All Forum Posts by: Bill Snyder

Quote from @Account Closed:

Investing in self storage is indeed lucrative and has been growing in popularity. Effective self storage management is key to maximizing returns and simplifying operations. Software solutions like Kinnovis and Easy Storage Solutions offer features such as unit rentals, payment processing, and record-keeping. Storeganise and Self Storage Manager are also excellent options, providing flexibility and robust management tools. These systems help streamline operations, enhance customer service, and improve overall efficiency, making self storage management more manageable and profitable. Connecting with other investors can provide insights into best practices and emerging trends in the industry.

 Thank you promotional AI bot.  🙄

Quote from @Brandon Jack Reneau:

Hey @Bill Snyder I'm working on pricing some Canopy covers now. Did you find a supplier that you liked? 

I never did pursue this type of development, I acquired an adjoiner parcel and am currently developing an additional 50k sq.ft. of drive up self storage.

I have an additional parcel, but am looking at small commercial flex-space units for that. I decided I didn't like the numbers/effort for outside storage.

Originally posted by @Ronald Rohde:

small bay industrial, or anything Class C

Out of curiosity, what do you consider "small bay", and where do you see that demand coming from? 

An automatic gate is one of the first things that will add safety and security to a facility, both real and perceived.

-It provides a barrier to entry against casual trespass

-It gives a sense of security to the customer

-It allows the owner to deny entry to owing accounts 

-It can be keypad operated for only valid tenants or time operated for access hours; either way it minimizes the need for staff involvement

-It allows "tracking" of tenant access to identify trouble patterns.

When I first started this current development, I had an automatic gate before I had any actual tenants.  😉

I'm in Michigan, so similar weather. I don't really notice too much change in the Winter months, maybe a bit of slowing in the number that move out, but parsing through many years of data, I don't see any identifiable patterns of slowing rentals when it gets cold and blustery. 0

Having said that, I have been seeing extremely strong rent up in the past 3 months. I recently did a 44% expansion of a site, got occupancy in the second half of July, and penciled in ~11 months for rent up (to 85% units); I got there in 45 days instead. Now sitting at 92% at just over 3 months of time.

I never offer discounts. Anecdotally, the tenants I seem to have the most problems with are those that I "enticed" with deals to move in. I feel that someone shopping purely on price, also has a larger propensity to have other issues that may make them a less than ideal tenant. I pitch myself as having a much better value than anybody else (lighting, security fence, 24/7 access, flexible office hours, free lock/keys, etc...) It also doesn't hurt that despite being in a very tertiary and saturated market, it's hot right now and I'm the only one with space available.

I've raised street prices 3-4 times so far this year, and as the cold weather gets here, I will review my current tenant accounts, and start bumping those prices up as well.

The Building and Office Managers Association (BOMA) has official standards covered under ANSI Z65.1-1996 STANDARD METHOD FOR MEASURING FLOOR AREA IN OFFICE BUILDINGS. 

I put up a 30x170 in 2019 and I saw a 22% increase per sq.ft. on the building package.

All of my other costs stayed relatively stable, and asphalt actually went down some.

I have utilized Trachte Building Systems out of Wisconsin for all my buildings and been very happy with them. My design is a 3/12 pitch, overlapped flat panel roof. My oldest building is 18 years, and I have had zero issues with it.

I don't have my exact unit mix at my fingertips right now, but I ended up with 61 units on this expansion.

Originally posted by @Henry Clark:

Got our latest quote on a new building, phase 3 at a different location.

Building 30 x 250 roll up doors, drive up access $162,000
Concrete Slab $ 47,000
Erection of Building $26,000

Total $ 235,000

That building cost seems awfully high? I just finished, and got occupancy on a 30x280 drive up. 

Building package: (all steel, engineering, doors, delivery) $91,700
Foundation: $58,700
Erection: $26,500

I'm in Michigan; I can understand some regional costing differences in the labor intensive portions of a build, but I'm surprised to see that much of a difference on a building package (I'm assuming you are utilizing all steel construction as well, and not rolling other costs into it). For context, I locked in my building price in March.

https://www.trachte.com/resour...