When I think of goals, I envision myself sitting in a business meeting. My eyes are glazed over, and my notepad is so full of doodles that any actual notes are no longer discernible. Someone reads yet another quote by Michael Jordan or Wayne Gretzky, and my mind goes numb. The presenter wants to talk about next quarter’s “goals.” Now, my zombie mind wants to eat his brain, and I think, “That would be a good goal.”

Stop! Wake up, zombie brain! A goal should be a challenge, not a demotivator!

The term “goal” is thrown around so frequently that it’s lost a lot of its power. Well, buckle up, buttercup … No matter what your role is in the self-storage industry, you’re about to learn how to approach your professional and personal goals in a fresh way that sets the stage for learning and success.

Meaningful Moments

Every two weeks, I have a phone call with an amazing young man I’m “mentoring.” (I use that term loosely because I often learn more than I teach.) Our most recent conversation revolved around planning and living an “intentional” life. I explained to him that when I was his age (early twenties), older people would try to tell me how quickly life would pass. I would just laugh and think, “Whatever, I have plenty of time.” Now, as a student of the University of Irony, I’m one of those people!

As time goes by and we look back—sometimes with regret and empty bank accounts—we wonder how we ended up here. Our lives are built on habits of comfort. We run on autopilot and allow life to take its course. This is unacceptable! We need to live an intentional life. This is done by leaving your comfort zone, knowing what you want and going after it. That’s a true goal!

When you set meaningful goals in your personal and professional life, you choose to be responsible for their success or failure. If you succeed, you gain confidence and positive experiences. Your self-assurance grows, and you know you’re able to bring value to your company or other areas of your life.

On the flip side, failure may cause you to avoid setting goals in the future. Just remember that few people reach a target without meeting challenges along the way. When pursing a meaningful goal, failure is OK and can even be a good thing. First, you tried; you acted. Second, it’s an opportunity to learn.

The Rule of Three

Every meaningful goal should be governed by “the rule of three.” You need to clearly understand each of the following elements:

• What: Clearly define what you want to accomplish. Do you want a promotion? Do you want to learn a certain skill? Do you want to earn an accolade? Be specific.
• Why: Why do you want to achieve this goal? What’s your motivation? This is what’s going to keep you driven and disciplined during the hard times.
• How: How are you going to achieve the desired result? Typically, this is where goals break down. We can almost always see what we want to accomplish and why, but the hustle and bustle of life rolls on and it’s easy to get caught in a rut. Once you’re stuck, you’re likely not doing the things necessary to reach your goal.

Goal Levels

In his book “The 7 Habits of Highly Effective People,” author Steven R. Covey said it best: “Begin with the end in mind.” First, set your long-range aim. This is your clear, primary goal. Then, reverse engineer it.

• Looking at the big picture, identify the few key steps it’s going to take to achieve your desired result. These are your benchmarks. They serve as “checkups” so you can monitor your progress and adjust when necessary.
• Within each benchmark, you’ll set several short-term goals. Because these are comprised of quicker, simpler tasks, these allow for easy course correction to avoid pitfalls.
• Finally, within your short-term goals are specific tasks that can be handled with ease. The key is to ensure these responsibilities are met consistently.

Let’s look at an example. You’ve opened a new self-storage facility and want to do everything you can to ensure a successful lease-up. Your goal is to reach 25 percent occupancy by the end of the year. Here’s how your benchmarks and short-term goals might look:

• Successfully launch a facility website.
  • Look at websites of other successful self-storage operations.
  • Interview three Web-development companies that have industry experience.
  • Speak to other self-storage operators who have used your candidates.
• Build relationships with apartment operators in the area.
  • Visit five local apartment complexes.
  • Meet with the complex managers.
  • Give them some of your facility fliers, swag, referral cards, etc.
• Improve your industry sales skills.
  • Record and evaluate five customer calls per week.
  • Read two sales-related articles each week.
  • Attend a self-storage conference where seminars on sales skills are being presented.

Beneath each short-term goal would be specific daily or weekly responsibilities to complete that task.

If you choose to run your business or personal life without meaningful goals, you’re losing valuable opportunities and banking on luck. You might as well start a retirement program by playing the lottery. If you follow the above approach, you’ll create goals that are true and achievable, not just an abstract concept thrown around in meetings. You can wake up your zombie brain and live an intentional life. Give it a try.

Rick Beal is the district manager and part owner of Cubes Self Storage in Salt Lake City. His goal is to help a historically slow-changing industry embrace new, innovative ideas. His professional motto is “Storage is a business of inches not miles.” He can be reached at [email protected]. Connect with him on LinkedIn at www.linkedin.com/in/storagerick. 

2020 LLC has opened a self-storage facility in Lawrence, Kan. University Storage at 1607 W. 23rd St. comprises 50,000 square feet of rentable storage space in 326 units, some of which are climate-controlled. Property features include access control, security cameras, and a retail center that sells moving and packing supplies. Customers have access to online billpay, and the facility staff will accept deliveries on their behalf. The facility is near the University of Kansas and within a mile of several student dormitories and apartments.

A grand opening will be held soon, according to a press release.

The facility will be managed by Absolute Storage Management, which owns and manages self-storage properties. Founded in 2002, the company operates 105 properties in 15 states. In addition to its Memphis, Tenn., headquarters, it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.

 

Update 9/10/18 – Mele has been named executive managing director of investments for Marcus & Millichap. Previously, he was senior managing director of investments.

Last year, Mele was the company’s No. 1 self-storage agent and the No. 23 agent for all property types companywide. He’s been ranked among the firm's top 20 agents five times and has been the No. 1 National Self Storage Group agent on six occasions. He’s earned four “Chairman's Circle of Excellence” awards, five “Chairman's Club” awards, 15 “National Achievement Awards” and 17 “Sales Recognition Awards,” including those given this year, according to a press release.

Mele earned a bachelor's degree from West Chester University. He’s a frequent guest speaker at industry events and a contributor to self-storage publications.

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2/16/17 – Mele has been named senior managing director of investments for Marcus & Millichap. Previously, he was senior vice president of investments. Mele specializes in self-storage property investments and is a senior director of the company’s National Self Storage Group. He has been with the firm since 1999, according to a press release. 

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9/17/14 – Marcus & Millichap Real Estate Investment Services, a commercial property-investment firm prominent in the self-storage industry, recently named Michael Mele as senior vice president of investments in the company’s Tampa, Fla., office. Most recently, he served as first vice president of investments.

Mele joined Marcus & Millichap in 1999 as an agent specializing in the self-storage sector. He rose to senior associate in May 2002 and vice president of investments in January 2008. Mele has closed more than 200 self-storage transactions totaling more than $800 million. He has achieved senior director status in the company’s National Self-Storage Group.

“Mike has been a top self-storage investment specialist for well over a decade, and a huge contributor to the success of the Tampa office,” said Richard Matricaria, vice president and regional manager. “With his in-depth knowledge of the self-storage investment sector, dedication to providing superb client service and strong leadership abilities, Mike truly deserves this honor.”

Marcus & Millichap has more than 1,300 investment professionals in offices throughout the United States and Canada. The company closed more than 6,600 transactions last year with a value of approximately $24 billion.

Update 9/10/18 – ASM has hired Cherry Blanton as chief financial officer. Previously, she was a managing director and shareholder for CBIZ & MHM, a national financial services and accounting firm. She served clients in a variety of industries with diverse types of owners, ranging from private-equity firms to family groups. Her specialized skillset was developed through experience with clients in real estate, investments and debt portfolios, and distribution industries over the past 18 years. Prior to public accounting, Blanton held corporate accounting positions with privately held companies in the airline and marine industries, according to a press release.

Blanton serves as the board treasurer for Financial Executives International and is a past president of the Memphis chapter of the Tennessee Society of Certified Public Accountants. She’s also been long-time mentor for University of Memphis students through its Memphis Institute for Leadership Education, where she also holds an advisory-board position.

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5/17/18 – Absolute Storage Management (ASM), a self-storage owner and property-management firm, has announced changes to its leadership team, naming Scott Beatty as CEO, Jennifer Barnett as chief operating officer (COO) and Matt Bailey as chief investment officer. Michael Haugh will remain chairman, primarily seeking acquisition and development opportunities for the firm. It’s the first executive-leadership change in the company’s 16-year history, according to a press release.

Beatty, who previously served as chief financial officer, is an ASM founding partner with more than 20 years of industry experience. As CEO, he’ll focus on the direction of the company, and continue to lead its growth and performance in the industry. “I’m really looking forward to continuing the fantastic growth trajectory that we’ve had over the past few years, while focusing in on our internal systems and team members,” Beatty said.

Barnett was formerly vice president of operations. She joined the company in 2007 as a property manager and has held various positions within the operations team. In her new position, Barnett will oversee daily operation, continue development of the operations team, and strive to uphold the company’s mission statement of “growing successful partnerships with our customers, team members and investors by delivering excellence in service,” the release stated.

Baily, also a founding partner, was formerly the firm’s COO. In his new role, he’ll help clients evaluate acquisition and development opportunities with a focus on joint ventures and partnerships. “ASM’s ability to treat each client and location as individuals is what sets it apart from the competition,” he said.

Founded in 2002, ASM operates 105 properties in 15 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.

Lien sales are among the biggest contingent liabilities that loom over self-storage operators. With the unique benefit of a legally permitted “self-help” remedy to deal with delinquent tenants comes the burden of ensuring the process is handled correctly. Any misstep can turn your right to enforce a lien against a renter for non-payment into a “per se” statutory violation that subjects you to liability for damages. Following are five strategies to help you stay out of legislative trouble and reduce your wrongful-sale liability.

1. Stay Current on the Law

Get a current copy of your state lien law and make sure your rental agreement is properly updated. Over the past decade, the national Self Storage Association has partnered with self-storage operators and many state associations to modernize local lien laws. It has managed to create industry statutes in areas where none existed previously and reform older legislation. Updates have included:

• Changes to the approved methods of communication with delinquent tenants, such as the use of e-mail in lieu of certified paper mailing
• The right to charge late fees for delinquency
• The ability to tow vehicles in lieu of sale
• The ability to conduct lien sales via online platforms
• Specific protections to limit the value of claims that can be asserted by tenants for loss or damage to their property

Due to these alternations, it’s essential to stay informed and adjust your operation to keep pace with the statutory rules. This includes amending your rental agreement to match the letter of the law. For example, in certain states, if the limitation-of-liability provision isn’t in bold type or underlined, it would be unenforceable. Even without state changes, it’s extremely important to review and update your agreement every few years to consider applicable case decisions or strategies to reduce potential liability in areas other than lien enforcement.

2. Ask About Military Status

When tenants rent with you, ask if they’re active-duty military, or the spouse or dependent of someone else who is. Your lien right can be blocked if the customer is granted certain federal protections, such as those in the Servicemembers Civil Relief Act (SCRA). In part, this law provides that if a tenant is active-duty military (which includes the reserves), or the spouse or dependent of someone who is, you can’t enforce your lien without getting court approval. This means that instead of simply sending notices and publishing advertisements before the sale, you must file an action with the local court to obtain permission to sell.

The risk of selling while someone is covered under SCRA is why many self-storage operators have had to update their rental agreements. For example, Michigan law provides that rental agreements must include the following language:

IF YOU ARE A MEMBER OF THE ARMED FORCES, A RESERVE BRANCH OF THE ARMED FORCES OR THE MICHIGAN NATIONAL GUARD, TENANT MUST PROVIDE WRITTEN NOTICE TO OWNER. If you are a Service Member, and you are transferred or deployed overseas on active duty for a period of 180 days or more, you may notify the Owner of the transfer or deployment. The Tenant shall provide written evidence of the transfer or deployment with the notice. Upon notice, Tenant is entitled to protections under governing law staying the enforcement of the Owner’s lien

Some states also require you to add SCRA verbiage to your lien letters and notices. For example, Texas law requires that operators add “a statement underlined or printed in conspicuous bold print requesting a tenant who is in military service to notify the lessor of the status of the tenant's current military service immediately.”

If you know or discover that your tenant is in the military, or is the spouse or dependent of someone who is, at any time during the lien process, don’t proceed.

3. Follow State Requirements

Make sure your lien notices and advertisements are correct and sent pursuant to the timeline stated in your state statute. Part of every lien process is the obligation to send at least one notice to the delinquent tenant notifying him that he’s in default and indicating his right to cure. Similarly, there’s typically the duty to notify the public of the lien sale (which should permit the tenant to receive a secondary notice) to entice potential buyers.

Not only must the content of these letters and advertisements be correct, they must be sent according to a specific schedule. One process must occur before the other, and certain periods must be observed between each step. This is generally where most mistakes occur. Either the facility operator fails to include all the required elements in the lien notice, or the required timeframe isn’t given for the tenant to “cure” his delinquency before the next step in the process.

4. Trust Your Instincts

Forget all the legal stuff for a second. Not all delinquency cases are the same. Sometimes you have a tenant with a unique story or come across unusual property when inspecting a unit. Perhaps there’s something out of place that makes you wonder whether the sale would be appropriate. With special circumstances, you may have a gut feeling that you just shouldn’t sell.

Well, trust your instincts! Once you sell a unit, it’s almost impossible to turn back the clock and recover the property or replace the items that were removed. So, if you hear from a tenant about a specific circumstance that prevents him from paying rent or retrieving his property, or you observe something in the unit that appears out of the ordinary, remember that you have the choice not to sell even though you may have the legal right to do.

Don’t feel pressured to move forward with a sale, even if you’ve completed all the required steps in the lien process. Even bidders who choose to attend your auction can’t insist that the sale be conducted. To protect yourself, include in all your advertisements that the sale is “With Reserve,” meaning you can pull the unit at any time. At worse, you may only have to restart the process and wait another 30 to 60 days to sell. Sometimes, it may be worth the postponement.

5. Carry the Right Insurance, in Sufficient Amounts

Make sure you have sufficient sale-and-disposal insurance. At the end of the day, no matter the circumstances or your good intentions, there’s still a risk that a sale can go wrong. Mistakes are simply a part of doing business. It could be that a unit is sold without full compliance with the applicable statute, or perhaps a payment was incorrectly applied and an innocent tenant’s unit was sold. If these actions aren’t intentional or malicious, sale-and-disposal coverage can help mitigate the damages.

The amount of coverage you need may depend on the number of units at your facility, the level of experience of your site managers, the percentage of delinquencies that occur at the property, and whether you’re using a professional management company. Since the potential for a wrongful sale is a risk of the self-storage business, you need insurance, even if the coverage you purchase is limited.

It’s important to understand that sale-and-disposal insurance isn’t generally included in a standard, commercial general-liability policy. Self-storage is a unique business, so you must talk to your insurance agent about the types of specialized coverages you need.

Scott Zucker is a partner in the law firm Weissmann Zucker Euster Morochnik & Garber P.C. in Atlanta, which specializes in business litigation with an emphasis on real estate, landlord-tenant and construction law. He’s a frequent speaker at self-storage industry events, author of “Legal Topics in Self Storage: A Sourcebook for Owners and Managers,” first and second editions, and a partner in the Self Storage Legal Network, a subscription-based legal service for storage owners and managers. He’s also the deputy general counsel for the Self Storage Association. For more information, e-mail [email protected]; visit www.wzlegal.com. 

CallPotential, a provider of lead-management and do-it-yourself call-center solutions for self-storage operations, has released version 2.0 of its platform. The update includes omni-channel enhancements and new capabilities, including two-way texting and live chat, that allow facility managers to communicate with customers through their preferred channels without managing multiple programs, windows and logins, according to a press release.

In addition, employee-performance evaluation can be tracked with one-click reports, allowing remote management without losing store-level detail, the release stated.

“We are committed to elevating the operator and tenant relationship,” said Phil Murphy, president and founder. “With the latest release, we are introducing new innovations that will help operators create an intelligent, connected customer experience.”

CallPotential’s customer-relation management platform integrates with facility-management software to automate and enhance the sales process for self-storage facility managers. Its software handles lead management, automated follow-up, and call recording and monitoring.

Self-storage veterans Rob Consalvo and Chris Harris have launched Store Space Self Storage, amassing a seven-property portfolio in Florida, Indiana and Texas in five months. The former iStorage executives expect to close on four Philadelphia properties in the next 30 days and intend to expand the company footprint nationally through additional acquisitions and development projects, according to a press release.

Together, Consalvo and Harris have 25 years of industry experience, managing more than 150 locations nationwide. The entrepreneurs have assembled a leadership team comprised of former iStorage employees and other industry veterans. They include Stephen Sandecki as chief marketing officer and Eric Schmiedel as director of software development. Sandecki has more than 15 years of industry experience, including stints with self-storage real estate investment trusts Life Storage Inc. and National Storage Affiliates Trust (NSAT), which acquired iStorage in 2016. Schmiedel has more than 10 years of experience in software development. He recently served as lead full-stack software engineer for NSAT.

“Self-storage valuations have run off the charts in recent years, and we exited the iStorage portfolio at what we believe was the top of the market,” Harris said. “Now is the time to re-establish the team and platform so that we are ready for hyper-growth when the right opportunities present themselves."

"Store Space is our 'Round Two,' and with a lot of the same team members we've worked with previously, our goal is to build the most sophisticated, privately owned operating platform in the industry," added Consalvo.

In addition to acquisitions and development activity, Store Space will seek growth through a third-party management platform and offer joint-venture opportunities through a tax-deferred exchange, the release stated.

Source:
PR Newswire, Veteran Self-Storage Executives Launch Store Space Self Storage

Storage Express, which operates more than 100 self-storage facilities in five states, has acquired Land of Lincoln Storage in Macomb, Ill. It’s the company’s 13th acquisition in the state this year. The company purchased a dozen Storage General facilities last spring.

The property at 320 N. Bonham St. comprises 23,000 square feet of storage space in 170 units. Storage Express plans to integrate the company’s technology and systems, which includes automation for remote management of all its properties, according to a press release. Rentals are centralized out of the company’s headquarters in Bloomington, Ind.

“At 23,000 square feet, this property would be too small for many portfolio operators. But these are bite-sized deals, given our manager-less operating platform. There are so many small Midwestern markets like Macomb out there,” said Jefferson Shreve, owner and president of Storage Express. “I like little deals like this one. Why, we’ve done more than a hundred of them!”

The buyer and the seller, a private investor, were represented in the transaction by Sean M. Delaney and Jeffrey L. Herrmann, investment specialists for real estate firm Marcus & Millichap.

Founded in 1992, Storage Express operates facilities in Illinois, Indiana, Kentucky, Ohio and Tennessee. It has offices in Bloomington, Indianapolis and Jeffersonville, Ind. The company has five expansion and new build projects underway throughout Indiana, the release stated.

Andover Properties LLC, which operates the Storage King USA self-storage brand, has acquired a three-property self-storage portfolio in Gulfport and Ocean Springs, Miss. Altogether, the properties comprise more than 112,000 square feet of storage space in 700 traditional and vehicle-storage units. The purchase is Andover’s sixth transaction under its newly formed partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing, according to a press release.

“This is our first acquisition in Mississippi, and we are excited to expand our presence into our 10th state,” said Brian Cohen, president. “The properties are on well-trafficked roads and have good visibility.”

The Ocean Springs properties include the former Stow-Away RV & Boat Storage as well as another facility that offers traditional units and vehicle storage. Together, they sit on 9.5 acres and have room for expansion. Andover plans to build 30,000 square feet of climate-controlled space and additional vehicle storage, according to Michael Wachsman, director of acquisitions. One of the properties contains only six climate-controlled units. “There is a pronounced need for more in the area. There is also a shortage of high-quality RV-parking spaces, and we plan on filling that vacuum,” Wachsman said.

In June, Andover acquired Security Storage in Spring Hill, Fla. The 54-acre property comprises 88,000 square feet of storage space in 382 units. Andover plans to build a new rental office and 50,000-square-foot climate-controlled building.

Founded in 2003 and based in New York City, Andover owns and operates 33 self-storage facilities in 10 states, totaling more than 3.3 million rentable square feet of storage space in 17,300 units. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities, primarily in the North and Southeast.