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Scottish Self-Storage Tycoon Buys 12 Sites, Looks for More

Article-Scottish Self-Storage Tycoon Buys 12 Sites, Looks for More

Scottish entrepreneur Alister Jack is looking for additional self-storage sites after purchasing 12 U.K. facilities for his Alligator Self Storage chain. The properties were acquired from investment bank Macquarie Group Australia in a £20 million deal backed by Bank of America Merrill Lynch. The acquisition brings the total number of Alligator sites to 17. Jack is seeking additional expansion opportunities, possibly two or three more in the next year, he said.
 
The newly purchased facilities, previously named Storage King, will be rebranded under the Alligator name and operated out of Edinburgh, Scotland, where Jack resides. The sites are in Dumfries and Edinburgh, with a string of sites in England.
 
Jack is the previous owner and founder of Aardvark and Armadillo Self-Storage chains, which he sold in 2002 and 2007 respectively. Jack also owns sister company Edinburgh Self Storage, which he purchased in February 2006. He entered the self-storage marketing 15 years ago.
 
According to Jack, there is still plenty of self-storage opportunity in the United Kingdom, as the per-capita square footage of U.K. \storage is only a quarter of that in the United States.
 
Source: Scotland on Sunday, Storage magnate snaps up 12 sites and continues search for more

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Bomb Squad Called to Public Storage Facility in Arlington, Fla.

Article-Bomb Squad Called to Public Storage Facility in Arlington, Fla.

Last week a burglary investigation at a Public Storage facility in Arlington, Fla., led to the discovery of “suspicious” items that incited the arrival of the Jacksonville Sheriff’s Office Bomb Squad.
 
The self-storage facility reported the break-in of several units on Friday afternoon. Upon investigating, police found questionable items in one of the compromised units. The items belonged to a renter and were not related to the burglary.
 
The bomb squad detonated the items that day and determined they were not a threat, though a real estate office near the scene was briefly evacuated. No injuries or arrests were reported.
 
Source: First Coast News, Burglary Investigation Leads to Bomb Squad Call-Out at Storage Center

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Big Yellow Self-Storage Donates Units for Sport Relief Fundraiser

Article-Big Yellow Self-Storage Donates Units for Sport Relief Fundraiser

Big Yellow Self Storage in Twickenham, London, supported Sport Relief 2010, a three-day fundraising event, by donating units to store 200 bikes for English rugby player Lawrence Dallaglio and his cycling team. The team cycled across Europe to raise money for Sport Relief and the Dallaglio Foundation. The cyclists pedaled through all of the Six Nations countries, ending in Murrayfield.

Big Yellow has a network of 70 self-storage facilities in London and South England.

Source: The Open Press, Rugby Star and Sport Relief Celebs Call Favour from Big Yellow Self Storage for Sport Relief Cycle

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Colorado Self Storage Association Hosts Breakfast Meeting, May 12

Article-Colorado Self Storage Association Hosts Breakfast Meeting, May 12

The Colorado Self Storage Association will host a breakfast meeting in Denver on May 12, 7:30-10:00 a.m. Tailored to self-storage facility owners and managers, the meeting will include the following presentations: 

  • "What You Can Learn From a National Operator in Growing Revenue and Reducing Expenses," by Jim Stevens, senior vice president of acquisitions, Extra Space Storage 
  • "Financing in Today's Marketplace," by Dale Stewart, assistant vice president, Northmarq Capital Inc. 
  • Open discussion on "Current Trends in 2010," moderated by Hank Saipe, COSSA president

The meeting is sponsored by Extra Space Storage and will take place at Maggiano’s Little Italy on 16th Street. The cost is $20 for members and $30 for non-members. Interested parties can register online at www.coloradossa.com, or call 303.350.0070, e-mail [email protected].

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The Internet as the Best Self-Storage Storefront: Online Payments, Rentals and Account Management

Article-The Internet as the Best Self-Storage Storefront: Online Payments, Rentals and Account Management

Do you remember what life was like before the Internet? When you needed directions to a new restaurant, you turned to a printed road map. Mailing letters to friends and family called for stamps. The Internet has changed the way we live, shop and do business.  

More self-storage customers are turning to the Web because it saves time and provides convenience. The Internet allows them to search for storage locations, reserve units, pay rent online and manage their accounts. Your window of opportunity for converting an online visitor to a paying tenant is extremely small; therefore, your plan for capturing these online customers needs to be informative and quick, and your website must meet their needs.
 
Capturing Customers Online

In our fast-paced society, people are always on the go and demand real-time information at their fingertips. Having a website is a great first step for any business, but the key is to ensure it functions effectively to keep online customers returning. Your website should include basic information, a map to your location, office/access hours, features unique to your facility, coupons displaying your discounts, facility photos and reviews from tenants.

Customer reviews are an important item to include. A survey by Nielsen Online found that reviews are an important research tool for online consumers, with 71 percent saying reviews make them more confident that they are buying the right product. Additionally, 63 percent of online shoppers said it was important to see multiple reviews for each product.

Your website also should include functionality that will allow customers to reserve units online. Once they’re interested in your site, they’ll want to make a commitment quickly and efficiently.
Customers shopping online want to make an immediate decision without having to call your facility. Providing online-reservation capability will guarantee more rentals, thus increasing your occupancy.

But creating a website with online-reservation platform is not enough. You’ll need to make sure unit availability and pricing is up to date. Inaccurate information is going to create a negative reaction from online customers and may turn them away from your facility. Tie your website directly to the inventory within your management software. This will ensure the inventory shown online matches what you actually have available.

First impressions are just that. With the majority of consumers shopping online, your website is the first chance you have to impress potential renters.
 
Accepting Online Payments

Are your customers able to pay rent through your website? Customers expect to be able to pay their self-storage bill online. Not having that ability can be a deal-breaker for some.

In today’s harsh economy, more customers are falling into delinquency with rent payments. In some cases, this is due to financial hardship, but in others, it’s a result of inconvenience. Making customers mail or drop off a check each month is inefficient, and your valuable time is wasted in tracking down those payments. Giving customers the ability to pay online is not only convenient, it can help reduce delinquencies, which adds to your bottom line.

In addition, there are a growing number of storage customers in the military. Service members frequently change location, and storage plays a critical role in their moves and lives. But reassignments to locations abroad make it especially difficult for these customers to submit payments on time. They need a quick and convenient payment method. Providing this online feature will guarantee more timely payments, and peace of mind for you and your customer.

If your management software doesn’t support online payments, it’s time to upgrade to a program that does. Make the change today and start receiving on-time rent payments­ online. 
 
Managing Tenant Accounts Via Web

Maintaining the accuracy of customer accounts can be daunting. You may be out of contact with some tenants for long periods of time, and their account information could become outdated. Why not give them the ability to access and update their own accounts online? Not only will they appreciate this service, it will help you maintain accurate records, which is critical to the successful operation of your facility

Offering an account portal through your website will allow customers to access their accounts and make general changes any time they choose. To ensure seamless updates, this portal needs to be tied directly to your management software. With this functionality, you won’t waste time chasing customers for current addresses, phone numbers or methods of payment. Giving customers this ability will allow you to focus more intently on increasing revenue.

The Internet will continue to play a major role in self-storage operation. As more people turn to their computers, many will rely solely on the Internet to make their buying decisions. Your current and prospective tenants are more technologically savvy than ever before and are demanding more online services to accommodate their immediate needs.

It’s time to stop turning potential customers away because your storefront is bare. Providing real-time reservation capabilities, online payment functions, and the ability for tenants to access their accounts directly from your website will ensure your facility has the best online storefront.
 
Sam Celaya is the director of the eMove Storage Affiliate Network and has worked within the self-storage industry for 16 years. eMove Inc. offers WebSelfStorage Management Software, a  Web-based platform used by thousands of self-storage operators. For more information, call 866.693.6683; visit www.emove.com/storageaffiliate.

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U-Haul Dealer Highlands Self Storage Honored

Article-U-Haul Dealer Highlands Self Storage Honored

Highlands Self Storage/U-Haul in Franklin, N.J., was ranked No. 1 in customer satisfaction out of 72 U-Haul dealers in North Jersey.

The company’s owners, Jonathan & Allison Brett, received an award from U-Haul International Inc.'s corporate office, presented by the vice president of operations for North Jersey.

Highlands began offering U-Haul services six months ago as an ancillary service to its self-storage business.

The Bretts said David Parks, U-Haul’s area field manager, played an integral part in the successful startup of their dealership. Parks helped present the award to Highlands’ manager Ginny Lutton and U-Haul team member Shawn Curcio.

Source: The Advertiser-News,  Local U-Haul Dealer Honored; Highlands Self Storage Earns Award

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Wisconsin Self-Storage Lien-Sale Bill Passes House, Meets Little Opposition in Senate

Article-Wisconsin Self-Storage Lien-Sale Bill Passes House, Meets Little Opposition in Senate

A bill that improves self-storage lien-sale procedures in the state of Wisconsin, Assembly Bill 707, passed the House on March 4 without opposition. On March 16, a hearing took place in the Senate during which the only objections came from representatives of the Wisconsin Newspaper Association, who disputed Internet use as a legitimate vehicle for due process.
 
If passed, the new law would give storage operators the option advertise a lien sale in a print newspaper only once rather than twice, which is the current requirement, and then post it in two other places. One of those places could be the Internet and the other a public location such as a courthouse.
 
Other improvements to the bill include a property-value limitation measure and limits on exposure to litigation involving non-tenants. The measure also redefines what constitutes a reasonable auction sale: three or more bidders.
 
Tim Dietz, vice president of communications for the national Self Storage Association, and Lisa Chiappetta, president of the Wisconsin Self Storage Association and a member of the national SSA Board of Directors, spoke in favor of AB707, saying self-storage operators should be free to use the most effective advertising options available. They also reminded the representatives that the legislature, not an association, is the arbiter of what represents due process.

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Texas Self Storage Association Hosts Legal Seminar in Houston, March 24

Article-Texas Self Storage Association Hosts Legal Seminar in Houston, March 24

The Texas Self Storage Association (TSSA) will host a legal seminar for self-storage facility owners, managers and developers on March 24 at the Hilton Houston Westchase hotel in Houston. The seminar will address critical changes in state legislation, including alterations to the lien-sale process for vehicles and boats. All attendees will receive a copy of the newly released “TSSA Auction Handbook: A Step-by-Step Guide to Self-Storage Foreclosures.” Interested parties should register by calling 888.259.4902 or visiting txssa.org.
 
Established in 1986, the TSSA is a non-profit trade association dedicated to enhancing the quality of the self-storage industry in Texas. The association provides opportunities for members to increase their knowledge of the business through education, research, discussion and exchange of information.

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Litton Presents Webinar on Self-Storage Auctions and Rent Collection, April 7

Article-Litton Presents Webinar on Self-Storage Auctions and Rent Collection, April 7

Changing technology and shifting consumer behavior has altered the way self-storage businesses manage delinquencies and recover rent from past-due customers. On April 7, veteran self-storage professional Tom Litton, owner of Litton Property Management Inc., will present a free webinar titled, “Innovative Auction & Collection Techniques,” open to all self-storage facility owners and managers.
 
The online seminar will cover groundbreaking marketing, advertising and auction techniques that may help self-storage owners collect more money from auction sales. In addition, Litton will present 10 innovative ways for facility owners and managers to keep customers happy and collect pastdue rent. The webinar will take place at 1 p.m. ET. To register, visit Ministoragemessenger.com.

Litton began his career in the self-storage industry during its infancy and has managed more than 150 self-storage facilities in 11 states. He currently fee manages and consults throughout Australia, Canada, England, France and the United States. He is also regular presenter at the Inside Self-Storage World Expo and a contributor to Inside Self-Storage magazine. To read articles written by Litton, visit www.insideselfstorage.com. For expo details, visit www.insideselfstorageworldexpo.com.

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ISS Blog

Customer Income Potential

Article-Customer Income Potential

The Inside Self-Storage World Expo is behind us and the show was a resounding success across the board. I heard from many attendees how it was the best conference they've ever attended.

While I was a small part of it (as a speaker), I want to share with you something quite shocking I learned in my session. Most people present at my session were owners, and when I asked the 100-plus present a few questions, I was appalled at the response.

I asked for a show of hands to this question: “How many of you know what your average customer is worth to you each month?” Only 10 people raised their hands. I then asked; “How many of you know how long the average customer stays?” Again, the results were so low it was shocking.

I labeled a slide in my presentation Customer Income Potential and went on to describe what that means. If you're spending marketing dollars to gain customers you need to know what a new customer value is to your store. 

For example, if your average customer stays six months and, on average, your tenant base pays $100 per month, you don’t want to spend $600 to gain a new customer, or you’ve gained nothing in income. However, if you get that person in the door and a contract signed for a $10 discount or even one month free, you’re ahead of the game.

I find it hard to believe so many people don’t know how to value a customer in this regard, but maybe I’m the strange bird. Take a look through your software and somewhere buried in the midst should be some historical data you can review. If not, use your common sense and get a feel for what a single customer means in relation to your bottom line. Take a look at your customer-base average length of stay. Once you have the two numbers gathered, it makes determining what to spend on marketing infinitely easier to determine.

Say your average tenant stays 10 months and spends an average of $100 per month. The calculation is simple: 10 x 100 = $1,000. Starting at $1,000, is a new customer worth a $50 investment of marketing materials, discounts or your preferred method.

In my humble opinion this is a no-brainer, yet we constantly see people cringing at giving a customer a lock, a $5 out-of-pocket expense. For my money, if I can gain $995 on a $5 investment ... well, that’s just a wise business decision.

I’m sure some of you agree, while others may argue the merit of giving away "profit" from lock sales and the like. Post a comment below, or let’s debate it on Self Storage Talk, the largest and growing knowledge resource for our industry.  

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