207. How REITs make big money in Self Storage - Revenue Secrets
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 16 August 2023
⏱️ 41 minutes
🧾️ Download transcript
Summary
Self Storage street rates have tanked, hitting a historical low for the last decade. But that's not the whole story. Customers are getting tired of what's happening.
Typically, street rates, or the rate that is advertised publicly, will correlate with two things: revenue and occupancy. Usually, when people don't rent enough units, you have to drop the price to spur demand. Well, that's not what's happening. Occupancies are dropping, yes, but they are returning to historical normal levels. So why are rates tanking more than occupancy?
Let's break it down: how do you ACTUALLY make money in self storage, and what are the big REITs doing?
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Transcript
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| 0:00.0 | Maybe you're buying your first facility, maybe you're a seasoned veteran, whatever that might be, |
| 0:11.0 | you're going to need property management software, and that's where tenant ink comes in. |
| 0:15.5 | They are going to be your solution, the top solution in the self-storage industry. |
| 0:20.7 | I'm telling you guys, this technology has been developed the self-storage industry. I'm telling you guys, |
| 0:21.3 | this technology has been developed by self-storage owners and operators, just like us, |
| 0:26.7 | just like us here at self-storage income, who have had a say in how this technology has been |
| 0:30.6 | built, have played a huge part in it, and it is one of the most robust and usable and |
| 0:36.3 | actionable and valuable tools in regards to property |
| 0:39.1 | management that you could ever utilize or find in the technology realm and all things, |
| 0:44.4 | self-storage. So be sure check out Tenant Inc. Link is in the show notes. |
| 0:49.0 | Welcome everybody to self-storage income. And today we are spilling the beans, all the secrets. We're telling |
| 0:57.5 | you guys what's going on, the risks, the dangers, and how you can leverage these secrets that |
| 1:04.6 | the reeds and the biggest operators use. So it's a fun topic, huh, Connor? It is a really fun topic. You know, as we've |
| 1:13.4 | talked about on the podcast the last few times, operations really, really mean a lot. You know, |
| 1:19.2 | we're out of these time frames where all these stimmy checks were going out and inflation was |
| 1:25.3 | going crazy. And now we're seeing times where people actually have to work and do things to get and maintain occupancy and revenues. And |
| 1:32.5 | so I know a huge part of our focus has been on occupancy. And, you know, obviously we're always |
| 1:38.7 | looking at revenues, but we're really focused on driving revenues. And the topic that we're |
| 1:43.3 | talking today is AJ talked about here. We're spilling the beans, man. We the topic that we're talking today, as AJ's talked about here, |
| 1:45.2 | we're spilling the beans, man. We're spilling the beans talking about, you know, what exactly we're |
| 1:49.5 | looking at and how you should be looking at in identifying the separation of certain |
| 1:57.1 | revenue streams at your facilities. So, yeah, this is, uh, this is something that a lot of people, they may be understanding |
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