Pricing a Storage Unit - How to Know Exactly What to Charge to Increase Value
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 23 January 2021
⏱️ 32 minutes
🧾️ Download transcript
Summary
Welcome back everybody to the Self Storage Income Podcast! This is your host AJ Osborne.
Today we have the big daddy of them all… unit pricing.
If you own, operate, or are looking at investing in storage, have you every asked yourself:
What should you be charging for the units at your storage facility?
How do you know what the storage market can handle in your area?
How much can you increase the rate of your storage units?
What’s the BEST price you should charge for your storage units?
If you’ve asked these questions before, you’re certainly not alone. You’d be surprised how many storage facilities we come across that are extremely under valued. They’re not charging the rates they could be.
This is a great problem to have as an owner or investor, because you can immediately and simply resolve this issue. Not only that, you can increase your revenue by incredible amounts.
This is what we’re going to jump into today. We’re going to cover everything unit pricing and help to answer all the questions you might have in regard to pricing units. To do this, we need to be able to accurately measure supply, demand, how to increase storage demand, value of our tenants (even over time), finding your ideal customer, and much more.
One super important thing I want you to take away from this episode is to realize that each and every single one of the storage units at your facility is an individual product. I talk more on this idea on the podcast and why this frame of mind is so important.
As always, thanks a ton for all your amazing support everybody. Thanks for listening!
AJ
Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.
You can also find the Self Storage Income Podcast on:
The Self Storage Income Podcast is Sponsored by:
Janus International - https://www.janusintl.com/
Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page
Live Oak Bank - liveoakbank.com/incomepodcast
Transcript
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| 0:00.0 | Looking to create wealth and income through high cash flowing real estate, self-storage is the fastest growing and the newest real estate asset that has outperformed all others. |
| 0:10.0 | What's it secret? |
| 0:11.0 | I'm A.J. Osborne and with over a million square feet that we have built, acquired, expanded, and even converted big box stores, |
| 0:19.0 | from small third-tier markets to large hundred plus thousand square foot facilities, we have seen it all. |
| 0:26.0 | This is the podcast that we're going to discuss and bring on the best investors and operators in the nation to show you how to create wealth and income with self storage. |
| 0:36.9 | Welcome to self-storage income. |
| 0:49.1 | Welcome, everybody, to self-storage income. |
| 0:52.8 | And I could not be more excited to have Connor with me here today. |
| 0:57.6 | How's it going, man? It is going. Awesome. There's so much stuff going on. Just insanely busy, |
| 1:04.1 | back-to-back today. Got a lot of things going on. And we just had this podcast. We're like, |
| 1:08.1 | dude, let's jump in. Let's get one done. And we're going to talk about a really awesome topic today. It's going to be sweet. And so much of this has to do with all |
| 1:15.0 | these things that we've got going on actually right now and how to go about all this, what it all |
| 1:20.5 | entails. It's going to be great. I mean, it's so important. And really on today's subject, |
| 1:31.3 | it's probably the thing that people miss the most, |
| 1:36.8 | and it's probably what has separated us from the pack, I think, as far as asset performance, |
| 1:38.3 | scaling and everything else. |
| 1:41.6 | And what we're talking about today is unit pricing. |
| 1:45.0 | And I'm talking about this in a lot of different facets. |
| 1:50.4 | And this includes and it's a large portion of building and what units you build. |
| 1:58.4 | How when you buy, how do you predict or not predict, but project your revenue? |
| 2:05.7 | And I can't tell you how many times I've gotten from brokers or other people, |
| 2:10.8 | models where I have to go back and just redo all of it because it's just not right. |
... |
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