StorageSeeker.com, a self-storage search and directory website, now offers a pay-per-result pricing plan to self-storage companies and managers who sign up for its service. As an alternative to paying a recurring monthly subscription fee, Storage Seeker gives customers the option to pay only when they receive a quote request from a prospective tenant. StorageSeeker believes the new pricing structure will substantially benefit self-storage owners and managers who experience limited monthly search volume.
 
Subscribers to the new plan will receive the same quality listing pages as those who pay a monthly fee. Premium Listings allow subscribers to display facility contact information, coupons, features, prices and pictures.
 
Through StorageSeeker.com, a prospective tenant may submit a quote request to inquire about a specific facility’s prices, unit sizes and availability. Requests are sent to the facility owner only, not multiple owners within a geographic area.

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AMERCO, parent company of U-Haul International Inc., reported its third-quarter fiscal 2010 financial results. Self-storage revenue increased $0.5 million for the third quarter of fiscal 2010 compared with the same period last year, as total units rented increased.
 
The company reported net earnings available to common shareholders for the quarter ended Dec. 31, 2009, of $0.3 million, or $0.02 per share, compared with a net loss of $28.2 million, or $1.46 per share, for the same period last year. For the nine-month period ended Dec. 31, net earnings available to common shareholders were $61.4 million, or $3.17 per share, compared with net earnings of $39.0 million, or $2.01 per share for the same period last year.
 
"The positive results for the quarter were a reflection of growth in truck-rental transactions combined with our cost-control measures," stated Joe Shoen, chairman.
 
Other highlights of the report include:
 
Self-moving equipment-rental revenue increased $9.7 million for the third quarter of fiscal 2010 compared with the third quarter of fiscal 2009. Amerco experienced increases in one-way and in-town transactions.
 
The company reported a net loss from the disposal of equipment of $0.3 million compared to a net loss of $5.6 million for the third quarter of fiscal 2009.
 
Operating expenses at the moving and storage segment decreased $17.8 million for the third quarter of fiscal 2010 compared with the third quarter of fiscal 2009.
 
Truck and trailer capital expenditures for the first nine months of fiscal 2010 were approximately $225 million compared with $439 million for the first nine months of fiscal 2009. Proceeds from sales of rental equipment increased $25 million to $129 million for the first nine months of fiscal 2010 compared with the same period last year.
 
AMERCO held its investor call for the third quarter of fiscal 2010 this morning. A replay of the call can be accessed at Amerco.com.
 
U-Haul International is North America's largest "do-it-yourself" moving and storage operator. AMERCO includes AMERCO Real Estate Co., Republic Western Insurance Co. and Oxford Life Insurance Co.

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Affiliates of the Argus Self Storage Sales Network, which as 36 broker affiliates in nearly 40 markets, brokered three self-storage sales in January. 

Joan Lucas, of Joan Lucas Real Estate Services LLC, represented the seller of High Country Storage in Cortez, Colo., which sold for $925,000 at a 9 percent cap rate. The seller carried back the financing, which helped facilitate the deal. Ryan Layton, of American Real Estate Associates, represented the buyer in this transaction. 

W. Frost Weaver, of Weaver Realty Group Inc., represented the seller of Argyle Forest Mini Storage in Jacksonville, Fla.  The 70,600-square-foot facility sold for $2.7 million at a 9.1 percent cap rate. 

Paul Grisanti and Mike Helline, of Grisanti Group Commercial Real Estate, represented the buyer of Fern Valley Self Storage in Louisville, Ky.

Argyle Forest Mini Storage in Jacksonville, Fla.

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Much energy and effort is put into self-storage facilities to ensure customers have a great storage experience. From enhanced security and packing materials to online payment options and 24-hour self-serve kiosks, self-storage has come a long way over the years.

In addition to these feature-rich amenities, many self-storage operators also offer customers the option to purchase tenant insurance. Understanding this important component leads to a greater storage experience for your customers and can help insulate your business from liability.
 
What Is Tenant Insurance?

Tenant insurance is insurance renters can buy if they don’t already have coverage or don’t want to use their personal renter’s or homeowner’s insurance. A tenant-insurance program offers them a quick and convenient solution to satisfy the insurance requirements of their lease. The offering is affordable, short-term coverage designed specifically to protect property while it’s in a rented self-storage space.

In addition, a tenant-insurance program complements a self-storage operator’s risk-management program. Dealing with a customer with a covered loss who has purchased tenant insurance is a better situation for everyone involved. Another compelling reason to have a tenant-insurance program is most providers offer an administration fee to the operator, which means more facility revenue.

For managers, a tenant-insurance program offers a great way to help customers attain peace of mind for their stored goods. If property stored in a unit is damaged or stolen, a tenant policy can alleviate some of the sting. Plus, managers are not required to be a licensed insurance agent to offer the product. Effectively explaining the insurance requirement of your lease to tenants and presenting them with an insurance addendum is key to helping them choose what’s best for their situation.
 
Why Your Tenants Need Insurance
The perils covered by tenant insurance include many events that can occur at a self-storage site including crime, fire and natural disasters. The policy provides coverage similar to what’s found in a typical homeowner’s policy.

The convenience of offering a tenant-insurance program at your facility is also good customer service. Many customers don’t have coverage for their stored property, and even if they do, there’s the potential for increased premiums and high deductibles to consider if a claim is made against their homeowner’s or renter’s insurance policy.
 
Offering Tenant Insurance

There are several ways self-storage operators can offer tenant insurance. It can be purchased through a mail-in brochure, or managers can direct customers to a provider’s website. However, the most effective method is to offer customers a pay-with-rent program.

Most of the major providers of self-storage management software have a built-in insurance module that works with the various tenant-insurance programs. The software makes presenting tenant insurance easy and automatic. The payment is built into the rental program, making it seamless and convenient for you and your tenants.

The best time to discuss tenant insurance is while completing the lease during the move-in process. Each tenant-insurance vendor provides a tenant-responsibility addendum which, when properly employed with every move-in, helps customers understand their responsibility to provide insurance for their stored property―particularly that your facility’s insurance doesn’t extend coverage to customers’ stored goods.

The completed addendum on file will remind customers they were offered coverage at move-in. This can help protect your company in the event a claim is filed. Established case law better protects storage facilities that offer tenant insurance from damage claims arising from destroyed or stolen tenant property.
 
Covering Your Bases

Having a tenant-insurance program at your facility offers customers convenient, affordable, short-term coverage for personal property stored in a rented space. Your customers will appreciate you looking after their best interests. In addition, high customer participation complements your company’s risk-management program.

Keep in mind that self-storage personnel are not required to be a licensed insurance agent to offer tenant insurance because it’s incidental to your primary duties of renting self-storage. However, there are some states that require the storage group have a limited license.

With just average customer participation, a tenant-insurance program can equal real dollars added to the net operating income of your facility and, of course, an increase in the facility’s capitalization value.
 
David Rose is executive vice president and director of operations for Storage Property Protection, which offers tenant insurance programs. He has 20 years of experience in the self-storage industry managing, training and marketing. For more information, call 877.575.7774; e-mail [email protected]. 

To learn more about self-storage tenant insurance, take advantage of the comprehensive education program at the Inside Self-Storage World Expo. Click here for details.  

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The Georgia Self Storage Association (GASSA) held its third annual barbecue at the Georgia State Capitol on Feb. 2 to raise awareness of the self-storage industry and show appreciation for those who work for the state. Association president David Milam kicked off the event with a welcome and thank you to legislators and staff. GASSA Legislative Director George Snelling provided an introduction for Lt. Gov. Casey Cagle.
 
Launched in 1992, GASSA is a non-profit organization representing the interests of the self-storage industry in Georgia. It represents more than 200 members and nearly 1,000 storage facilities.

GASSA members (from left to right): Executive Director Chuck Manley, Vice President Bill Norris, President David Milam, Legislative Director George Snelling, Treasurer Joe Cwik

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Julie Plunkett, vice president of Capco Steel Inc., has been appointed to the committee of the Jared Michael Tennis Tournament, a fundraiser to benefit Any Baby Can of San Antonio, Texas. Founded in 1982, Any Baby Can is a charitable organization providing assistance to children up to 12 years of age who suffer chronic illness, developmental disabilities, abuse, neglect, poverty or other disadvantages.
 
Any Baby Can believes all children can reach their potential through education, therapy and family-support services. Each year, the agency serves more than 6,000 of the youngest, sickest and poorest children in the Central Texas area. It also supports families with prevention and intervention strategies, advocacy and support, community-based family literacy, tutoring, parenting education, and childbirth classes.
 
The tennis tournament is held annually in memory of Jared Michael Abelow, who died before reaching his dream of helping children in need. Abelow died in July 2006. He had served four years in the U.S. military and was attending college to become a teacher.
 
Plunkett has volunteered to assist the tournament since its first event in 2007. A dinner fundraiser for the tournament will be held on Oct. 16 in San Antonio.
 
Capco Steel has provided steel framing systems, metal roofing, metal wall-cladding systems, specialty metals and pre-engineered metal buildings to the self-storage industry for 25 years.

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Trachte Building Systems Inc. acquired the Tech-Fast Self Storage Buildings brand from founders Dave Cook and Mark Duncan. By purchasing Tech-Fast’s brand, plans and designs, Trachte Building Systems will be structured to serve the needs of former and prospective Tech-Fast customers. Customers will now be able to choose from Trachte’s traditional building systems or opt for a Tech-Fast building design.

“I’m pleased that we were able to put together this arrangement with Trachte to continue to serve our customers,” said Cook. “I’m confident they will be in good hands with the crew at Trachte.”

Trachte National Sales Manager Jamie Lindau said he’s excited about the opportunity and looks forward to meeting and working with the Tech-Fast customer base.

“Tech-Fast has a history of offering their customers not only basic single-story buildings, but also a very impressive portfolio of attractive multi-story projects,” Lindau said. “The acquisition of Tech-Fast will serve to further expand Trachte’s already extensive product portfolio while increasing market penetration in the Western United States and Canada. This acquisition is an important step in implementing Trachte’s long-term strategic growth plan of product, capabilities and market expansions.”

Trachte Building Systems, an ISO 9001:2008-certified company, designs, manufactures and erects a full line of pre-engineered and customized steel self-storage systems, including single- and multi-story, portable storage, interior partition and corridor, and canopy boat/RV.
 
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Capital Self Storage is expanding its facility in Springettsbury Township, Pa., at the site of a former Coca-Cola bottling plant. The company decided to buy and renovate the property about two years ago. Expansion plans include tearing down the old maintenance garage at the rear of the property and building five new buildings. Once the expansion is complete, the site will have approximately 350 new storage units and 38,000 square feet of additional space, according to facility owner Ken Snyder. The project will cost approximately $1 million, he said.

Source: York Daily Record/York Sunday News, Capital Self Storage to expand former bottling plant location

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Sean P. Barron was promoted to area manager/trainer for the Investment Real Estate Group of Cos. In his new position, he’ll be responsible for total oversight of several property locations under management. He was also named trainer for property and relief managers, as well as handling training consulting for the company.

Prior to his new position, Barron had been a manager with Investment Real Estate Management (IREM) in the Pennsylvania area for several years.  In 2008, he was named IREM’s Manager of the Year.  Before joining IREM, Barron had extensive management and trainer experience in the restaurant industry.

Investment Real Estate LLC specializes solely in self-storage brokerage, construction and management services to owners and investors in the Mid-Atlantic and Northeastern United States. 

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