5 Lessons for a Self-Storage Owner
Investing in the self-storage real estate industry by owning and running your own facilities is a great financial decision. As you grow your business, you’ll learn some valuable lessons that will help you get the most out of your investment.
However, you don’t have to learn these lessons on your own; we’re here to point you in the right direction! Below are 5 lessons for a self-storage owner that we’ve gathered from our years of experience.
Choose your storage facility wisely
Just getting started with your self-storage investment process? Then we’ve caught you early enough to emphasize the importance of choosing a great self-storage facility to invest in.
When you put your money into something, you want to make sure you’re making the right choice. That’s why it’s crucial to do your research, keep an eye on the market, and make an informed decision when purchasing your facility.
An ideal self-storage facility will be in a location with high demand, the right demographics (millennials, baby boomers, and even college students are all good prospects), and good visibility. At the end of the day, what matters is that you’re taking the time to put thought into this long-haul investment.
Stay up-to-date with maintenance and security
A huge part of running a stellar self-storage business is staying on top of routine maintenance and management to make sure your facilities remain top-notch and appeal to customers and tenants. Luckily, self-storage facilities are generally low-maintenance (which is why they’re such a good way to generate passive income!). However, you’ll need to do regular sweeps and brush-ups between tenants, switch out some light bulbs from time to time and take care of any larger maintenance issues as needed.
Keeping your security technology as up-to-date as possible is also one major key in running a self-storage facility. This is because customers will want peace of mind when it comes to the safety of their belongings. Keep yourself informed of the latest in security trends and invest in the best technology to keep up with the developments whenever possible.
Go digital and automated when possible
To make things as easy as possible for both you and your self-storage customers, staying up-to-date on self-storage technology is essential. This includes implementing self-serving kiosks, online payment and reservation options, and more.
This includes security as we mentioned in the last point. Modern technology allows for state-of-the-art cameras, alarms, and more. Providing the best security you can for your tenants will mean staying on top of the latest advancements in technology.
It’s all part of keeping up with a changing world: if you and your self-storage facilities are stuck in the past, prospective customers will simply find a facility that’s better adapted to their needs!
Be accommodating to customers
Just like with any business, the success of your self-storage facility hinges on how well you’re able to meet the needs of your target audience.
That means it’s essential to pay attention to and take note of the population of the area in which your self-storage facilities are located. Take a look at the demographics and statistics; figure out what these people will value most in a self-storage facility, and then create a business that meets all of those needs.
From incomes to family sizes to whether your target audience is living in large houses or smaller apartments, get to know the population and find ways to accommodate them!
Above all, you should also remain personable, communicative, and trustworthy; forming valuable, lasting relationships with tenants is everything.
Self-storage is a long-haul investment – and one of the best financial decisions you can make!
An investment in self-storage is just that: an investment. That means that when you buy a self-storage facility, you should be willing to stick it out for the long haul. This isn’t about selling early to make a quick buck!
The demand for self-storage is growing as we speak, so you may be tempted to sell as you see values rise. But it’s important to remember that you’ll make your biggest profit by sticking with it and growing your business year after year.
Not only is self-storage a long-haul investment, but it’s also an incredible financial decision to make. Thanks to the growing demand and the fact that this industry is recession-resistant, you can have peace of mind knowing your money is in a good place as you grow your business and watch your self-storage facilities flourish.
Trust Tymac to Help
At Tymac, we believe in the power of self-storage. That’s why we’re dedicated to helping our partners make great investments. We develop top-notch self-storage facilities in the best locations in order to create the best possible opportunities for investors. Fill out an investor profile on our website to become a partner today.
