Category: Best Practices

Q3 2024 Self-Storage REIT Report Insights: Key Challenges and Opportunities Ahead

Join StorTrack’s Christine Wachsman and James Breunig, along with Andrew Jones of JustStorage, as they discuss key takeaways from the REITs’ Q3 reports. The conversation covers industry resilience amid revenue dips, demand shifts, and challenges from severe weather events like Hurricane Milton. They also examine rising competition, strategic third-party management, West Coast development costs, and strategies for adapting to a dynamic market. About StorTrack StorTrack is the leading provider of self-storage market data and analytics, providing operators, investors, and developers with actionable insights. Our tools help clients understand pricing trends,…

Declined?…

‘DECLINED’…few words in the English language create anxiety more than that one. It can be a college entrance application, a new car loan or a mortgage, it’s simply not fun to hear that word. It brings up all sorts of questions, ‘…was it my late library book in 2019, that new computer purchase at the big box store when I got behind in the payments years ago or the recent late on the department store credit card when my dog ate the statement?’ When it comes to mortgage loans, credit…

Citizen Storage Management to Expand into New Markets – Grew Current Portfolio Appraisal Value 189% in Five Years

Citizen Storage Management, a third-party self storage management company, has plans to expand operations in 2023. Previously, Citizen Storage Management (CSM) focused its management operations in Tennessee, Mississippi, and Michigan with great success. Since taking over two properties in 2017, CSM increased revenue by 101% and Net Operating Income by 119%. The appraisal value of the portfolio grew 189% since CSM began managing the properties. In 2020, CSM took over management of 8 locations in the Memphis, TN market from one of the largest REITs in the industry. In two…

Five Ways Cloud Computing Benefits Self Storage Operations

Cloud computing creates new opportunities for self storage operations by relocating data and applications from on-premise servers to the cloud. Although specific features vary based on the cloud solution, there are several ways it can benefit your self storage business. 1. Enhanced control. The cloud improves facility management by extending the functionality of access control keypads, lighting, HVAC and other smart connected devices. The centralization of data expands the potential to monitor, control and command nearly any device in your network. 2. Lower costs. Cloud computing reduces costs by minimizing…

Cyber Security Measures You Need to Implement Now

By Shane Carlson, Technology Manager When was the last time you evaluated your cyber security measures?  Cyber security entails so much more than just having anti-virus software on your computer – it requires knowledge and attentiveness. The tools are important and you need reputable and reliable cybersecurity programs and software, but it is just as important to educate yourself and your team on what you should and should not do.  Cyber Security Practices To Implement Encrypt your emails. Are we sending sensitive information such as bank information through emails?  If…

Why User Engagement Is the New Key to Your Website’s Success

Do you know how many people come to your website every day? Or how many go on to make a reservation or become a lead? If you have set up Google Analytics on your website, you may already have these answers and you can also see how well your website is performing over time. However, Google is retiring their existing version of Google Analytics, in favor of Google Analytics 4 (GA4), on July 1, 2023. This change will have little to no impact on how your customers interact with your…

How Cloud Computing Differs from On-Premise Technology

Historically, on-premise technology — software installed on servers owned by the company and located behind the company’s firewall — was the only way to access advanced programs and systems. The organization purchased a license or copy of the software and then manually updated the software when the provider released new versions. Another option for hosting critical programs involves using cloud computing technology. Cloud technology allows companies to host programs offsite through a third-party application. Although this difference may seem insignificant, utilizing a cloud-based solution has advantages over its on-premise counterpart.…

Tips for Boosting Self Storage Tenant Insurance Enrollment

Striving to make sure each and every one of your tenants is covered by a tenant insurance policy not only protects your customers’ best interests, but also your own. Many customers storing items outside their home may assume their goods are covered by their existing homeowners or renters policy. But that isn’t always the case and when it is, the coverage isn’t always sufficient. When tenants who have suffered a loss realize they lack coverage, they often turn to the facility operator to place blame. Although self storage operators are…

Reeling in Recruits

Demand for workers has been a prevalent topic across the nation in recent months. We have seen more and more opportunities become available to job seekers, meaning more options for employment and a greater need to convince applicants that your company is the place to be. With that being said, how can the recruiting process be adjusted to show greater success? Try Texting Consider communicating with candidates primarily through text. Let’s face it, the spam folder located in everyone’s email inbox is filled to the brim with messages that are…

Bonus Depreciation Benefits Are Being Reduced: What Does This Mean for Self Storage Owners and How Can You Take Advantage Before It’s Too Late?

Janus International Group, Inc. (NYSE: JBI) (“Janus”), the leading global manufacturer and supplier of turn-key building solutions and new access control technologies for the self storage and other commercial and industrial sectors, today announced that bonus depreciation benefits are being reduced, what that means for self storage owners and how they can take advantage of it before it’s too late. While to some in the self storage industry, cost segregation studies may seem like a bourgeoning concept, the truth is, owners have been taking advantage of the significant tax benefits…