Why You Should Seek Counsel
When we started our business, we felt as though we could provide information to help existing self-storage operators improve their bottom line and compete in a maturing industry. Over the years, we have come to realize that most operators believe they have the answers, much like Donald did at the age of 27 and overseeing almost 1,000,000 sq. ft. of storage. Over the years, he has learned many things from many people, all of which can be useful to other self-storage Owners, Managers, and Developers.
A few reasons you might want to reach out:
Concept to Lease up
Banks and Steel Companies recommend talking to a consultant who can guide you through Concept to Lease up first. The Self-Storage Industry is extremely active and there are many moving parts. We can write a development plan together. Our desire is to prevent mistakes from being made before they cost you valuable money and time.
We work in phases to help with this concept. All money paid rolls into cost of next phase if we both agree to move forward. You should not have to stroke a $6000-$8000 check for a project if the area is not viable, the city says three more are coming down the street, or your market rates will never cover the cost to build.
Competition Studies - Phase 1
When we understand the competition, we make better decisions, especially in a competitive market. Whether wanting to build or raise rates on an existing facility, knowing your competitor’s rates, amenities, and demographics of an area is vital. This is a personal study, not electronically produced. It is affordable, and more accurate.
Feasibility Studies - Phase 2
The Self-Storage Industry is growing extremely fast. If you are thinking about building storage in the perfect area you found, likely three others are also thinking about it. This service is VITAL before acquisition or development. YOUR STUDY, not filler. Every word is about your project and your future.
Financial Models - Phase 3
Accurate budgets are essential for operations, obtaining loans, or projecting values. We will evaluate unit mix, lease up by product type, operational expenses, potential lending scenarios, and overall C.O.C. and IRR based on your project and your needs. This is both Month to Month and/or 5-year plan.
In a home we change out filters, look through cabinets for expired dates, clean windows, and change out light bulbs. Doing these things help us to maintain a functioning home and avoid future disasters, but also helps us be a place where others want to be. We have experienced how sprucing up a facility, making capital improvements, or giving some training to a manager can bring a facility to life again and be a place where customers not only want to store but stay.
In buying or selling Properties, the valuation is everything. Consider an impartial set of eyes when determining value. Someone walks away in a deal happy, but in a great deal, BOTH sides walk away happy.
PAST or CURRENT PROJECTS
Price Rite Self Storage
We consulted on Eureka, Santa Fe, Park. We made capital improvements, moved from manual contracts to software, raised rates, performed auctions and assisted in transfer of property back to the owners. 2015 - 2017.
Laughlin Self Storage: laughlinnvstorage.com
Original development never leased up and was taken back by the bank. Our client purchased the facility from the bank in 2014. We immediately modified the unit mix and leased the facility to 100% occupancy. The facility sold in 2017 and we did another unit modification leasing to 100% occupied. In 2020, we brought in 27 containers and created 44 additional units which also leased.
Allen Genoa Rd Self Storage: agselfstorage.com
An apartment owner suffered a building loss. We converted the slabs to 11,000 NRSF of Climate Control Self Storage in June 2015. We visited the site recently. They are 97% occupied and are managing with apartment personnel.
Krum Self Storage
Bank failed asset with no income and no occupancy that physically sits in an area with no homes and no traffic. Property filled up and sold to another investor. We just finished a 10,000 SF expansion and it is full in just 6 weeks.
My Garage Self-Storage: mygarageselfstorage.com
We participated in the site-selection, design, city approvals and then disposition of the property to My Garage Self Storage. We supported the construction and are not helping with lease-up. 2018 - 2021.
Michael Castleman is an owner of 4-self storage properties. We have worked with him in excess of 6-years through acquisitions, capital improvements, development, dispositions, employee training, and financial modeling. We have always worked on a retainer (on-call) basis, while earning the same nominal monthly fee.
Davis Self-Storage and RV: gostoreit.com
Existing self-storage facility. We expanded the property by 70,000 GSF and converted from a class C property to Class A. The property was sold to another group who added 2-acres of premium covered storage. The property recently sold again to Go Store It. We have been involved from 2015 - 2020.
Other Consulting Today:
Beaumont, Forney, Freeport, Katy, Lake Jackson, Midlothian, Odessa, San Antonio, TX, AZ, CA, CT, ME, NC, NY, OK, TN.
What do we do for a living? Our job is to help small business owners and entrepreneurs be more successful by thinking through all aspects of their self-storage projects. We have and will continue to travel across the country providing direct, meaningful support. Let us discuss your needs and see if our services can add value to your business.