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Articles from 2019 In May


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Document It: Best Practices for Recording Interactions With Self-Storage Tenants

Article-Document It: Best Practices for Recording Interactions With Self-Storage Tenants

“If you don’t note it, it didn’t happen.” Throughout nursing school and my years working in hospitals, I heard this repeatedly. Patient documentation was a critical part of our day. It served several vital functions: communicating important information to other staff members, quality assurance and accountability, process improvement, and legal protection. When I transitioned into the self-storage industry, I found many of these same principles applied to our interaction with tenants.

Quality notes can serve several purposes. Not only do simple, timely, truthful and accurate records protect the facility operator from legal liability, they protect tenants, too. Clear, concise notes let staff quickly and easily see any issues that require attention. They can even reduce conflict, for example, when a customer complains no one told him his unit was going to auction. If properly documented, the tenant record will show weekly attempts to contact the tenant through mail, phone calls and e-mail.

When to Document

Not every interaction needs a note. Some things, like payments and facility access, are probably already being documented by your facility-management software and security systems. Other details are covered in your rental agreement.

Before writing, ask yourself the purpose of the note. When I sit down to type, this helps me focus on what I need to include or whether I need to write at all. Typically, I’ll make a note in a tenant’s file if I’ve called or e-mailed for collections or any issues with a unit. I also document when I’ve explained a policy (move-out procedures, hours of access, delinquency procedures or disposal of personal belongings) or a tenant conveys information about a particular need. I also recommend noting individual complaints, what was done to resolve them, and each customer’s response.

Always include the date and time of the note as well as the actual discussion or incident. It’s best to document interactions as soon as possible to avoid the appearance of “covering your tracks.” If you made any phone calls, include the numbers, the full name of the person to whom you spoke and what was said.

Be Factual, Not Emotional

Finally, there are things you should not include in your tenant notes. The question to ask here is, “Am I being unbiased and accurate?” Notations should be fact-based and non-emotional. Words like “angry” or “happy” reflect your opinion of how a tenant feels. Instead, use the customer’s words, such as, “The tenant stated he isn’t happy that he had to come back to remove the mattress from the facility,” or “The tenant said he’ll do his best to come in and make a payment by 5 p.m. on Friday, July 9.” Quoting the tenant adds credibility.

When describing items, don’t use words that imply value. In the hospital setting, we were taught to describe what we see. For example, a ring might be described as “a yellow or golden color with a white stone.” You can’t know from looking at it if it’s gold or the stone a diamond. In a self-storage setting, you might write something like, “The customer complained that his brown sofa is now dirty.” While the sofa may very well be leather, it could also be vinyl or a material that looks like leather.

Never include internal disputes with staff or outside vendors in your tenant notes. Attempts to fix problems within the company should be addressed elsewhere.

No matter what’s being recorded, make sure your notes are timely, accurate, simple and unbiased. It’s possible the customer may read it one day … with his attorney.

Tracy McCall is regional manager for Mr. Stor-It self-storage facilities in Brevard County, Fla. She’s a registered nurse, with a bachelor of science in nursing. For more information, visit www.mrstorit.com.

Imagination and Luxury in Self-Storage Facility Exteriors: 2019 Design Showcase

Gallery-Imagination and Luxury in Self-Storage Facility Exteriors: 2019 Design Showcase

Self-Storage Real Estate Acquisitions and Sales: May 2019

Article-Self-Storage Real Estate Acquisitions and Sales: May 2019

Update 5/31/19 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in May 2019.

David and Janet Flessas purchased Acorn Mini Storage in Denton, Md., and branded it as Caroline Self Storage. The property at 24246 Shore Highway comprises 17,600 square feet in more than 120 units. It also includes a rental home, vehicle-storage spaces and room for expansion. The buyer and the seller were represented in the transaction by Chris Davis, a senior advisor with SVN-Miller Commercial Real Estate, a provider of brokerage services and property management.

StayLock Self Storage, which operates 60 facilities in four states, purchased Battle Creek Self Storage in Battle Creek, Mich., from Kingdom Storage Holdings. The property at 1061 E. Michigan Ave. comprises 53,480 net rentable square feet in 398 units. The seller was represented in the transaction by Jesse Luke, managing partner with the Self Storage Advisory Group for boutique brokerage firm EquiCap Commercial, and Mark Floria of Pagoda Cos., a Farmington Hills, Mich.-based self-storage operator that also provides third-party management services.

Proffitt Dixon Partners has acquired Charlotte Pike Storage in Nashville, Tenn., for $16.1 million. Completed last year, the facility at 512 26th Ave. N. was managed by real estate investment trust (REIT) CubeSmart and branded under its name. It comprises 88,175 square feet in 952 climate-controlled units. It’ll now be managed by REIT Public Storage Inc. The seller, Provident Realty Advisors, was represented in the transaction by Barbara Guffey, managing director, and Jason Nettles, senior managing director, of Holliday Fenoglio Fowler L.P. (HFF). HFF Managing Directors Travis Anderson and Brent Bowman secured $11.1 million in acquisition financing from Texas Capital Bank on behalf of the buyer.

Crows Run Self Storage in Conway, Pa., was sold. The single-story facility at 1901 Crows Run Road sits on 5.1 acres and includes six buildings containing 271 traditional storage units and 61 outdoor vehicle-parking spaces. The acquisition financing was arranged by Jon Garcia, an analyst for Fantini & Gorga, a commercial-mortgage banking firm.

Dillon Road Self Storage in Hilton Head Island, S.C., was sold to an unidentified buyer. The property at 159 Dillon Road comprises 67,250 rentable square feet in 510 units and 79 vehicle-storage spaces. The seller was represented in the transaction by Fred Paris, group vice president, and Monty Spencer of The Storage Acquisition Group.

Hilltop Mini Storage in Cambridge, Ohio, was sold to a limited-liability company. Built in 2016, the facility at 125 Market Street sits on 2.11 acres and comprises 35,000 square feet in 238 units. The buyer and the seller, a private investor, were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for Marcus & Millichap, a commercial real estate investment services firm with offices throughout Canada and the United States.

KRT Affordable Self Storage, a two-property portfolio in Columbus, Minn., was sold to an unidentified buyer for $2.2 million. Combined, the facilities comprise 39,620 rentable square feet on 7.5 acres. Tom Flannigan and Alex Ihrke of KW Commercial Minneapolis, an Argus affiliate, represented the seller and procured the buyer.

Michigan Storage Centers, a self-storage property on 2.6 acres in Madison Heights, Mich., was sold to an undisclosed buyer. The facility comprises 86,730 square feet in 650 units. The seller was represented in the transaction by Ryan Clark and Cameron Vale of SkyView Advisors, a Tampa, Fla.-based commercial real estate brokerage that specializes self-storage.

Westport Properties Inc., which operates more than 120 self-storage facilities under the US Storage Centers brand, acquired Planet Self Storage in North Waltham, Mass. The property at 115 Bacon St. comprises 34,116 square feet in 445 units. Built in 1900 as a manufacturing plant, the building was converted to self-storage in 1983. It’ll be the fourth US Storage Centers location in the Boston market, an area targeted for company expansion, according to Charles Byerly, president and CEO.

Riverchase Self Storage in Lexington, S.C., and Summit Self Storage in North Augusta, S.C., were sold as a two-property portfolio to an unidentified buyer. The facilities, 60 miles apart, comprise a combined 168,360 rentable square feet in 1,310 units and exterior vehicle-storage space. The deal was handled by Michael Morrison, an associate with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Scotsman Self Storage in Huntsville, Texas, was sold to an undisclosed, Texas-based buyer. The property comprises 44,500 net rentable square feet in 495 units. The facility is housed on three separate parcels totaling 4.86 acres, with one offering room for expansion. The buyer and seller were represented by Bill Bellomy and Michael Johnson of Bellomy & Co., a Texas-based commercial real estate firm focused on the self-storage industry.


5/15/19 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in May 2019.

All Safe Mini Storage in Macclenny, Fla., was sold. The property at 190 S. Lowder St. comprises 39,420 square feet in 306 units. The seller was represented in the transaction by Josh Koerner and Frost Weaver of Weaver Realty Group, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.

Berlin Township General Storage in West Berlin, N.J., was sold. The three-story facility at 399 Cooper Road comprises more than 50,237 rentable square feet. The seller was represented in the transaction by Linda Cinelli and John Mulholland of LC Realty, an Argus affiliate.

Cool Spaces Storage in St. Petersburg, Fla., was sold. The facility at 7470 30th Ave. N. St. was managed by self-storage real estate investment trust CubeSmart. It was converted to self-storage in 2016 and comprises 46,422 gross square feet in 345 units. The seller was represented in the transaction by Koerner and Weaver.

An Extra Space Storage facility in Ballston Spa, N.Y., was sold for $7 million to a Philadelphia-based private-equity firm. The 14-building property at 75 Brookline Road comprises 85,375 square feet in 691 units. The seller, an Extra Space subsidiary, was represented in the transaction by Hans Hardisty and Nick Malagisi of SVN Commercial Real Estate Advisors, which specializes in the valuation, purchase and disposition of self-storage properties within the Northeast.

Hialeah Drive Self Storage in Hialeah, Fla., was sold. The facility at 1000 Hialeah Drive comprises 96,507 rentable square feet in 1,007 units. The seller was represented in the transaction by David Spencer, vice president, and Cowles M. ‘Monty’ Spencer Jr., CEO and president, of The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

Lions Den Mini-Storage in Chesterfield, Mich., was sold. The facility at 28170 23 Mile Road comprises 49,290 square feet in 261 units. The seller, MP Assets LLC, was represented in the transaction by Mark Floria, a broker with Pogoda Cos., a Farmington Hills, Mich.-based self-storage operator that also provides third-party management services.

Moove In Self Storage, which operates 28 locations in Connecticut, Maryland, New Jersey, New York and Pennsylvania, has acquired the two-property Locker Room Self Storage portfolio in Bridgeton, N.J., and Collegeville, Pa. Together, the sites comprise 136,075 square feet in 1,200 units. Founded in 1998, Moove In is a part of Investment Real Estate Group Cos., which also includes Investment Real Estate LLC and Investment Real Estate Construction LLC.

Metro Mini Storage in Baker, La., was sold to Colorado-based Red Dot Storage, which operates more than 140 self-storage properties in 16 states. The property at 12770 Plank Road was acquired for $2 million. It’s Red Dot’s second property in the Baton Rouge market and 17th in Louisiana. The sellers were George Moore Jr. and Linda Davis Moore.

Midway Storage, a two-property portfolio in Harrisburg, Pa., was sold to a private investor. Combined, the properties at 2610 Brookwood St. and 2246 Susquehanna St. comprise seven storage buildings and more than 95 units. The Brookwood facility was renovated in 2004. Both properties have been operated remotely with office hours by appointment only. Physical occupancy for the portfolio was below 50 percent at the time of sale. The deal was brokered by Yevgeni Kaniayev, an agent with Investment Real Estate LLC, a provider of brokerage, construction, development and management services to self-storage owners and investors since 1998.

Mini-West Storage in Corsicana, Texas, was sold. The facility at 1400 N. 45th St. sits on 8.45 acres and comprises 81,050 square feet in 735 units. The site has solar panels and room for expansion. The sale included Charlie’s Laser Wash, an adjacent five-bay self-service car wash built in 2004. The seller, a private investor, was represented in the transaction by Danny Cunningham and Brandon Karr of the Karr Self-Storage team for Marcus & Millichap, a commercial real estate investment services firm with offices throughout Canada and the United States.

Premier Storage in Burford, Ga., was acquired by Compass Self Storage, a member of the Amsdell family of companies. The property at 2240 Sparta Way comprises more than 165,000 net rentable square feet. Planned upgrades include automatic gates, individual access control, high-definition video and smart locks. Headquartered in Cleveland, the Amsdell Cos. has been active in several billions of dollars of real estate ventures, with a primary focus on self-storage. It operates 89 locations, including 17 in the Atlanta metro area.

Andover Properties LLC, which operates the Storage King USA brand, has acquired RoboVault Self Storage in Fort Lauderdale, Fla., through its partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing. The fully automated robotic container-retrieval facility at 3340 S.E. 6th Ave. comprises 82,000 square feet. Founded in 2003 and based in New York City, Andover owns and operates 33 self-storage facilities in nine states, totaling more than 2.3 million rentable square feet of storage space in 16,500 units.

Salem Glen Self Storage in Murfreesboro, Tenn., was sold to an unidentified limited liability company. The property at 3450 Glenside Court sits on 5.24 acres. It comprises 88,050 square feet in 14 buildings containing 663 units. Built in 2005, it was renovated in 2008 and 2016. The buyer and the seller were represented in the transaction by Gabriel Coe and Brett R. Hatcher, investment specialists for M&M.

Storage Place in Katy, Texas, was sold to an unidentified buyer. The facility sits on 8.58 acres. It comprises 131,003 net rentable square feet in 19 single-story buildings containing 500 units, along with 25 covered and four uncovered vehicle-storage spaces. The deal included .4 acres of vacant land that fronts 5th Street. The seller was represented by Dave Knobler, first vice president of investments in M&M’s Houston office, and Charles “Chico” LeClaire, M&M’s executive managing director of investments in Denver and head of the LeClaire Group.


5/2/19 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in May 2019.

A-1 Mini Storage in Forest Lake, Minn., was sold for $2.7 million. The property at 24060 Greenway Road contains 10 buildings comprising 38,450 rentable square feet. The 15.5-acre property also has room for expansion. The seller was represented in the transaction by Tom Flannigan, Alex Ihrke and Corly Wilkerson of KW Commercial Minneapolis, an affiliate of the Argus Self Storage Network, a Denver-based network of real estate brokers who specialize in storage properties.

Everett I-5 Mini Storage in Everett, Wash., was sold for $10.2 million to an out-of-state regional investment group. The property at 13100 Fourth Ave. sits on 5.4 acres. Built in 1986, the facility comprises 83,315 square feet in 782 units, as well as 14 covered and 13 uncovered vehicle-storage spaces. The buyer and the seller, a local partnership, were represented in the transaction by Christopher Secreto, senior vice president of investments for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States.

Fort Locks Self Storage in Louisville, Ky., was sold to Public Storage Inc., a publicly traded self-storage real estate investment trust and third-party management firm. The property at 7650 Dixie Highway comprises 51,900 rentable square feet in 310 units. The buyer and the seller, a local investor, were represented in the transaction by Brent Dolan, Sam English and Greg Wells of Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

Longhorn Self Storage in Rowlett, Texas, was sold for $3.52 million to a national self-storage owner and management company. The property at 5250 Grisham Drive comprises 49,000 rentable square feet in 345 units. The seller was represented in the transaction by Harold Kolbe, president of Southeastern Business Intermediaries LLC, an Atlanta-based commercial real estate firm specializing in off-market self-storage transactions. He was assisted by Darren Schiff of Jeremiah Baron & Co. Commercial Real Estate LLC and Craig Rice of CSD Realty Co.

Mini West Self Storage in Corsicana, Texas, was sold to Denver-based Spartan Investment Group LLC. The 9.11-acre property at 1400 N. 45th St. is near the redevelopment of a 95-acre mixed-use complex. The 81,000-square-foot facility contains 735 units. The new owners plan to add 40,000 square feet of storage. Co-located with the facility is Charlie’s Laser Wash, a self-service carwash. The seller was represented in the transaction by Danny Cunningham, senior associate of Karr Self Storage Group, an M&M affiliate.

Landmark Self Storage in Louisville, Colo., was sold to Red Dot Storage, which operates more than 140 self-storage properties in 16 states. Red Dot plans to automate operations at 3335 Landmark Lane with kiosks and a point-of-sale software platform. The company’s portfolio comprises more than 5.4 million net rentable square feet. The seller, Landmark Self Storage LLC, was represented in the transaction by Larry Goldman, an Argus affiliate.

FlatRate Storage in Newark, N.J., was sold for $30 million to SmartStop Asset Management LLC, a diversified real estate company that manages 129 self-storage facilities in Canada and the United States under the SmartStop Self Storage brand. The three-building facility at 856-882 Frelinghuysen Ave. sits on 6.25 acres and comprises 101,161 rentable square feet in 1,777 traditional and 118 portable-storage units. It also offers an in-house moving company. The buyer and the seller, a private investor, were represented in the transaction by Adam Levin, senior managing director of the Levin Johnston Group of M&M. Founded in 1991, FlatRate operates self-storage facilities in six major cities, and moving services from nine branches, including one in London.

Storage Express, which operates more than 100 self-storage facilities in five states, has acquired three properties in Bloomington and Normal, Ill. Together, they total more than 77,000 square feet of storage. The company now operates 19 facilities in the state. Storage Express was represented in the transaction by M&M.

New Sources:
Boston Real Estate Times, Fantini & Gorga Arranges Financing for Crows Run Self Storage
CP Executive, Proffitt Dixon Partners Buys Nashville Storage for $16M
Digital Journal, The Storage Acquisition Group Announces the Sale of Dillon Road Self Storage on Hilton Head Island
Nashville Post, Self-Storage Property Sells for $16.1M
PR Newswire, Scott Meyers of Kingdom Storage Holdings and Self Storage Investing Sells Storage Facility in Battle Creek, MI
PR Urgent, Midcoast Properties Inc. Sells 2 Property Portfolio in South Carolina
REBusiness Online, SkyView Advisors Arranges Sale of 650-Unit Self-Storage Facility in Madison Heights, Michigan
RE Journals, EquiCap, Pagoda sell self-storage facility in Battle Creek
The Star Democrat, Denton Self Storage Facility Has New Owners

Previous Sources:
Business Report, Roundup: House Rejects Ticket Idea/Self-storage Facility Sold/Chevron Cedes to Occidental
Commercial Property Executive, Marcus & Millichap Brokers Sale of East Texas Storage
NYREJ, Malagisi and Hardisty of SVN Collaborate in Sale Of 85,375 S/F Self-Storage Facility For $7 Million
PR Newswire, Compass Self Storage Grows Their Footprint With Purchase of Self Storage Center in Atlanta
MENAFN, The Storage Acquisition Group Announces the Sale of Hialeah Drive Self Storage in Florida
PR.com, Argus Self Storage Sales Network Broker Affiliate Sells New Jersey Self Storage Facility
Commercial Property Executive, SmartStop Acquires NJ Storage Facility in $30M Deal
REBusiness Online, Marcus & Millichap Arranges $10.2M Sale of Self-Storage Facility in Everett, Washington
RE Journals, Cushman & Wakefield Sells 310-Unit Self-Storage Facility in Louisville

Self-Storage Management Firm RPM Hires New District Manager

Article-Self-Storage Management Firm RPM Hires New District Manager

RPM Storage Management LLC, a self-storage consulting and third-party management firm, has hired Alberto Bernardoni as district manager. He’ll oversee the company’s operations in Bryan, College Station and Houston, Texas.

Bernardoni has been working in the self-storage industry since 2014. He has more than 18 years of international business-development experience in the petrochemical industry. His expertise includes acquisitions, working with commercial brokers, property analysis, underwriting, negotiating terms of purchase and property funding, negotiating with vendors, determining processes, and writing and executing business plans.

“I’ve known Alberto for several years now and really appreciate his professionalism and demeanor. At RPM, we focus on owner return on investment, attention to detail and servant leadership, and Alberto fits perfectly into our culture. Alberto is a welcome addition to the RPM family,” said company owner Monty Rainey.

Based in New Braunfels, Texas, RPM manages more than 1 million square feet of self-storage. The firm also provides consulting and feasibility studies.

From Drab to Fab: Renovating Your Older Self-Storage Property

Article-From Drab to Fab: Renovating Your Older Self-Storage Property

When considering a self-storage renovation project, there are owners who get excited at the idea and those who feel tired when they think about all the work involved. The latter likely recall a past frustrating project, one in which a contractor was unreliable, problem after problem stalled progress, and a blanket of regret covered the entire experience.

But guess what? Revamps don’t have to cause migraines! With the right game plan and a dependable industry partner, not only will the process go smoothly, you’ll make your store the best contender in the market. When considering facility upgrades, here are some of the most important considerations.

Don’t Break the Code

Some rules were made to be broken (like putting mayonnaise on French fries … we see you, Belgium). But guess what? Not when it comes to safety. If your self-storage facility is breaking building or codes, it’s time to re-evaluate your approach to site upkeep.

Safety codes are in place to protect people and shouldn’t be ignored. Keep up-to-date on local and state building regulations and fire-safety codes so you can adapt and make changes to your facility if necessary.

One code you must follow is the Americans With Disabilities Act (ADA). You need wheelchair-accessible entryways, hallways and units, and doors that can be lifted and closed with minimal force. ADA compliance has become a popular focus in many industries, and the spotlight has started to shine on self-storage properties. Save yourself valuable time, money and hassle—and from a potential lawsuit—by making your facility ADA-compliant.

Set a Budget

Being a responsible business owner means you’ve always got your budget in mind. Getting the most out of your spending is a huge element in the retrofit process, but it doesn’t have to keep you up at night. Dave King, managing director of self-storage at development and acquisition firm Wentworth Property Co. LLC, is well-versed in the art of keeping a balanced budget and making wise money moves. That’s why he sets aside funds specifically for renovations when purchasing properties.

“We buy probably close to 50 percent of what we call ‘management turnaround’ and ‘value-add acquisitions.’ That can mean a lot of things! We try to buy them really well on the front end, price-wise per foot, and we always allocate some small to significant dollars for rehabilitation of that product; clean it up and get it into a more competitive offering,” he says. “We have a lot of competition coming into the self-storage world, and to compete, you have to spend the money to keep these facilities operating and looking good.”

Cutting corners on your retrofit might seem like a good idea when you’re in the thick of things, but consider the customer experience. Will renters have a nice environment with which to interact? Will it feel clean and secure?

Think Outside the Box

Humans are creatures of habit. We get set in our ways and balk at change; it’s just our nature. That’s one of the reasons retrofit projects can sometimes go sideways. If you’re stuck in the way you’ve always done things, you may not be willing to try the new options available for your site.

When Sandra Hack and Lance and Todd Stockhausen decided to undertake the effort of converting a car museum to self-storage, they knew they’d have to step outside their comfort zone to get the job done. With decades of experience in the construction and self-storage industries, they had seen their fair share of buildings by the time they set to work on Comfort Storage in Punta Gorda, Fla. Instead of creating a simple structure that would blend with the competition, the trio decided to take some risks and shoot for a top-notch facility. By the time they opened, the store had climate-controlled, drive-through storage, a mezzanine, covered RV storage, and a cloud-based smart-entry system.

“It’s all about having an open mind when you’re in this business,” Lance Stockhausen says. “Know that you’re going to run into problems—that’s just construction! But the important element is to not have your blinders on. Be ready to come up with a different solution or go in a different direction than you originally planned so you can get the best outcome for your project.”

Put Your Best Foot Forward

Often, when self-storage owners think about facility renovations, they focus on the building exterior. But there many ways to spice up the interior, too! Look at the current state of your office and lobby. What’s the first impression for customers when they walk in? If it’s dingy and uninviting, your prospects won’t feel great about leaving their items in your care.

The owners of Keylock Storage in Reno, Nev., knew an inviting office would be one of the important factors for the overall success of their business. When you walk in the door, you’re in an airy space that doesn’t feel anything like a run-of-the-mill storage facility. There’s a popcorn machine, a mini-fridge filled with water and soda, a coffee-maker, and an impressive display of HD TVs offering a live feed from the property’s numerous security cameras.

Two customer-facing monitors sit atop the counter, but they aren’t just for looks; both serve a highly functional purpose. Keylock chose an access-control system that integrated seamlessly with its property-management system. It allows customers to execute rentals on their own without having to complete mountains of paperwork. New clients can perform the rental process completely online, but they also have the option to pop into the office to talk to the manager or use one of the leasing monitors.

Enjoy the Process!

At the end of the day, you’ll have so many nuggets of advice thrown your way about how to handle your self-storage renovation. The most important thing is to come out on the other side of the process with a safe, accessible, modern facility that makes your customers’ storage experiences painless and increases your bottom line. Remember, retrofits have so much potential, and it’s an exciting time for our industry! Lean in and take advantage of the many opportunities available.

Rachael Wheeler Dempsey is a copywriter for Janus International Group, a global manufacturer of turnkey self-storage building and security solutions, including roll-up and swing doors, hallway systems, portable-storage solutions, door-replacement programs, and the Nokē Smart Entry system. To reach her, call 770.562.2850; visit www.janusintl.com.

Self-Storage REIT NSAT Announces Executive Management Transition

Article-Self-Storage REIT NSAT Announces Executive Management Transition

National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has announced several executive management changes to go into effect on Jan. 1. CEO and chairman of the board Arlen Nordhagen will be promoted to executive chairman, while senior vice president and chief accounting officer Brandon Togashi will become executive vice president and chief financial officer. Tamara Fischer will serve as CEO in addition to her current role as president. She’ll also join the board of trustees, according to a press release.

Nordhagen co-founded NSAT in 2013. He also founded its predecessor, SecurCare Self Storage. He’s served in his current positions since the company’s initial public offering (IPO) in 2015.

“While my day-to-day role will be reduced going forward, I will remain very active with the company as executive chairman. The strong relationship between Tammy and me has resulted in the outstanding performance that NSA has delivered since IPO, and this relationship will continue as we move forward,” Nordhagen said. “These seamless management changes are part of a carefully designed succession plan that has been in the works for some time and reflect the significant role that Tammy has had in NSA’s growth since our formation in 2013. I look forward to the next phase of growth under Tammy’s leadership and our continued partnership.”

The primary goal of the changes is to provide for an orderly management succession with strong continuity, according to Paul Hylbert, the board’s lead independent trustee. “These actions will achieve that result while at the same time acknowledging the depth and outstanding performance of the NSA management team. Tammy has the full support of the board, and we are confident in NSA’s continued future success. Arlen’s vision for a self-storage company with a differentiated structure has allowed NSA to deliver sector-leading results by virtually every measure since the company’s IPO, including growth in total enterprise value from approximately $1 billion at its IPO just four years ago to nearly $5 billion today.”

Under Nordhagen and Fischer’s leadership, NSAT has delivered total shareholder returns of more than 160 percent since the company’s IPO, Hylbert said. “It is a privilege to work with such a talented management team, and we are grateful that Arlen will continue to provide strategic guidance as executive chairman, where he will maintain his role of driving NSA’s overall strategy, growth and culture.”

“It is an honor to become CEO of such a great company, and I look forward to taking on these new responsibilities while continuing to work closely with Arlen in his new role as executive chairman,” Fischer said. “We have built a management team that works exceptionally well together, and I’m confident that will continue to be the case. We are off to a great start in 2019, and I look forward to continuing to work collaboratively with our team as we execute our aggressive growth strategy with the objective of continuing to deliver outsized returns on behalf of our shareholders.”

Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company has ownership interest in more than 700 storage facilities in 35 states and Puerto Rico. Its portfolio comprises approximately 45 million net rentable square feet. It's owned by its affiliate operators, who are contributing their interests in their self-storage assets over the next few years as their current mortgage debt matures.

Source:
Business Newswire, National Storage Affiliates Announces Management Transition

‘The Self Storage Show’ Podcast Celebrates 1 Year, Launches Streaming App

Article-‘The Self Storage Show’ Podcast Celebrates 1 Year, Launches Streaming App

“The Self Storage Show,” an industry podcast presented by Jim Ross, owner of Self Storage Domination Management, will reach its one-year anniversary next month. To celebrate, Ross has launched a free streaming app, available in the Apple App Store and Android Market, providing access to new episodes as well as an archive. Features include the ability to mark favorite episodes and download exclusive extras including PDFs, wallpapers and bonus content. The app also allows users to download podcasts or share content, and connect with Ross via phone, e-mail, website, Facebook and Twitter.

The podcast’s more than 50 episodes provide insight to many self-storage operational topics including revenue management, marketing, lead generation and competition. They feature interviews with industry leaders including facility managers, consultants, real estate brokers, owners and others. They include discussions recorded earlier this year with speakers from the 2019 Inside Self-Storage World Expo.

“Since I launched ‘The Self Storage Show,’ I’ve learned so much by connecting with others in our industry, and that’s the goal of this podcast: for the listeners to learn and grow right along with me; to make their self-storage business as successful as possible by focusing on marketing, sales, revenue management and overall operations,” said Ross, who’s also co-founder of 3 Mile Domination Self Storage Services, which provides management, marketing, feasibility and consulting services.

Ross began his career in the self-storage industry more than 20 years ago as a facility manager. He later advanced to regional manager, overseeing properties in several states. He operated his own self-storage auction company for a time before launching 3 Mile Domination with co-founder Matthew Van Horn. The business partners also co-authored the book “Self-Storage Domination.”

 

Self-Storage Talk Featured Thread: Vetting and Hiring Service Contractors

Article-Self-Storage Talk Featured Thread: Vetting and Hiring Service Contractors

As your self-storage facility ages, it’ll need repairs and possibly some renovation. Necessary tasks will range from simple things like painting and adjusting door springs to more invasive projects like roof replacement or camera installation. Some jobs you’ll be able to handle yourself with facility staff, while others will require the assistance of a professional, whether it be an electrician, plumber, landscaper, builder, etc. When hiring that service contractor, how do you ensure quality workmanship and good service at a reasonable price?

In a recent thread on Self-Storage Talk, the industry’s largest online community, members are discussing how they find, vet and hire contractors for jobs big and small. Get and share tips on negotiating terms and price, questions to ask, and other things you need to know before signing any contract. Your peers will help you get the best deal, not taken for a ride!

Advice for Self-Storage Resident Managers: Protecting Your Position

Article-Advice for Self-Storage Resident Managers: Protecting Your Position

We’ve all heard that self-storage resident managers are a thing of the past. That may be true with some new facilities being built today, but not all. There are still owners and developers incorporating residences into their plans, and managers who still seek this employment arrangement. In addition, there are scores of properties that still operate in this manner.

When you live onsite, it brings a new dynamic to the employee-employer relationship. Not only is the owner your boss, he’s your landlord. You need to ensure you’re protected if your employment ends, no matter the reason.

Sign a Lease

When applying for a resident-manager position, you need to think about the end of the job in the beginning. This means asking about the parameters and any rules of onsite living during the job interview. There’s nothing wrong with inquiring about this aspect of the job.

Your employer should have a resident manager’s apartment lease as part of its employment package. It should be signed and dated before you move any personal items into the home. The contract should include verbiage like the following:

Rent term: As long as lessee(s) remains in the employ of lessor, the apartment will be leased to the lessee(s) on a week-to-week basis at no charge. Upon termination of employment with lessor, lessee(s) agree to vacate the apartment within seven (7) days or commence paying rent as outlined under holding over/termination.

Seven days is a reasonable period for anyone to pack up, get a moving truck and vacate the home. This might be as few as five days; however, it’s unreasonable to ask a manager to vacate immediately! The lease should also include:

Holding over/termination: Upon termination of lessee(s) employment with lessor, lessee(s) agrees to immediately vacate the premises and leave the premises in the same condition as when this agreement commenced, less normal wear and tear. Any damage beyond normal wear and tear will be reimbursed to lessor by lessee(s). If the lessee(s) fails to vacate, lessor may bring legal action to oust lessee(s). In addition, lessee(s) will be charged rent and utilities at a rate of $50 per day if lessee(s) elects to hold over.

There must be a timeframe to vacate and consequences for not doing so. If your employment ends, you probably don't want to hang around the property anyway! By having a signed lease, you have legal paperwork to cover you, so the employer doesn't just show up with the locksmith and change the locks on the home you’ve been occupying.

Remember, the lease protects you as well as the owner. It ensures everyone is on the same page as to what happens when employment ends. This is the best protection a manager and owner can have.

If the company doesn't have a resident manager's lease, suggest it create one. A letter of employment can also be designed to cover items such as residing in the apartment. It should stipulate terms such as: You’ll live rent-free as long as you’re employed at the facility; it’ll be your residence; and you won’t rent it out without approval from the company.

Be Courteous

We’ve all heard horror stories of a fired manager who refused to leave the residence, or who damaged the home. For example, some let their pets do their “business” all over the place. How about the story of the manager who stood in the window and “mooned” people? You don't want to be that person, do you?

When your position ends, clean the home and leave it in better condition than you found it. Being a resident is part of your employment and can therefore affect the reference for your next position. When it comes time to look for a new job, you want your references to be able to say you were a respectful tenant as well as a good employee!

Be Prepared

As a resident manager, you likely don’t pay rent or utilities. Hopefully, you also receive a decent wage. It’s important to plan for your future by saving some of your wages from the very beginning. If your company offers a 401K plan, great! If it doesn’t, open a savings account and stash away 15 percent or more of your monthly earnings.

Think about what you’d do if the property was suddenly sold and you were expected to move out. Would you have the money to do so? Let’s face it, nothing lasts forever. Planning means you won’t be stuck and stressed if your employment ends unexpectedly. Rather, you’ll have the funds to move on to the next chapter in your life.

Do the best job you can, take pride in your work and communicate with your company in a professional manner. If things aren’t going well, be prepared to find another opportunity that’s better suited for you.

Pamela Alton is the owner of Mini-Management Services, which has been placing self-storage managers in positions all over the United States since 1991. She also offers staff training, operational consulting, and facility audits and inspections. For more information, call 321.890.2245; e-mail [email protected]; visit www.mini-management.com.

Big Yellow Self Storage Announces Results for 2019 Fiscal Year

Article-Big Yellow Self Storage Announces Results for 2019 Fiscal Year

U.K. self-storage operator Big Yellow Group PLC released financial results for its 2019 fiscal year, which ended March 31. The company reported same-store revenue of £123.2 million, up 7 percent from 2018. Average occupancy across its portfolio closed at 82.4 percent compared to 80.5 percent a year ago, while same-store occupancy was 82.7 percent, up from 80.5 percent.

Though the company fell short of its total-portfolio average-occupancy goal of 90 percent, Big Yellow officials were encouraged by the positive movement and 2.9 percent increase in net rental rates.

“Although activity levels in the final quarter were impacted by consumer uncertainty in the build-up to the U.K.'s original proposed exit date from the E.U. [European Union], we are pleased to have delivered further improvements in rate and occupancy over the year as a whole,” said Nicholas Vetch, executive chairman. “Looking ahead, we remain focused on our core objective of increasing occupancy to 90 percent, which in turn should drive traction on pricing and further rate growth. We have a proven strategy and remain confident about the long-term prospects for the group.”

Cash flow increased 14 percent to £71.8 million. In September, Big Yellow issued 7.2 million shares, raising £65.3 million. The company is using the capital to acquire new development sites. It has 12 projects in its pipeline with an estimated cost to complete at £109 million. When finished, the properties are expected to add around 820,000 net rentable square feet to its portfolio.

“We continue to look for land and existing storage centers in large urban conurbations, focusing as previously stated on London and the Southeast,” Vetch said. “Should the current uncertainties throw up new opportunities, we will continue as we have been to pursue them aggressively. However, developing stores in these target areas remains challenging given the competition for land and the pressure to produce more housing.”

Total revenue for the year was £125.4 million, a 7 percent increase year over year. Adjusted pre-tax profit was £67.5 million, up 10 percent from 2018. The group's pre-tax “statutory profit” was £126.9 million, a 5 percent decrease compared to the previous fiscal year. The decline was attributed in part to consumer uncertainty surrounding Brexit. The proposed exit date from the E.U. is now scheduled for Oct. 31.

Big Yellow Group operates 99 self-storage locations in the United Kingdom under the Big Yellow Self Storage and Armadillo Self Storage brand names, with most concentrated in Greater London and Southeast England. Its total portfolio comprises 5.7 million square feet.

Source:
Big Yellow, Results for the Year Ended 31 March 2019