by: Josh Parker
By now you've likely heard all about Ai and ChatGPT. We've even written about it before on our blog. That fact is, it is a useful tool, fun to use, and can quickly provide helpful answers to your questions. Not to say that it is always right, but I'm often shocked by the results.
Today I asked ChatGPT three questions. Here are the questions and answers, un-edited, and without opinion- straight from the source.
Q: Why is self-storage a good investment?
A: Self-storage can be a good investment for a variety of reasons:
1. High demand: Self-storage is a rapidly growing industry due to increasing population density, smaller living spaces, and people's need for extra space to store their belongings. This high demand can translate to a steady stream of customers and a reliable source of income.
2. High occupancy rates: Self-storage facilities typically have high occupancy rates, meaning that a large percentage of units are rented out at any given time. This can translate to a reliable stream of rental income and a potentially high return on investment.
3. Low overhead costs: Self-storage facilities often have lower overhead costs than other types of real estate investments, such as apartments or commercial properties. For example, they may require less maintenance and fewer employees, which can translate to lower expenses and higher profits.
4. Flexible pricing: Self-storage facilities have the ability to adjust their pricing based on demand, seasonality, and other factors. This can allow them to maximize revenue and profitability.
5. Potential for appreciation: As with any real estate investment, self-storage facilities have the potential to appreciate in value over time, particularly in areas where demand is high and supply is limited.
Overall, self-storage can be a good investment option for those looking for a relatively low-risk, stable source of income with the potential for long-term appreciation. However, as with any investment, it's important to thoroughly research the market, location, and other factors before making a decision.
Q: Who is Marc Goodin?
A: Marc Goodin is a self-storage industry expert and entrepreneur. He is the founder and CEO of Storage Authority, a company that provides consulting, development, and management services to self-storage owners and operators. Goodin has over 25 years of experience in the self-storage industry and has built and operated several successful self-storage facilities throughout the United States.
Goodin is also an author and speaker, sharing his expertise and insights on self-storage development, management, and marketing. He has written several books on self-storage, including "Why Self Storage" and "Crush Your Competition: 101 Self Storage Marketing Tips for the Fastest Way to Huge Profits". Goodin has also been featured in various media outlets, including Entrepreneur, Forbes, and Inside Self-Storage.
Goodin is actively involved in the self-storage industry and has served on the board of directors for the national Self Storage Association (SSA). He is passionate about helping entrepreneurs and investors succeed in the self-storage industry and continues to share his knowledge and expertise through Storage Authority and other industry-related activities.
Q: How do I market my self-storage?
A: Marketing is an essential part of running a successful self-storage business, and there are several strategies you can use to attract and retain customers. Here are some effective ways to market your self-storage facility:
1. Develop a strong online presence: A well-designed website and social media profiles can help you reach a wider audience and build trust with potential customers. Make sure your website is easy to navigate, mobile-
friendly, and includes clear information about your facility, services, and pricing.
2. Utilize local SEO: Search engine optimization (SEO) can help your website rank higher in search engine results for local searches. Optimize your website for local keywords, such as "self-storage near me" and "climate-controlled storage in [your city]."
3. Leverage Google My Business: Set up and optimize your Google My Business listing to ensure your facility appears in local search results and on Google Maps. This is especially important for mobile users looking for storage options on the go.
4. Offer promotions and discounts: Providing special deals and discounts can incentivize potential customers to choose your facility over competitors. Consider offering a free month of rent or waiving the move-in fee for new customers.
5. Host events and partner with local businesses: Hosting events such as charity drives or partnering with local businesses can help you build brand awareness and generate positive word-of-mouth. For example, you could team up with a moving company to offer a discount on storage for their customers.
6. Utilize targeted advertising: Paid advertising on platforms such as Google Ads and Facebook Ads can help you target specific demographics and reach potential customers in your local area.
7. Focus on customer service: Providing excellent customer service can lead to positive reviews, referrals, and repeat business. Make sure your staff is well-trained and focused on providing a positive experience for your customers.
By implementing these marketing strategies, you can effectively promote your self-storage facility and attract new customers while building loyalty and retention among your existing customers.
So there you have it, the shocking truth as told by ChatGPT. It is important to remember that the Ai behind the answer gathers this information all across the internet, not just from a single source, adding to its credibility. Self-storage is a good investment, Marc Goodin really is a self-storage industry expert, and there are many important strategies to effectively market your self-storage.
Josh Parker is VP of Technology and Development at Storage Authority. A tech guru with a background in large facility operations and team leadership, Josh is passionate about helping individuals and teams achieve success! He can be reached at firstname.lastname@example.org, by phone at (203) 213-7438, and can also often be seen visiting local coffee shops across Central Connecticut.
If you want to learn more about Storage Authority Franchise Opportunities, you can request a call here www.storageauthorityfranchise.com/opportunity4