Inside Self-Storage

APR 2019

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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Jernigan Capital's Bridge Financing Program is designed to simplify your ownership structure while taking a customized approach to maximizing the value of your self-storage asset. Visit our website and give us a call to see how this program could beneft you. - Non-Recourse - Interest Only - Negotiable LTV - Fixed Interest Rate - Five to Seven Year Term - Efcient Closing Process WWW.JERNIGANCAPITAL.COM 901.567.9536 B R I D G E F I N A N C I N G P R O G R A M • 1:35 p.m. The phone rings. A tenant is calling to explain why his payment is late. • 1:40 p.m. It's time to start on the daily morning activities, even though it's now afternoon. While eating lunch, I print the lock-out list, run through the auto payments, apply overnight payments and review e-mail. • 2:30 p.m. The maintenance person and I spend 30 minutes reviewing an online- auction website to help him understand what pictures he should take to show unit contents. • 3 p.m. It's time to return to the cash drawer again! I fnally complete the count and can now start the deposit paperwork. • 3:05 p.m. A client comes in to rent our "smallest" unit. I explain what and how much can be stored in the space. He says he doesn't have much stuff, so the smallest will be fne. The paperwork is complete, and the new tenant leaves the offce happy. • 3:35 p.m. Return to deposit. • 3:45 p.m. The formerly happy new tenant returns to the offce and indignantly states the unit is too small and he can't possibly ft all his stuff in it. He indicates I should've known better than to rent him that unit. I start the process to transfer him to a larger, more expensive unit. The tenant leaves the offce slightly annoyed with me. • 4 p.m. A long-time tenant comes into the offce frustrated because the automatic gate is broken. I immediately call the maintenance person and tell him. I start chatting with the tenant as I look up his account. I discover he's 12 days past due on rent, which means he's been locked out and can't gain entry until he makes a payment. I call the maintenance person and tell him to never mind. • 4:30 p.m. I fnally complete the deposit and put it in the drawer. It's now too late to take it to the bank. • 4:58 p.m. A customer comes in to rent a truck. We complete the transaction. As she's walking out the door, she remarks that she probably should get some packing material. Ten minutes and $130 later, she leaves and I lock the door. • 5:25 p.m. I look at the list of my goals for the day and realize none were completed. I was busy all day but didn't accomplish anything! I have a unique way of measuring my time. I don't put value on renting units, taking payments or answering phone calls—I value business development. If I do a good job of that, all those routine tasks will be multiplied. If I focus on routine tasks and slack on business development, I'll find myself with lots of time to rent units and no one to whom to rent! On this particular day, I did very little to improve the business. I did no marketing, networking or promotions. I did a little team development, but I did nothing to improve the facility. I just maintained my business. On my scorecard, the day wasn't a success. The beautiful thing about self-storage operation, though, is it's never the same. Every day is different, and I appreciate that. After all, self-storage is so doggone easy! Gary Edmonds has been the owner, manager, janitor and lawnmower at Pike County Storage in Pittsfield, Ill., since 1999. He and his wife, Diane, also own All-Star Mini Storage and Puro Mini Storage in Peoria, Ill., and U-Store-It in Macomb, Ill. With a background in banking, financial services and construction, Gary strives to be surrounded by people who are smarter than he is. He can be reached at 36 ISS I April 2019

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