202. How to Increase Occupancy & Revenue in Competitive Times

Self Storage Income

AJ Osborne

Entrepreneurship, Education, Investing, Business, How To

4.9 • 591 Ratings

🗓️ 20 June 2023

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

A competitive economy results in massive shockwaves echoing through the real estate, financial, and consumer sectors. We're always looking to acquire new properties - but this has all but stalled out. Deal volume has crashed, and the number of GOOD, viable deals has not been reliable

During this downtime, can we actually make this be a good thing? How are we changing how we look for deals? What are we doing in our day-to-day to set ourselves up for the inevitable next-phase of the economic cycle?

Find out in this episode of Self Storage Income!

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Transcript

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0:00.0	When you guys are looking at property management software for your storage facilities,
0:09.6	there's a ton of options out there, but no other option compares to Tenant Inc.
0:14.0	Tenant Inc is going to be your one-stop shop solution that has an amazing amount of tools
0:18.6	that you can deploy at your fingertips to maximize the
0:21.7	value of your facility, to operate it more efficiently, more effectively. They have an open
0:26.2	API where you can back in almost anything you want. You own your data, and it's just an
0:31.2	incredible solution. I can't say enough good things about these guys. Link is in the show notes.
0:35.7	Be sure to check out Tenant Inc.
0:38.4	Welcome everybody to the podcast and we are so excited to kick off this week's self
0:45.3	storage income podcast. How's it going, Connor? It's going good, man. Going good. We made a ton
0:52.8	of progress here at the company last few weeks on all of these just big initiatives, big pushes that we got going on. As you guys know, you adapt or die. And there's a lot of things going on in the stored world and in our world that we're just in that mode adapting tracking information looking at
1:12.0	analytics looking at our data making necessary changes and updates so I'm excited
1:16.3	man things are going really really well how about you men how are things in your
1:19.6	world you know it's busy although it's like on one part of the business we're
1:25.5	really busy on the other part it's slow as everybody part of the business, we're really busy. On the other part, it's slow, as everybody knows. So, right, the acquisition front has stalled out. Mainly the reason being is due to the high interest rates. So sellers aren't, we're not even taking deals to the market. So the deal volume on the market is just down so much. And the viable deals on the market too, meaning that I don't think the market has adjusted.
1:54.0	They haven't adjusted to the new reality of storage.
1:58.0	That's really hard when you're talking to owners and they want prices like
2:02.9	it was three years ago and you're like, storage is not not only what it was three years ago,
2:08.1	but interest rates aren't. You know, it's this long acquisitions have really become very
2:23.3	long and drawn out, lots of negotiations with the ones that we have. So we're doing a lot of our acquisitions teams doing a lot of off-market deals.
2:28.3	You know, we just got our deal into Fund 2, which was seller financed, you know, first year interest rate, five,
2:36.4	then four, then three on year, by year three, three percent interest rate locked in. And we only
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