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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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Storage Authority
677 N Washington Blvd.
Sarasota FL 34236

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

More big box retailers closing – Think Self Storage Conversions!

Yesterday Kmart/Sears/Macy’s announced another round of store closings.

http://abc13.com/shopping/sears-store-in-houston-to-close/2863066/
If you type in kmart & sears closings into google search you will see round after round of store closings. Maybe there is one near you. In the past 5 years Sears has gone from over 2000 stores down to 12oo stores.

Here is a map of the latest round closings. The article above will give the Towns.

Screen Shot 2018-01-05 at 8.46.34 AM

While this is a sign that Amazon is killing the big box stores it is also a sign it time to consider conversions for self storage. I recent talked to one self storage developer and he only does conversions. He has done 4 and has each is doing very well. The big boxes are typically in areas of suitable, even high populations so it is a matter of confirming the available demand taking into consideration of the existing self storage.

Screen Shot 2018-01-05 at 8.48.42 AM

Conversions typically save you time because they are much easier to get approvals and takes less time to build. Grocery stores are a great conversion as well and they don’t have to be oversized. Often a 30,000 square foot self storage will have a large parking lot you can convert into another 30,000 sf of self storage.

Here is a quick web demand study on one site I randomly choose.  This is a great program everyone looking for self storage because what used to take a couple of days is provided in seconds.  send me an email at Marc@storageauthority.com to learn more about conversions or this web demand study

Kmart FL

If you look to the left you can see the existing self storage demand information. What is real interesting and what makes this site worth checking out is almost all the existing self storage is non climate control!

To More Success in 2018!

You can do it!

Marc

860-830-6764

Marc@storageauthority.com

Sample Self Storage Development Budget & Proforma

Chapter 7

Sample Development Budget & Proforma.

 You will do multiple budgets proformas for yourself along the way to a final one for your bank.  The first is one based on several assumptions and estimates so you can have some initial discussions with your banker.  The second, one after you have a site plan, so you can provide a proforma based upon your actual design plans, including the exact number and size of units to be rented to get an updated pre-approval.  And the final application with real construction cost from contractor bids and expenses from your feasibility report and other investigations, for the final loan approval.  Your loan request will include several items in addition to the proforma.  This information will help your banker make a positive decision on your application.  It will provide valuable information about yourself, your business plan and your expertise and an executive summary which help your banker quickly understand your project and find the major data they need without looking everywhere for it. It is one more item to let the bank know you are a professional day one.  Self storage is loan friendly because self storage loans have one of the lowest failure rates for real estate development. But part of loan decisions are based directly on you and how you present yourself, your project and your team.

There are no one size fits all standard construction cost, expenses or profits for self storage.  Typically, the first semi accurate development and operational cost and profits come after you have found land, obtained a conceptual plan and obtained a feasibility study by a self storage expert.  But it is important to understand the basic general magnitude of construction, operating expenses, rental rates and various financial information to determine if self-storage makes sense for you. The concept budget below is based upon assumed costs & expenses that may vary greatly.  Be cautious as it would be easy to tweak one or several factors to eliminate the profits or double them.  Many items and details are not included in this example such as carrying cost to get from empty to break even.

This is an example for educational purposes only and should not be used to make any final self-storage investments or development decisions.

 CONCEPT BUDGET & PERFORMA*

50,000 Square Foot New Single Story Construction   

TYPICAL LAND REQUIREMENTS*

Single Story Self Storage: Typically, 5 +_ usable acres when storm water detention is required and or subject to certain zoning restrictions.  Land requirements can vary on local zoning requirements and land quality.

Typical Construction Cost vary on many factors from design, amenities, locations, land quality and more and must be determined by actual construction bids.  Cost below have been assumed and will vary.

 PRELIMINARY DEVELOPMENT COST* – 50,000 SF Single Story

Land                                       $800,000 + –

Construction:                        $3,250,000 +_    $65/sf x 50,000 sf

Unusual land etc.**.                $0 if none

Unusual City regs. **              $0 if none

Soft cost                                  $400,000+_

Carrying costs                         $300,000+_

 Total                                        $4,750,000+_ Single story 1 phase

 

Phase 1 -25,000 sf                  $3,300,000+_  Note land/office/soft                                                                                                    carrying costs in phase 1

35% Bank

Loan  Equity                        $1,155,000 Phase 1 owners’ equity                                                                                              required

12.5%  SBA

Loan Equity                            $412,500 Phase 1 owners’ equity                                                                                              required

As you can see there is a vast difference in equity required between a traditional bank loan and a SBA loan.

Typically, when phase one occupancy reaches 70% it is time to get started on phase 2.  Most of the time you will use the same bank for both phases so you do not have to pay a prepayment penalty.  Often your equity in phase one will be enough for most if not all of the loan equity required for phase 2.  You should have these discussion with your bank when you apply for the phase one loan as this is not the case for every lender.

PRELIMINARY PERFORMA*

STORAGE RENTAL INCOME* FOR A 50,000 NET RENTABLE SPACE

Rental income varies upon many factors and are very dependent on location, unit mix, managers experience, marketing and several other factors.  The SSA reported the 2015 national average rental rate for Q4 2014 was $1.18/sf for a 10’ x 10’ non climate control unit and $1.51/sf for a 10’ x 10” climate control unit.  It is important to get data from your local area.

Typically, we consider 90% rented at premium rental rates full.  For this example, 90% Rented at an assumed average rate of $1.35/sf is used.

50,000 sf x .9 x $1.35/sf = $60,750 monthly income = $729,000 Annual income

 PRELIMINARY OPERATION COST*

Operation cost vary on many factors. Often, they range between $5 to $6 a sf.

Use $5.75/sf for this example.

Assume $5.75/sf x 50,000 sf = $287,500/ year or $23,958/month (Before Debt Service)

NET OPERATING INCOME* (Before Debt Service)

 $60,759 – $23,958 = $36,729/month = $441,504/Year (Before Debt Service)

 VALUE*

 Assume 5 Cap rate – $8,830,080

Assume 6% Cap Rate = $7,358,400

 DEBT SERVICE*

 Assume/use a 4,000,000 loan at 5.5%, 25-year amt. = $24,563 month (P & I)

CASH FLOW AFTER DEBT SERVICE*

 $36,729 – $24,563 = $12,166 per month = $145,992 Per year cash flow before taxes.

 Will this be your cash flow?  Of course not.  There are too many variables.  Your land could cost more or less.  You could put in more or less equity.  Your rental rates may be higher or lower. Your expenses could be more or less.  You could do more or less marketing and sales then the typical self storage.

The goal is to build a self storage that provides a six-figure income while you can still continue your career if you want to and down the road to have a retirement nest egg that many people could never even dream of.  Once you have found a property that meets your initial review and requirements you will get a 3rd party feasibility study that will not only provide you with a demand review but also all the above financial information above based upon data to your specific location and facility size.

Disclaimers:  This informational and example is for preliminary education and overview purposes only and should not be used for investment purposes.   This is an over simplified financial review.  Once a property is located a detailed feasibility study, site investigation, site designs, construction costs and regulatory investigation are required in order to determine the feasibility of a project and projected profits.

*Development cost can vary widely based upon location, zoning, standards, your experience and a variety of factors. You should consult with a local self storage expert for development cost in your area. This is an example and there is no representation these numbers will represent your development costs.  Industry rental rates, income & expense can and do vary upon many factors including, competition, local property taxes, location and owners experience.  Typical rent up periods for the industry are between 18 months and 3 years and can be longer.

 ** Unusual construction requirements such as ledge, significant cuts or fills, retaining walls, unusual zoning requirements, off-site improvements, local pricing etc. are not included and can significantly increase construction cost.

Multi story facility cost more and typically can’t be phased, so they require significantly more capitol and initial equity. This is why first time self storages developers typically build one story facilities.  Many multi story self storages will even have a higher price tag because they are often in areas of higher populations and are larger to offset the development cost per unit, to get better returns.

A word of caution, never develop a parcel of land simple because you own it or the purchase price is low.  It must have several important features including significant drive by traffic and enough unmet demand for self storage.

Now based upon your liquid assets you can start determine the best options for your needs and investigate land, design, regulatory and banking requirements in more detail.  At this point you are either ready to charge forward or realize you don’t have the capital required.  If you don’t have the capitol don’t give up.  Finding a more aggressive lender and or finding a partner with either the land equity or cash equity may be a great option.

Working with an experienced self storage development expert can also help reduce the construction cost, operational expenses and increases profits. You can look at building a smaller facility but they tend to be significantly less profitable and more of a hobby than a business.

 

If you want to learn more about how you can start your own Storage Authority self storage Franchise send me an email.  Marc@StorageAuthority.com

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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Please share!      We Love Referrals.

Storage Authority
677 N Washington Blvd.
Sarasota FL 34236

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

Chapter 6 The Five Most FAQ’s

Chapter 6

The Five Most Frequently Asked Questions

1 I don’t have any self storage experience; can I build a successful self storage business?

Screen Shot 2017-12-10 at 8.16.13 PM

Yes, you can.  In fact, the vast majority of the 50,000 self storage businesses in the USA are owned by individuals who only own one self storage facility.  They started out just like you with no self storage background.  With research and help along the way you can build a successful self storage business that will be more profitable than most other real estate businesses.

Many of the existing self storage were built when “build it and they will come” infancy period of self storage.  Now with all the competition and smart money you must be better prepared from day one.  You need 3 out 4 of the four things to develop a very successful self storage:

1 Time

2 Money

3 Self Storage Experience

4 Marketing & Sales Experience

Storage Authority obviously provides items 3 & 4 but you will be surprised how Storage Authority helps you with items 1 & 2 as well.

The three most common problems I have noticed for new developers is 1) to under estimate the costs (often by over looking some items), 2) under estimating the development and rent up time frames and 3) underestimate the importance of sales and marketing platforms online and off line,

  1. Why build a self storage vs. other business?

Self storage consistently has provided better returns on investment then the other types of real estate investments.  It requires fewer employees and significantly less maintenance, which means less headaches and work for you. (better lifestyle)

And best of all self storage produces one the most important things that many businesses never produce: a residual positive cash flow that can last a lifetime or even for generations.  And its fun!

  1.  How much money (equity) do I need to build a self storage? (How much will the bank loan me?)

I hate do give a dollar amount because there are so many factors not to mention size.  But I know that is what you are looking for.  So to start a self storage business (not a self storage hobby or side line) it is typically approx. $400,000 for an SBA bank loan and more for a conventional loan.

Typically, you will need 25% to 35% equity for a conventional bank loan.  There can be exceptions to both the low end and high end depending on the market, economy in your area, your business experience & credit rating, individual banks and other factors.  It is important to meet with your banker(s) early in the process.  You do not even need a piece of property or facility picked out to meet with a banker (or two) to get some preliminary banking input.

SBA loans are available for self storage and they typically require significantly lower equity often 15% of the total cost.

There are several specifics that must be considered to determine the best option.  And it is very important to realize not all loans are equal by a long shot.  Yes, interest rates and required equity are important there are several other equally import items and that is why you need a self storage expert help you with your loan package.

  1. How much does it cost to build a self storage?

There are three main areas of cost that should be considered.

The first is the pre construction costs (or pre loan costs).  These include feasibility study cost, land surveying engineering costs for site plans and regulatory approvals; bank fees for the loan application (loan application fee or points, appraisal fees etc.), soil testing fees and land option fees, architectural fees etc.

STORAGEFINAL2

While these fees are often considered part of your equity in the project you typically have to pay these fees out of pocket because a bank will not give you a loan without a Town approved project.  This is money at risk because there is no guarantee that the town or bank will approve your project.  So it is very important you do your due diligence regarding the “quality” of the land (wetlands – easements -zoning – other restrictions) and with the chances of approval with the Town before you spend large sums for final engineered site plans.  Often paying a local civil engineer to review the property and zoning regulations and provide you with a conceptual plan to review with the Town is money well spent.  Typically, this first group of fees are typically range from $75,000 to $200,000 if no major problems are incurred.

The second group of costs is the land and construction costs.  These costs can vary greatly depending on the price of the land, individual land improvements and size and type of self storage facility.  Land can vary from $50,000 and acre to several hundred thousand per acre depending on the location and amount of land.  Individual land improvements can vary greatly between sites.

I own 3 self storages and each had distinct special land improvement cost.  One site was relatively level with sand and gravel which had low site improvement cost.  A second self storage was on a sloped parcel which required an extra 3-4 feet of fill for half of the site. One property required $20,000 worth of soil testing for pollution and more for soil remediation required.

It is hard to give a specific cost for construction.  Recently many feasibility studies are using $60 per square foot for construction for typical single story metal self storage buildings, plus soft costs and the land. This preliminary construction cost by square foot estimates do not include the special land improvements or other unusual cost that may be encountered.  Multi buildings are typically higher than the cost of single story buildings.

The costs can be refined after you have a chosen a property and your local civil engineer has done a conceptual site plan.  And once a final detailed site plan is completed you can have a contractor(s) provide you a construction estimate for a more realistic cost

Early on in the process, as soon as you find a piece of property, I recommend you contact a building manufacturer to get input on the building design.  They can also give you a proposal to supply and construct building.  I use Trachte www.trachte.com because they make the process simple, and have a better product at a great price.

The third group of expenses is the costs during the rent up period before you break even.  Some banks will loan you some of the rent up cost but many (even most) do not.   If you did not include the office, maintenance equipment & supplies in your construction cost (which I recommend) don’t forget to include them here. You are going to open your new self storage business with your typical operational costs (loan – employees – utilities – taxes etc. outlined in your business plan) and limited rental income.  Every month you will have to put money into your business until you have enough rentals to pay all your bills.  This can take several months to two or three years depending on a lot of factors.  If you have done your due diligence and determined there is a need for the new storage facility, have a good location with suitable drive by traffic and are prepared to market the facility well you can significantly reduce the time to break even and make a profit. Hopefully you have worked with your bank to cover at least some of your start up costs in your loan package.

Typically, the second phase cost much less to build because you have already paid for the engineering, the property and don’t need new staff so the break even point comes faster.

Financing is one of the major issues for many businesses.  Banks typically require 30% down and SBA loans require 15% down.  So in many regions you can get started with $350K to $400K cash equity.  One option is to join forces with a local land owner as I did for my second facility.  The land and design cost may be enough to meet your equity investment in the project.  A good written partnership agreement is important.

A good feasibility study is a msut and should provide some preliminary cost until you have more detailed plans and actual bids.  If you need initial prices before than I recommend you contact a self storage feasibility consultant to review your circumstances and what size facility you plan to build.

  1.  How many square feet should I build?  (& How much land do I need)

First you need to determine how much self storage the existing population can support and how much self storage already exist.  You can do some preliminary calculations on your own.  The key is accurately calculating the square footage needed in your area and subtracting the existing square footage and any storage proposed or under construction. For many areas where there are numerous self storage facilities to choose from the draw area is typically a 3-mile radius and the demand is typically 5 to 8.3 sf per person.You can see a sample mini demand study at the Storage Authority News Room

srq fl

These factors do vary significantly from place to place. For rural areas and areas where there are no self storage facilities the draw area may be larger.  You can call a local self storage appraiser (make sure they have a background in self storage feasibility) and ask what numbers they use in your area. Your bank will typically require an appraisal of your project by their approved appraiser. Your bank may give you the names of their appraisers to contact for this local information.

If you are not confident of your calculations or simple want confirmation and some guidance you should get a feasibility study done by an expert.  Please understand a feasibility study is not the same as the appraisal required by your bank.  For your planning purposes each can cost $6,000 to $7,000.  If you want a feasibility study or preliminary assistance with preliminary development cost I recommend you contact Bob Cooper, 866-269-1311 http://www.selfstorage101.com

There are some business theories that should be observed when deciding how much storage to build.  One is having an exit stagey.  Typically, the highest prices for self storage sales go to facilities that are purchased by REITs or other large self storage operators.  Typically, they want facilities that are 40,000 to 50,000 sf and larger.

Also you don’t want to have a facility that is so small that it only proves self storage is a good fit for the area and attracts a larger self storage operator to make the majority of the profits after you did the hard work.  The exception to this is if you are considering your self storage business a side business that you built on land your already own and run out of your existing business office.

Self storage rent up is so much faster (and rents for more per sf) when you have an office with regular office hours.  To pay for a manager and make a good profit and pay for all your efforts and risks you can use a preliminary estimate of 40,000 sf (for all phases) until you have done all the due diligence for your specific project.

You do not have to build out the entire project in one phase and in fact phasing is highly recommended.   It will save you the added expenses of having a large supply of unrented units.  A 50,000 sf project could be built in two or maybe three phases depending on the storage needs of a specific area.

The amount of land you need is highly dependent on the local zoning regulations and specific land features.  Typically, you will need 4-5 acres for 50,000 square feet of single story buildings, less for multi story buildings. See Site Selection for more information regarding property requirements.

  1. What are some of the site plan design flaws you have seen?
  • No office.
  • No curb appeal.
  • Outdated technology.
  • No bollards at building corners
  • Led lights not used.
  • No product sales area in office or sales area too small.
  • No easy access to customer bathroom.
  • Customer has to go through the security gate to get to the office.
  • No 4-foot man gate to access the storage area without opening the main gate.
  • Access key pads not aligned up with gate.
  • Located in industrial park or other out of the way locations.
  • Space between buildings less than 24 feet.
  • Larger units (especially car storage units) not located to the outside of the project where there is not a second building to constraint the access drive for better access to the units.
  • Not enough landscaping provided. A lot of landscaping is a great marketing feature.
  • No windows or small windows in office.
  • None or not enough site lighting. A light at the site entrance is a nice touch.
  • Storage units not visible from the road.
  • No security measures.
  • Too many dead ends.
  • Loss of units due to poor layout.
  • No small units or no large units or not enough variety in unit sizes.
  • No locker (5’x 5’ x 4′) units provided.

Screen Shot 2016-04-13 at 6.43.16 AM

  • To meet town approval building some architectural features actually make metal building   more noticeable and unattractive.
  • Phasing not provided on the approved plans requiring applicant to return to the commission for approval.
  • Site signage not on the plans requiring the applicant to return to the commission for approval.
  • Driveway widths and or radius at the Town road are too small.  Minimum driveway entrance radius of 25 foot should be provided and a 45 feet radius is preferred.
  • Access for RV’s or large moving trucks not suitable, especially at the ends of the buildings.
  • Rental kiosk not provided in new construction.
  • Climate control not properly designed.

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

Need help finding land for your self storage project?

We have you covered with 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% off our self storage sites. If thats your plan or your brokers plan it could take you several months if not longer to find the right parcel for you.

Next we provided 30 minute driving maps from your home or from the center of where the 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 an existing facility and draw a 1 & 3 mile radius.  This in turn allows you to understand the general size of the compitition impact area.

As a side note many people look at the above map of Sarasota FL Area or their home town and think all the good places are gone.  I have to laugh because many great successful self storages 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?   We have a new Storage Authority just about to start construction in Houston and expect many many more.

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 call backs 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 thats great just make sure they have the land requirements and work sheets 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 pit fall in finding land is understanding if you need 5 acres of land, that any 5 acre parcel may not meet your needs for so may 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 in the decision making process..  As a civil engineer and site plan designer for 30 years I learned site development in the trenches and 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 started by sharing our ideas on land and we will continue to so.

If you have questions about Storage Authority Franchising or finding land for your next self storage project give us a call.  You can also sign up for our news letter and get our white paper on finding land.

Marc Goodin  860-830-6764

Why not you? Why not now?

This is a great question?  If self storage is so good why isn’t everyone developing self storage?  If being rich (vs poor) is a good idea why isn’t every one rich?  For starters not everyone is prepared to do the work or take the risks either one would take.  And for many they simple have other goals.

why no

Here is a slide show from a recent presentation we did for a large franchise consulting group.  It is clear most individuals will not build self storage on their own for one or two reasons.  One they do not have the money required. (often $400K) or they do not know how to get past the Road Blocks and Minefields.  But now for the first time the is a path to get past the Road Blocks and Minefields.

 

Screen Shot 2017-11-07 at 2.08.53 PM

Where Else can you get help on all 4 main items it takes to get develop and operate you self storage Business?

 

Screen Shot 2017-11-07 at 2.09.47 PM

Why not you? Why not now?

Screen Shot 2017-11-10 at 1.59.14 PM

Ready to start your own Self Storage give us a call or get pre qualified by applying on line.

Marc Goodin   860-830-6764

 

 

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