178. Understanding Market Demand & Navigating Risk in an Uncertain Economy
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 26 October 2022
⏱️ 41 minutes
🧾️ Download transcript
Summary
Storage is incredibly localized. Generally, these 3-5 mile zones are what is considered a standard market radius. This means that storage can perform amazingly even when the economy is hurting. But the opposite is true: the market can be doing great and your facility could be failing.
How you execute and react to changing market conditions matter more and more. The market is no longer in the place where being in the market automatically yielded high returns. Consumers and investors are both feeling the pressure from economic conditions, and every decision has more of an effect today and it did just two years ago.
In this episode, we discuss some of the criteria of how we look at facility markets and how to truly understand the effects of supply and demand, even in a localized area. But not only that, we also discuss the potential benefits and consequences that arise from an unstable or unpredictable market.
Grab my audiobook Growing Wealth in Self Storage for FREE: https://www.selfstorageincome.com/free-audiobook
Our partners:
Janus International - https://www.janusintl.com/
Live Oak Bank - liveoakbank.com/incomepodcast
Tenant Inc. - https://www.tenantinc.com/
Want to invest in storage without dealing with the day-to-day operations and management? Learn more about our syndication company Cedar Creek here:
https://www.cedarcreekwealth.com/
Transcript
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| 0:00.0 | At the end of the day, a moron can become incredibly wealthy in a market that has lots of demand |
| 0:09.9 | and do everything wrong. |
| 0:11.7 | But an expert can fail in a market with low demand doing everything right. |
| 0:20.6 | What is the difference between, well, just general successful |
| 0:23.7 | people alone. They all had something in common. They hit or knew or figured out the overarching |
| 0:33.2 | demand arc for that industry or for whatever they were doing. |
| 0:40.1 | And they simply built a vehicle to ride the wave. |
| 0:45.4 | What's going on, everybody? |
| 0:46.7 | Connor here from the Self Storage Income podcast. |
| 0:49.2 | This podcast is being brought to you guys by Live Oak Bank, Tenant Inc, and Janice International. |
| 0:59.0 | When you guys are looking at property management software for your storage facilities, |
| 1:02.7 | there's a ton of options out there, but no other option compares to Tenant Inc. |
| 1:07.1 | Tenant Inc is going to be your one-stop shop solution that has an amazing amount of tools that |
| 1:12.1 | you can deploy at your fingertips to maximize the value of your facility, to operate it more |
| 1:17.0 | efficiently, more effectively. |
| 1:18.6 | They have an open API where you can back in almost anything you want. |
| 1:22.0 | You own your data and it's just an incredible solution. |
| 1:25.3 | I can't say enough good things about these guys. |
| 1:28.1 | Link is in the show notes. Be sure to check out Tenant Inc. If you guys are looking to purchase your first |
| 1:33.3 | storage facility, you just might be looking at the SBA loan approach. And one of the best and |
| 1:40.5 | most efficient places to get your SBA from is going to be Live Oak Bank. |
| 1:46.1 | These people know self-storage. |
... |
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