Self Storage Remote Management: Keys to Create Value while Storing People’s Stuff with Terry Campbell

Passive Wealth Strategy Show - Real Estate for Busy Pros

One of the surprising effects of the pandemic is a surge in demand for self-storage. But is this trend here to stay?

Our guest, a self-storage expert Terry Campbell, shares their insights on the operational upsides for investors who buy properties correctly and use remote management. Terry shares ways to increase the efficiency and profitability of self-storage facilities. One method is to have a remote sales storage manager who can manage multiple facilities from home, reducing costs. He emphasizes the importance of being less than 100% full and raising rates as it can significantly increase the facility's bottom line. Self-storage remains recession-resistant and a popular investment option for banks and investors. Whether you're an experienced investor or just starting, this episode provides valuable insights into the self-storage industry and the potential for long-term profitability. Tune in to learn more!

[00:01 - 05:23] Opening Segment

• Introducing Terry to the show
• Remote self-storage management can provide operational upsides for investors
• Mistakes in self-storage investing can lead to trouble and lost money
• Remote management is becoming more popular due to cost savings and labor shortages
• Copper Storage Management provides third-party remote management services

[05:24 - 20:02] Revolutionizing Self-Storage Management

• Remote management allows one manager to handle multiple facilities
• AI chatbot reduces call volume and increases facility capacity for call center agents
• Digital marketing and SEO presence help drive leads and increase value
• Tenant insurance is a valuable source of income and protection for self-storage facilities
• Management companies should not be afraid to push rates and enforce fees
• Prices for self-storage facilities are starting to come down from previous years

[20:03 - 29:19] Navigating the Complexities of Self-Storage

• Discussion on liens and mistakes people make in self-storage
• The majority of the self-storage market is still owned by mom and pops (70-75%)
• Self-storage is recession and pandemic-resistant, driving demand during pandemic

[29:20 - 34:07] Closing Segment

• Best investment: self-storage
• Worst investment: trying to make money in the stock market
• The most important lesson learned: Do not get caught up in paralysis by analysis

Quotes:

"You should never be a hundred percent full. If you're a hundred percent full, you're not charging enough." - Terry Campbell

"Just not following the state's processes can bite you. If you don't properly put a notice out there that there will be an auction, that's a problem. Sometimes people don't start the auction process correctly and end up making a wrongful sale, which can lead to legal issues and costly lawsuits." - Terry Campbell

Connect with Terry!

Email: [e-mail]

Website: www.CopperStorageManagement.com

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

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