Endless Growth- From Household Storage to Boats and Rvs - Penny #4
Welcome to the fourth "penny" of why self-storage investing is a “dime”.
You want to make sure that you are prepared in knowing what kind of storage you want to have. Do you want to specialize in one kind? Or would you like to appeal to the masses and be a jack of all trades?
Business Storage Units
If you’ve ever owned your own business, I’m you can see why having a self-storage unit would be beneficial! There are a variety of things that a business owner would want to store. Older files, spare furniture, unused décor, or even stock overflow. It is so important to always have a clean office, removed of any clutter. You could appeal to a business owner by offering a package deal with their unit. Include in it file boxes and drop cloths! Show your business owners just how much they need you to keep them organized and their business running efficiently.
Household Storage Units
This is probably the most needed type of storage unit. People collect STUFF. Within this category, though, there are two sub-categories.
This is the most common and known about type of storage facility. They are usually pretty simple structures without very many amenities. Because of this, they are also the most affordable. The buildings themselves are not climate controlled, so your renters will need to make sure that what they are storing will be able to withstand the varying temperatures and moisture. If they have valuables to store that won’t survive those conditions, they should definitely look into the next type of household storage as another option.
Indoor units are typically climate controlled. Regardless of what the weather is like outside, your tenants can rest well knowing that the items they are storing won’t be affected inside. These units are great for storing items such as photos, documents, technology, wood furniture, or antiques. If the proper type of unit isn’t acquired, such items won’t be protected against things such as:
Cracking, splitting and warping
Yellowing, corrosion, and rust
Mildew, mold, and other bacteria
Bugs, rats, and other pest infestations
The other benefit of indoor units is that the security on them is better. They will have a pass-code to allow a renter into the building and then another key to gain access to the unit. In addition, security cameras will bring real peace of mind when people are leaving their possessions in your unit!
Boat, RV, Truck, and Car Storage
Obviously, you will typically have land surrounding your storage facility. You may offer renters the ability to park their boats or campers there. OR, you can go above and beyond and have covered units. These would be just like other units, just on a large scale. Within those units, it is up to you how fancy you want to go. You could be bare bones and basic in your provisions. On the opposite spectrum, you could go above and beyond with having electrical and water provisions. By having those there, you will no doubt call to people who are looking for a one-stop shop. They will be able to prep for either the oncoming season and for putting away. With those, you still have some definite pros and cons, like how much extra to charge for having those options available.
Why would people want to store cars or trucks?! There are a few key reasons. Perhaps they don’t have a garage, but are going on an extended trip, or going away to college. It sure is nice to have a place to park a vehicle while it isn’t being used. Its also a great solution to put a vintage rig while it isn’t being shown or worked on!
No End in Sight
With people acquiring more and more things, there is no end in sight for the need of storage units. If you aren’t ready to jump in head first and appeal to all three categories, pick one and learn how to do it well! Once you have that mastered, you will feel confident to grow and expand on to the empire you have already cultivated.
Next week? Let’s investigate just how easy these facilities are to manage, once you’ve found the ideal employee candidate.