Every owner is looking for the next best thing to hit the self storage industry that they can apply at their facilities. They go to all these different trade shows and such just to get ideas and to ensure that they know what they are talking about when they get into many discussions about storage. They want to be up on the latest and greatest so when it comes time to make changes they can try to put it into their budgets. Owners know that sometimes they will have to change their thoughts and their normal activities in order to stay competitive. They do not have it as easy as some people think.
Owners know that they have competition right down the street and they are not always looking to put that company out of business. They are looking at coexisting as long as their business is still growing. If the business is growing, then no one has a problem. The problem starts when there is not any growth and then the owner has to go back to the drawing board about some things or make some major changes. Owners might look at the property managers first before they think about making any changes to the property. Hiring an new person or giving more training is a lot easier than making physical changes to a building.
When new facilities are built next to older ones, they will always look better because they are nice, clean and their paint is nice and fresh. To keep up with them, an owner is going to have to find a way to keep that kind of stuff in the budget. Sometimes that is all the owner has to do in order to stay up with the competition. They might not have to install some fancy security systems or even a gate. Owners have to think about the tough decisions daily. Property managers go home and they lay their heads down with a quick thought about what they have to do the next day. Owners are constantly thinking about how to improve their business. Their thought process never really slows down. If they let their selves have a moment away from their thoughts they could have a great idea pass them by.
There are many that want to own or operate self storage facilities but it is not for everyone. It takes a particular kind of person to run a company and live with the decisions that they make. Many people try to make decisions but then they can not handle the prospect that they were wrong and start to second guess themselves. The moment they start to doubt them selves about one decision, every decision they make from here on out will be questioned in their minds. I do not envy self storage owners. Their jobs are harder than I would like to handle.
Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.