Self Storage Development, News & Profits August 2020
What’s new at Storage Authority?
I am Josh Parker and happy to report I am new, and excited to be part of the Storage Authority team. Here is my official bio:
Josh Parker Vice President, Technology & Development
Today’s high-tech business world moves at the speed of electrons. Josh uses his sophisticated computer and technology skills to make sure Storage Authority franchisees have access to the latest software and hardware that increase operating efficiency, heighten customer satisfaction, and improve the bottom line. He earned his undergraduate degree at Central Connecticut State University and has almost 10 years of experience in developing solutions that empower a business to move in new directions. His most recent responsibilities were to enhance the efficiency of manpower schedules, work orders, and supply management at a 300,000 sq. ft. medical center in Connecticut.
Put simply, Josh knows that effectively managing large facilities means paying attention to small details. It’s how he is building the technology systems that are building value for our owners.
But more importantly: I love new and old technology, computers playing the guitar and photography, which I will be able to put to good use at Storage Authority, except maybe my music. I grew up and presently live in New England with my wife Taylor and our daughter and son. After a couple more weeks in the trenches working side by side with managers at a couple of Storage Authority facilities I will be ready for my first assignment – making social marketing easier for the managers. If you’re thinking self storage is in your future let’s talk 203-213-7438.
Fall is shaping up to be a busy construction season for Storage Authority with phase 2 underway at 3 locations.
Congratulations to Jerome & Geraldine, their land offer was just accepted and they have already hit the ground running!
Congrats to www.StorageAuthorityWaltersRd.com for reaching 95% occupancy!
Congrats to www.StorageAuthorityMonmouthRd.com. They have surpassed 70% full in just 9 months and are planning phase 2 for this fall. And they are enjoying the extra profits of following the system – over 80% of customers are on autopay by using the script consistently!
www.StorageAuthorityLandOLakes.com has hired their first manager and he is training weekly with Garrett to learn the ropes before they open next month.
One great thing we are excited about is the synergy where franchisees are helping each other as we open more new sites.
Here is some Self Storage Industry Data from Neighbor.com
Annual Self Storage Industry RevenueIndustry revenue $39.5 billion20191-year revenue increase3.6%2018 vs 201910-year revenue increase49.4%2010 vs 2019
The self-storage industry’s annual revenue in 2019 was a whopping $39.5 billion USD, according to IBISWorld. With a 3.6% 1-year increase and a nearly 50% increase since 2010, industry revenue continues to be one of the fastest-growing sectors in the US economy.
Look at those projections! Why not you why not now?
Facility OwnershipBy Facility Count Small operators73% Public operators18% Top 100 operators (excluding public)9%By Rentable Square Footage Small operators52% Public operators32% Top 100 operators (excluding public)16%
73% of all U.S. self storage facilities are owned by small operators. Public companies and REITS own 18% of facilities and the remaining top 100 operators own 9% of facilities.
The untold story is the percent of square footage owned by the large operators grows every year as they build larger facilities. The good news is Storage Authority is ready to help you develop your self storage that meets your investment goals your community needs. See full article at https://www.neighbor.com/self-storage
Learn more at www.StorageAuthorityFranchise.com
Or email or call Josh Parker
josh@storageauthority.com or Direct 203-213-7438
We love this sign at Storage Authority Monmouth Road!
Development Tips and Reminders
There is simply to much to remember during the development process and that is why Storage Authority has developed two checklists. A development checklist and a pre-opening sales and marketing checklist. Here is a great article from the Inside Self Storage trade site and magazine you will want to read. ISS – A Checklist for Self Storage Development Success.
Our founder Marc Goodin mentioned today he is writing an article on the key factors of making a land offer. I asked him for the 3 most important factors. Below are his answers. Don’t forget to check the full article on our blog next month.
1) Make sure you have done enough initial research on the land, self-storage demand, and the owners so you can offer that makes sence for everyone.
2) Make sure you have your team in place so you can hit the ground running when your offer is accepted. This includes your civil engineer, architect, contractor, attorney, self-storage expert, and banker. If you have your building manufacture on board for the design process all the better.
3) Make sure your option has enough time to get through the design and approval process, Construction bidding and banking. It may look like this:
Due diligence period – 60 days Design & approval period 180 days Additional extensions if required 90 to120 days
You need to work with your team to make sure you can meet your schedule.
Since day one Storage Authority required online renting and a kiosk for touchless rentals and after-hours rentals. Now everyone is jumping on the bandwagon. Here is a video on kiosks from Open Tech our video and call center vendor and experts. https://vimeo.com/382621431
What is a Franchise Disclosure Document? (FDD)
It is a document that every franchisor must provide to a potential franchisee for their review, typically 14 days before they can sign a franchise agreement. I just read the Storage Authority Franchise Disclosure Documents and in layman’s terms I would say that a Franchise Disclosure Document (FDD) is a regulated, legal, dry, repetitive “get to know us.” It is a legal document in a format required by the Federal Trade Commission that consists of several parts that gives potential franchisees incredible insight into who the franchisor is, what they do, as well as giving you an idea about the past and even the future of the franchisor. It provides the responsibilities of the franchisee and the franchisor.
An FDD provides important financial information such as expenses and initial investment estimates, financing, franchisee obligations, and more. All in all, there are 23 items in an FDD, and they are all important. One big one, is the Franchise Agreement. It is the nuts and bolts agreement between the franchisor and the franchisee that lays it out in detail what it is that each party is agreeing to.
You don’t have to be intimidated by an FDD! I remember the first time I was handed an FDD and I thought “what am I getting myself into?” And wouldn’t you know, the FDD told me EXACTLY what I was getting into! The FDD answered all of my questions! Once I sat down and read it carefully, I had a much clearer picture of the franchise. And even better the franchise agreement along with several conversations with the franchisor will give you the insights and info to determine if you are good fit for a franchise.
Getting a copy of our FDD is simple. All you have to do is take 10 minutes to complete the application on our website – www.storageauthrotiyfranchise.com, apply icon. And once you are approved we will send you our FDD to review. We are happy to review our Franchise opportunity including the Storage Authority Franchise Disclosure Documents with you! Just give us a call or send us an email.
What’s holding you back? You can do it! You deserve it!
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ARE YOU READY?
Click Here if you want us to email you information on self-storage development basics and the steps to becoming a Storage Authority Franchise.Do you and your team have a plan to be prepared to get approvals? Don’t leave things up to chance check out this link:
Because together we can make it happen!
When you’re three, everything can seem “too big,” just like my son’s umbrella! One thing I’ve learned, is that dreams can never be “too big!” You Can do it! Josh
Here is the sunset at 8:20 last night. Sunsets out my door motivate me. To your Success! Marc
Garrett’s motivation is spending time with his daughters. A weekend bike ride with the dogs, is priceless! Although, everyone is ready for school to start back up, it’s been the longest spring break ever! Haha!
Please share! We Love Referrals!
Storage Authority 677 N Washington Blvd. Sarasota FL 34236
www.StorageAuthorityFranchise.com Josh@storageauthority.com 1-203-213-7438
Josh Parker Storage Authority Vice President of Technology & Development