Inside Self-Storage

SEP 2018

Inside Self-Storage (ISS) is an information source for industry owners, managers, developers and investors covering news, trends, facility operation, finance, real estate, construction, development, marketing, technology, insurance and legality.

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Protect Your Investment and Theirs As a business owner, you want a long-lasting, low-maintenance building to invest in. Mini-storage facilities by industry-leading Morton Buildings will deliver just that. Morton works with you to create the number of units and size of those units that best fit the needs of your customers. Our interior options, exterior features, and exclusive Energy Performer® insulation package provide you with a building that is safe, energy-efficient and easy to maintain. © 2018 Morton Buildings, Inc. All rights reserved. A listing of GC licenses available at mortonbuildings.com/licenses. Ref Code 687 800-447-7436 • mortonbuildings.com cumbersome, the secret to staying on course is the motivation that drove you to pursue your project in the first place. Make your list and check it much more than twice. Add to it, and stick with it. You can do it! Marc Goodin is president of Storage Authority LLC and the owner of three self-storage facilities that he personally designed, built and manages. He's been helping others in the industry for more than 25 years. To reach him, call 860.830.6764, e-mail marc@storageauthority.com, visit www.storageauthorityfranchise.com. You can also purchase his books on facility development and marketing in the Inside Self-Storage Store. Finessing the Timeline While it's important to have all the right items on your development checklist, the order in which they appear and are completed is also vital. In addition to tasks, you need a timeline to ensure you stay on track. You'll need to understand the best- and worst-case scenarios for: • Completing due diligence • Closing on your loan and property acquisition • Finalizing facility design • Obtaining project approvals • Collecting construction bids Many things can go wrong if the timing is off. For example, if you make the land-purchase option too long or short, you risk losing the property. Far too often, the end of the approval and bidding process becomes a crunch because you're running out of time; but rushing the purchasing process can literally cost hundreds of thousands of dollars. You may even have to pay for an extension. Think ahead and use moments of free time to work on items further down the list. For example, while you may not need your loan for several months, contact lenders well in advance to understand the options available and which is best for you. A good checklist will help you understand and mitigate the risks involved in your project. Begin compiling information as early as possible, with help from your team, and add requirements as you go. Details, Details There's no better business than self-storage, but you must have a good game plan. The devil is in the details (particularly those that are missed), so a solid, evolving checklist is critical to success. While the idea of creating and maintaining such a list may seem The concrete foundation for a 60,000-square-foot Storage Authority facility in Houston, opening in September September 2018 I ISS 27

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