January 2017: Mini-Storage Messenger

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January  2017: Mini Storage Messenger

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Issue Summary

The January issue of Mini-Storage Messenger features a cover story on new leadership at Extra Space Storage as well as feature articles on the new administration’s potential impact on self-storage as well as a look back at the 2016 legislative agenda.

 

 

Cover Story

Changing Of The Guard

A Transition To New Leadership

By David Lucas

Operations

When Spencer Kirk joined Extra Space Storage in 1998 following a hugely successful stint in the high-technology world, self-storage must have seemed like a sleepy industry that was impervious to the rapidly changing world of technology. That all changed when he joined the Salt Lake City real estate investment trust and implemented an innovative technology program that helped move a resistant industry into the 21st century.

 

 

Features

Presidential Projections

Will Trump Be A Boon For Self-Storage?

By Steve Bergsman

Operations

Here is something to consider as we move into the new administration: More often than not, a recession occurs within a year to 18 months after a new president is elected. It’s not that new presidents actually cause a recession, but as REIS Inc. noted in its “Election Impact” report, it’s that a new administration tried to implement structural changes via blunt instruments, which then upset fragile economic balances.

 

2016: An Off-Year

The Slow-Moving Legislative Agenda

By Steve Bergsman

Legal & Legislative Issues

Although the phrase “legislative activity” could be considered an oxymoron, 2016 was by most standards even quieter than normal. That’s not because there weren’t important issues that needed to be pushed forward, but due to the phenomenon of most state legislatures not being in session every year such as 2016.

 

 

Columns

Look Who’s Talking

Paul Yoachum – Chief Marketing Officer At .Storage

By Erica Shatzer

Look Who’s Talking

Although the use of Yellow Pages directories has appeared to cease, there are a few lessons that can be learned from them and applied to web addresses. While search engine optimization can help move a website closer to the top of the list, Paul Yoachum, chief marketing officer for Salt Lake City, Utah-based .Storage, suggests that a better URL could read more rewarding results for self-storage facilities.

 

Self-Storage Investor Survey

Fourth Quarter 2016

By Kate Spencer, MAI

Self-Storage Trends

The Cushman & Wakefield Fourth Quarter 2016 Self-Storage Investor Survey data was collected as part of an online questionnaire that was sent to key self-storage market participants during a two-week period at the beginning of October 2016. The results show interesting trends in capitalization rates, portfolio transaction activity, development, and more.

 

Sorry, Wrong Number

Why Tenants Should Sign New Leases For New Units

By David Lucas

Operational Tips

The new tenant who rented a 5-by-10 unit last week is back in the office today wanting to upgrade to a 10-by-10. Is it a good idea to get the tenant to sign a new lease? Insurance and legal experts say yes. Without a signed lease reflecting the new unit number, the self-storage owner could be exposed to liability risks if the customer were to file an insurance claim or lawsuit down the road.

 

Broker Basics

Industry Experience Adds Value

By Mark Floria

Sales & Acquisitions

If you are planning to sell your property, you may assume a commercial real estate broker is sufficient. But have you considered using a broker who specializes in self-storage? This type of broker understands your business, who you compete against, and who is likely to buy your property.

 

Slow But Steady

A Storage Forecast For 2017

By Kerri Fivecoat-Campbell

Economics & Demographics

Most forecasters are predicting that 2017 will be another good year for self-storage operators and some developers. But “good” is somewhat of an understatement considering that most of the industry has seen record growth since recovering from The Great Recession.

 

Time To Shift Gears

Financing Gauges Begin To Move

By Neal Gussis

Financial Facts

Since the 2008 economic recession, self-storage owners have capitalized on a Federal Reserve Funds target rate of nearly zero percent to secure remarkable low-interest loans for acquiring, building, and refinancing their properties. Heading in 2017, there is still plenty of capital available for storage owners, but many of the gauges you look to when making financing decisions have started to move and moderate.

 

Proceeds From A Lien Sale

Following State Law Rules

By Scott Zucker

Legally Speaking

Although the expectation of having proceeds from a lien sale has dwindled over the last few years, a storage operator must still follow the law of the state where the facility is located to properly comply with how any proceeds after a lien sale should be handled. The laws vary by state, and it is important that operators understand and follow all applicable laws.

 

The Last Word

Navigating Change

Adam Schlosser – First Vice President Investments, Marcus & Millichap’s National Self Storage Group

The Last Word

 

 

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