apply on our website or email or call Garrett Byrd (Garrett@StorageAuthority.comor Direct 941-928-1354)

Vendor Highlights

There is no doubt that bollard covers by Post Guard are a must on every new self-storage facility.  They look better and saves you time & money as you do not have to retouch the paint every year.  www.postguard.com

So why do so many facilities paint the bollards – year after year? It started with poor site plans and construction specifications.  Just make sure they are called for on the site plans and in the construction specifications and you will be home free!  Not only do they have a great product but they also provide Storage Authority Franchisees a group discount to make them even a better deal.


Your site plans should also show bollards details based upon your frost limits but also the location of every bollard on site ) building corners, gooseneck keypads, each side of entrance gate etc) and include.  At $600 a piece or more I know some developers are tempted to skip bollards but in the end, building repairs will cost you much more.
…….

Self Storage Industry News

*A company analysis of data from Yardi Matrix and the US Census Bureau found that about 438 new facilities were delivered during 2015 and 2016 and that 2017 is expected to yield 337 facilities (about 27 million square feet of storage space). The analysis projects between 350 and 362 facilities will be delivered in 2018.  The findings are in contrast to other industry estimates alluded to by Jernigan Capital, which in its report states that “some industry professionals have gone on record predicting as many as 900 deliveries nationwide in 2017 alone.”

“The combination of pent-up demand, continued strong population growth in excess of 1 percent per year and increased mobility of families and millennials can be expected to produce orderly absorption of new supply in general

*Spare Foot

Self Storage Articles

Jernigan Capital CEO: “No oversupply tsunami coming” for self-storage

What You Need to Know About Self-Storage Conversions

Video  Progression of Grocery Store to Self Storage Conversion

ARE YOU READY?

 

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Storage Authority
677 N Washington Blvd.

Sarasota FL 34236

Storage Authority October 2017 Newsletter

October 2017 Newsletter

Why own a “Storage Authority” Franchise?

The answer is simple: We Own Self-Storages, We Manage Self Storages, We design and build Self-Storages, simply stated we understand you! Our founders have over 50 years of combined experience in both the self-storage and franchise industries.

We understand your business and together we can put more profits in your pocket, while you retain control of your business. Our proprietary “Dynamic Ease” System is revolutionizing the industry! With this manager driven system, we can train your employees to become experts in marketing, customer service, and retail sales. We understand how important well-trained employees can increase your bottom line!

We also understand that you developed your self-storage business with your hard earned money and sweat equity. We understand and fully appreciate that you enjoy owning and controlling your facility. We also understand that you may not have the technology, knowledge, sales and the marketing programs needed to bring your business to its full potential.

Owning a Storage Authority franchise will provide you with a unique and proven concept that will empower you with essential resources, that will not only place you on a level playing field with the REITS but will enable you to surpass them as you retain 100% control of your facility. We know that with the right systems, training, support and your hard work, your success is inevitable

Consider this: What if you could realize an increase in profits while still maintaining 100% control of your business? Our proprietary “Dynamic Ease System”, organizational support and brand recognition will not only allow you keep your profits but enable you to quickly grow them.

Owning a “Storage Authority” Franchise will provide you with the critical brand recognition, knowledge and experience, SEO optimization, sales and marketing, reservation systems and much more that will maximize your Occupancies and your Profits for years to come.

Your Goals are Our Goals

1) Make self-storage MUCH much easier for you and reduce your risks.

2) Ultimately our goal is for you to have a lifestyle and growth business we believe is second to none.

3) Help you obtain oversized profits most people would never reach on their own.

Our 3 Tire Platform makes it happen:

1) New Development
2) Operations
3) Sales, Marketing & Customer Service

New Development
1)  Finding land
2)  Planning & Design
3)  Construction

Marc Goodin (President of Storage Authority) is a civil engineer by trade and has been designing and building self-storage facilities the last 25 years, that’s experience you can trust in.   The development phase alone with Storage Authority will help you avoid much of the risk of starting your new facility.
Learn More

Operations
1) A manager driven system made easy for oversized profits that allows you to keep your career if you choose to.
2) Brand support allows you to profit from the experience & knowledge of Storage Authority team.
3)The best of the old, new &future self-storage customer Service – Sales – Marketing
high tech & high Touch Features – to provide rental prospects with the “just feels right” feeling for more rentals.

Sales, Marketing & Customer Service
Good Customer Service is expected. Exceptional, over the top customer -service and Community service makes the difference. Add in unconventional PR and you have a grand slam. It is not gotten from a manual but rather the top down every day.  Customer service is not a destination it’s a journey and we pave the way for you and your manager.

Sales is serving, making a friend, and helping client proceed in the most positive manner possible for their situation while asking for the sale – overcoming concerns – asking for the sale again and renting today. We provide the roadmap the way for your manager’s rental success! Would you rather rent 9 out of 10 inquiries instead of 3 out of 10?  Did you know the average renter checks out several facilities before they rent?

Marketing is keeping eyeballs on your facility so when someone needs self-storage they think of you and walk in your front door, call you or rent online.  We eliminate costly traditional marketing that does not work and replace it with gorilla marketing and unconventional PR so you can “own your 3 miles”.

Together let’s Crush Your Competition with 3 Mile Domination!

If you want to learn more about Storage Authority there is a wealth of information on our website www.StorageAuhorityFranchise.com  Don’t forget to check out “Why Storage Authority” and our blog/newsroom. Then the next step is to apply on our website or email or call Garrett Byrd (Garrett@StorageAuthority.com or Direct 941-928-1354)

 

Vendor Highlights

Data and analytics to power better pricing and investment decisions

Storage Authority has partnered with StorTrack who provides cutting-edge technology and data to clients with their premier self-storage market data service. They provide flexible online tools to enable you to monitor market rate conditions, a flexible API for integrating market data with everyday workflow tools and custom reports and research to give you insights into new or current markets.

On-Demand Historical Pricing Reports

StorTrack offers Historical Pricing Reports, on demand, for any market or facility in the U.S. Self-storage investors and owners can now develop models and insights into market trends and patterns, with data not available anywhere else. Faster and accurate decisions with data readily at your fingertips!

*Data and analytics to power better pricing decisions

*Demographic and market valuation analytics for acquisitions and investments

*Looking into new markets for your next Self Storage investment? Get unique market insights with historical pricing before making a decision.

No automatic alt text available.
…….

Self Storage Industry News

The U.S. has an estimated 2.6 billion square feet of self-storage, according to the Self Storage Association. That’s about 8.1 square feet per person, and that’s growing.

According to market research firm IBISWorld, revenue in the self-storage industry reached $35.8 billion last year — and growth is accelerating. Especially in big cities, where space comes at a premium, the trend isn’t going away.

Self-Storage Industry Growth Remains Above Historical Averages, National Storage CEO Says

Self Storage Articles

Understanding Cap Rates

Introduction to Self Storage

COMING SOON!   STORAGE AUTHORITY    MULBERRY, FLORIDA.

ARE YOU READY?

Click here to Get Pre-Qualified to Begin your Journey to Financial Freedom with Storage Authority Franchising!

Recent Storage Authority Blogs You Will Enjoy!

Complete Storage Authority News Room 

Who Should Own Self Storage?

How & Why Storage Authority was Started

Chapter 2 Fun Self Storage Facts

Chapter 1 Should You Take Control of Your Destiny with Self Storage

 

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Storage Authority
677 N Washington Blvd.

Sarasota FL 34236

www.StorageAuthorityFranchise.com         Garrett@StorageAuthority.com
1-941-928-1354

Storage Authority September 2017 Newsletter

September 2017 Newsletter

The Storage Authority proprietary “Dynamic Ease Development Series”Makes the Difference!  

 
Many franchisees want to take advantage of additional profits by building their own self storage vs. buying an existing self storage. This route also allows new franchisees to get started with less than half the cash capital investment.  The problem is they do not know how to started.  It can be a complex maze between finding the right parcel of land, banking, design, obtaining regulatory approvals, construction and pre opening marketing and preparations, with minefields, delays and cost overruns at every turn.  Marc Goodin, our founder, has learned self storage by being in the trenches and ready to personally guide you..  He is a professional engineer who designed his first self storage over 30 years ago and many more since then, including 3 personal self storage he designed, built, owns and manages.

We have created the Storage Authority proprietary “Dynamic Ease Development Series” Finding Land Through Pre-Opening Tasks. This system along with our one on one guidance helps our franchisees get started faster, go around the minefields, save money and be ready to open with a modern premium facility ready to rent up.  Our Strategic Development system consists of an integrated step by step process where our expertise provides guidance and support throughout the land discovery and development phases.

Here are just some of the areas our Dynamic Ease Development Series make easy:

Table of Contents

Chapter 1      Introduction
A     Building You High-Performance Team
B     First 30 Days
C     Development flow charts
D      Chapter 1 Worksheets

  • Storage Authority Competition Review.
  • Storage Authority Developer Secret Shop Review.
  • Storage Authority Partial Designer and Vendor List

Chapter 2     Land
A      The Basics of a Good Location
B      Typical Basic Land Requirements
C      Hiring a Quality Broker to Assist You with Finding Land
D     Additional Ways to Find Land
E     Initial Land Review Prior to An Offer or Feasibility Study
F       Making the Offer & Due Diligence
G      Feasibility Study
H      Chapter 2 Worksheets

  • Example letter for contacting a land owner.
  • Questions for first meeting with town planner & staff.
  • Individual land parcel info worksheet.
  • Site drive by worksheet.
  • Initial zoning review worksheet.
  • Land offer worksheet.

Chapter 3   Purchasing an Existing Self-Storage Facility
A      Seven Primary Steps of a Real Estate Transaction.
B      Investigating an Existing Facility

Chapter 4   Banking/Lending
A      Loan Options
B      Loan Considerations
C      Often Over Looked Expenses
D      Chapter 4 Worksheets

  • Loan request summary

Chapter 5   Design & Regulatory Approvals
A      Finding Design Consultants
B      Site Plan Design
C      Regulatory Meetings
D      Building Design
E      Security Design
F       Video Surveillance Design
G      Chapter 5 Worksheets

  • Additional Site Plan Design Items to Consider.
  • Additional Building Design Items to Consider.
  • Site Details
  • Owner to do during the Design process.

Chapter 6   Bidding and Construction
A      Finding a Contractor
B      Construction Specifications & Bidding
C      Construction Review

Chapter 7   Pre-Opening Preparations
A      120 Prior to Opening
B      30 Days Prior to Opening
C      Pre Opening Marketing
D      Chapter 7 Worksheets:

  • First product order
  • Managers book table of contents
  • Business cards & marketing cards

We look forward to explaining more about how this optional premium development service will help you build your facility for less money and in less time with confidence. The great news is our president, Marc Goodin, has allowed me to waive the $50,000 fee for this premium service for qualified franchises awarded in the next 60 days.

Check out the Vendor Highlights below to read more about the development land mines!

If you want to learn more about Storage Authority there is a wealth of information on our website

 www.StorageAuhorityFranchise.com  Don’t forget to check out “Why Storage Authority” and our blog/newsroom. Then the next step is to apply on our website or email or call Garrett Byrd (Garrett@StorageAuthority.com or Direct 941-928-1354)

Vendor Highlights

Inside Self Storage Trade magazine and website provides a wealth of Self Storage information!

 

The first recommendation we give to everyone exploring the self storage business opportunity is to order the ISS trade magazine, www.Insideselfstorage.com
to learn many self storage basics.  At the site, you can also enter any topic in the search bar and you find a host of articles to help you get the answers you need.  If you type in our founders name, Marc Goodin you will find several articles on finding land, design, construction, and marketing you will find very useful.

Here are some highlights of Marc’s article “5 Development Disasters Waiting to Happen” in the September 2017 issue of the ISS magazine:

There are many things that often go wrong during the development and construction of a self-storage facility. Franchising helps to avoid the pitfalls trusting in the expertise and guidance of the franchisor.  Marc Goodin (President of Storage Authority) is a civil engineer at trade and has been designing and building self storage facilities the last 25 years, that’s experience you can trust in.   Storage Authority helps and assists the franchisee to examine some of the key difficulties that often go unpredicted by owners and developers, that often create significant cost overruns, lengthy delays and even project shut downs that could have been avoided with the proper research, planning, and design. The most overlooked disasters occur because of poor or incomplete investigations or lack of understanding of the following categories:

 

 1 Initial investigations

2 Environmental issue

3 Permits/approvals

4 State Department of Transportation (DOT)

5 Site Plan & Architectural Design

6 Budgets

7 Construction
With Storage Authority franchising you get the guidance and expertise first hand.

If you haven’t already, here is a link to subscribe to Inside Self Storage.

SUBSCRIPTION INFORMATION:

…….

Self Storage Industry News

*The U.S. self-storage industry generated more than $32.7 billion in revenues last year, almost three times Hollywood’s 2016 box office gross. In many cases, self storage is far more lucrative than conventional real estate investments. For example, the average cost of a U.S. self-storage locker was 97 cents per square foot per month in 2016 — roughly the same as the average one-bedroom apartment in Phoenix. In more expensive cities, self-storage rents are two or three times larger.
* BloomBerg View

Self Storage Articles

Architects thrive on self-storage as development surges

New breed of self-storage buildings filling need across South Florida

The Self Storage growth story is driven by several factors, starting with the relentless accumulation of goods by American consumers. Our industry also thrives on disruption, serving as a temporary resting place for the stuff of the deceased, the recently divorced, the downsizers and the dislocated.

ARE YOU READY?

Click here to Get Pre-Qualified to Begin your Journey to Financial Freedom with Storage Authority Franchising!

Recent Storage Authority Blogs You Will Enjoy!

Complete Storage Authority News Room 

Storage Authority proprietary “Dynamic Ease Development Series” Finding Land Through Pre-Opening Tasks.

Self Storage Development Disasters Waiting to Happen

How to get started with Storage Authority!

The 3 Big Myths About Rental Rates

 

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Storage Authority
677 N Washington Blvd.

Sarasota FL 34236

www.StorageAuthorityFranchise.com         Garrett@StorageAuthority.com
1-941-928-1354

Storage Authority August Newsletter 2017

August 2017 Newsletter

 

Seven Basic Steps To Find Land for Your Self Storage Project.

1.) Look for the right size parcel of land.

Land size depends on the size facility you are going to build, the quality of the land, (shape, slope, easements, wetlands etc.) zoning, and if you are going to build a single story or multi story facility.  Typically, we recommend a new developer build 50,000 sf plus or minus since it is an efficient size for profits vs investment and has a much higher real sale value than small facilities.

Single Story – 50,000 square foot facility: look for 4 – 6 acres
Multi Story – 50,000 plus square feet facility: look for 1.5 to 2.5 acres.

2.) Look for land in the right location.

Many renters choose a facility because they have driven by it many times.  Self storage needs to be on a main street with easy access, high visibility and good traffic.  Start by thinking “would someone build a grocery store or retail plaza to find the best location.  In a rural/country area the traffic maybe between 10,000 – 20,000 vehicles a day.  In the metropolitan/city area the traffic maybe between 20,000 to 30,000 vehicles a day or even more.  We typically want to see the traffic on the property access road and do not consider traffic from a non access highway.

3.) Look for land based upon the cash equity you have available to invest in your self storage business.

Self Storage is very loan friendly due to the high profits and the lowest failure rate for real estate investments.  Banks typically require owners to provide total project cost equity of 15% for an SBA loan to 30% for a standard bank loan. A multi story building can require double or even more than double the owner cash equity requirements because multi story facilities cost more to build and can not be built in phases.

If your cash equity to invest in self storage is $400K to $1M we would recommend you build a single-story facility where you would need the 4-6 acres noted above.  If you have under $400K you may want to consider finding a partner or private investor.  Storage Authority does have a match program where we match Storage Authority Franchisees with other franchisees with at least $250,000.

4.) Look for land in the right zone.

Typically, self storage is not permitted in residential zones and is permitted in one or more Business zones, Commercial zones or Industrial Zones.  Typically zoning regulations will have a list of uses that include self storage and note specifically what zones self storage is permitted in.  If there are any question you should call the Town Planning or Building department and they can assist you.

We do not recommend a zone change for your first project as zone changes typically require additional time, money and add additional risks as well.

5.) Land features to be aware of.

Wetland areas and the wetland setbacks should not be considered part of the required 4- 6 acres.  To reduce your approval risks, time and cost we recommend you project be built outside of the wetlands and the wetland setbacks. Wetlands are not always detectable by the novice developer and as part of your due diligences determined in the field by an qualified expert.

100-year Flood plane area should not be considered part of the required 4- 6 acres.  To reduce your approval risks, time and cost we recommend your project be built outside of the 100-year flood plane.

Easements should not be considered part of the required 4 – 6 acres.


6.) Hire a Quality Broker to Assist You in Finding Land

There are several steps to hiring a professional that will help you get the best results. First, research brokers who work in your area and have experience in land transactions.

Determine which brokers:

  • Are active in the area?
  • Specialize in land acquisitions?
  • Have a good web presents?
  • Have access to demographics and local traffic counts.
  • Have access to major commercial listings sites such as Loop Net.

Next, choose two or three brokers to interview. Often brokers are skeptical of individuals looking land for self-storage because they have wasted time with tire kickers so let them know you are Partners with Storage Authority and provide them a copy of the Typical Land Requirements.

Any good broker will want to compete for your business.

Interview the brokers during the evaluation process. Listen, but also have some prepared questions. This is your chance to get into the nitty-gritty before you make a decision. Remember, people are generally on their best behavior during this phase, so if they don’t take the time with you on the front end, it’s doubtful they will once you’re signed up as their client.

7.) Other ways to find land and your check list.

There are several other ways to find Land.   At Storage Authority, we have found that around 50% of the land for new facilities is found “off line” and have devoted a significant section to our proprietary Dynamic Ease Development Series “Finding Land Through Pre-Opening Tasks”.  Your first step to finding land off line is to let everyone know you are looking for 4-6 acres for self storage.

You should develop a check list of the basics so record your findings.  As you get more experienced your check list will expand.

You found a possible parcel of land, now what?

The next step is to do a mini demand study and a development layout sketch before you spend time and money on consultants.  On the Storage Authority blog/news room you will find blogs on how to do this and the other steps of a self storage business.  Most or our Storage Authority Franchisees come on board with us before they find land so we can help them find land, so they get the most value and end up with a much better facility.  If you want to learn more about Storage Authority there is a wealth of information on our web site www.StorageAuhorityFranchise.com  Don’t forget to check out “Why Storage Authority” and our blog/newsroom. Then the next step is to apply on our website or email or call Garrett Byrd (Garrett@StorageAuthority.com or Direct 941-928-1354)

 

 

Vendor Highlights

Storage Authority is excited to announce its latest Vendor Partnership with SelfStorageAuction.com

 

Storage Authority Auctions just got easier,  SelfStorageAuction.com is ready to revolutionize the storage industry by providing the most reliable, safe, manageable and efficient platform for online self-storage auctions.

 

One of the unique business features of Self Storage is having the ability to over lock non paying renters units, which provides owners collateral that helps insure renters pay their rent on time. And when they don’t pay it is a simple and quick process to “evict them”.  We even get to use the auction funds to pay for past due rents.

SelfStorageAuction.com provides Storage Authority Franchisees the best online self storage auction platform, along with the tools, and assistance to make the job easy.

 

Self Storage Industry News

Revenue in the U.S. self-storage industry

According to IBISworld, annual self-storage revenue was estimated to be about $32.7 billion in 2016. That figure is expected to grow at an annual rate of 3.5 percent over the next five years.

This boring sector crushed equities over two decades

4 Reasons self-storage is still a good investment

 

 

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Storage Authority
677 N Washington Blvd.

Sarasota FL 34236

www.StorageAuthorityFranchise.com         Garrett@StorageAuthority.com
1-941-928-1354

 

 

Storage Authority July 2017 Newsletter

July 2017 Newsletter

Storage Authority Franchise Partnership Program

It is often hard to come up with the $400K – $500 minimum cash equity required to get bank financing. Or maybe even if you have it, you are not ready to spend your last dollar of savings. I know this because I was short on equity for my first self storage and took on a 50 – 50 partner. It was the best decision I ever made. This self storage made millions in profits and is still making me good money every month and I now own 2 more facilities. Not to mention the growing nest egg when we decide to sell it. It took me a couple of years of asking around to find a partner. To make it easier for you Storage Authority decided to help potential partners find each other via the Self Storage Partner Registry.
Partnership to success
Storage Authority is excited to announce its first of a kind self storage developer match program.  Everyday we hear from potential developers who are ready to move forward with their Storage Authority self storage but do not have the cash equity to get a loan.   The Storage Authority Match program will put two individuals together to create a joint venture team who will have the typical cash equity required to qualify for a self storage loan and move forward with their joint venture Storage Authority facility.   The program has just launched for the state of Texas and will launch for the rest of the US later this summer.  Typically, it is for individuals who want to be 50 – 50 partners.

To qualify for the program, you must have a minimum of $200K cash equity you are ready to invest in a Storage Authority self storage and:

  1. Apply and be approved for a Storage Authority Franchise. Apply on line at www.StorageAuthorityFranchise.com
  2. Complete your review of the Storage Authority Platforms & Systems with your Franchise Director.
  3. Complete a one page Match Program questionnaire that provides your geographical limitations and other basic information a potential partner would need.
  4. We then facilitate introductions and we are available to help you navigate a winning partnership and of course the development and operation of your premier Storage Authority self storage.

If you are an investor we also have multiple investment opportunities as well from investing in individual self storages or Storage Authority, LLC.

Parties Interested  in the Storage Authority joint venture program or investing in Storage Authority, LLC can email Marc at marc@storageauthority.com   for more details.

Inside Self Storage Article on Franchisee Partnership Program

Vendor Highlights 

Dream of owning a Storage Authority Franchise? Don’t let financing stand in your way!

Can Retirement Funds Be Used to Develop a Storage Authority Franchise?
By Marc Goodin

Absolutely!  Should they be used for a self storage development?  While I would not tell anyone how to invest their retirement funds for me the answer was easy. Absolutely!  Why not?

Screen Shot 2017-05-16 at 1.09.30 PM

Using retirement funds such as 401K, IRA, pensions, 403b, 457, or annuities, you can buy a business, pay for any business expense, and to pay yourself a salary without incurring personal taxes or penalties for doing so. You can use retirement funds for the equity required by the bank and take a loan for the balance.

You can pay yourself a salary as soon in the process as you wish, even before you reach profitability. Since this funding option is not a loan, these funds are actually used to buy stock in your business, and therefore are not a personal distribution or a withdrawal.

Screen Shot 2017-05-16 at 1.09.15 PM

The first decision is self self storage for you.  Self storage is an active business that will requires time and experience in addition to money. Where as, retirement funds are often invested in vehicles such as stocks and bonds that do not take time.   Of course the goal is much larger rewards due to your personal efforts.  I may be biased but the best way to get the experience you need for both development, operations, sales and marketing is with a Storage Authority Franchise

The major reason for a retirement funds is so you have funds for retirement.  If you could turn $600,000 in your retirement account into several million for retirement would it be worth it? Just like any retirement investment you need professional help insure it meets your investment goals and you understand the risks.

There are required procedures, rules and laws you have to follow and you will need an expert to help you with the process.  To learn more about how to use your retirement funds for a Storage Authority Franchise I recommend you contact:

Diane Rosenkrantz photo 2014Diane Rosenkrantz, Senior Consultant

Tenet Financial Group 

413-754-3298  

Diane@TenetFinancialGroup.com

817-887-1720 Fax

www.Tenetfinancialgroup.com    

Self Storage Industry News

Straight from the Bloomberg press, the article about self storage states
there are more than 50,000 storage facilities in the U.S, mom-and-pop operators control about 80 percent of them. While the publicly-traded landlords seek to maximize shareholder value, smaller landlords are less likely to worry about market dilution.

Bloomberg Article

The video is a bit more specific – $600,000 NOI – self storage rents for the same price per sf as apartments but expenses and headaches are much less.

Bloomberg Video

 

 

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Storage Authority
677 N Washington Blvd.
Sarasota FL 34236

www.StorageAuthorityFranchise.com         Garrett@StorageAuthority.com
1-941-928-1354

June 2017 Newsletter

 June 2017 Newsletter

 

 

 

Kamal & Pragati S. Site Plan Approved

Kamal & Pragati are excited the Planning and Zoning Board approved their site plans on May 24, 2017. The central New Jersey project consist or 5 single story buildings and 1 two story building for a total of 71,000 square feet. As typical in many towns a couple of more routine approvals have to be provided to the board before the final sign off signatures are provided.  The project will be built in phases with the first phase being is 30,000 square feet. The project is presently being bid as the final approvals are obtained.

Early on in the due diligence period the wetlands were delineated and wetlands were more significant than presented in the offering. We were able to determine the project was still feasible  with a reduction in the usable land from 6 acres to 5 acres. Once a new purchase price was negotiated due to the wetlands the project was back on track.

For many the Storage Authority assistance, guidance, systems, experience makes the difference.  Learn more at www.StorageAuthorityFranchise.com

 

 

Storage Authority News

Storage Authority is Excited to Announce 3 New Franchise Locations.

Welcome To Our Newest Franchises John G.

John came on board last week and is excited to get started.  He is looking for land to build a new facility in central PA.

New Company Facility
Storage Authority Co founder Scott House has just started the design for the third Storage Authority company store.  It will be located in Lakeland FL on an 8 acre parcel.  Construction for the 75,000 square foot Self & RV facility is slated to start construction late fall.

Existing Franchisee Edward O.

Ed’s offer for 4 acres in Houston was just excepted.  Houston is unique in the sense there are not the typical zoning regulations like most cities.   The 60,000 square foot facility is under design.  The facility will be constructed in two phases and phase 1 construction is slated for late fall.  Often you can purchase part of a parcel for sale reducing your land cost.  That is exactly what Ed did. With our help he was able to negotiate a 4 acre parcel purchase agreement leaving the 2.8 acre balance with the owner.

Vendor News

Storage Authority prides it self on staying on the cutting edge of technology in our industry.  We are proud to be partnering with Spider Door self storage app.  Storage Authority’s platforms and systems are based on high touch and high technology, partnering with Spider Door gives our customers one of the most convenient experiences as possible.

Here are some of Spider Door Technologies Features:

The convenience of a kiosk in your pocket

  1. Move in (24hrs a Day)
  2. Schedule move out
  3. Make Payment
  4. Open Gate from App
  5. Report issue to manager

 

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Please share!      We Love Referrals.

Storage Authority
677 N Washington Blvd.
Sarasota FL 34236

www.StorageAuthorityFranchise.com         garrett@StorageAuthority.com
1-941-928-1354