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Realtors: Grow Your Business With Self Storage
by Lisa Wells

The explosive growth of the Self Storage industry has created a wealth of marketing opportunities for real estate agents across the country. Take a few moments to consider the available sales angles that appear when you expand your relationships with self storage facilities in your real estate coverage area.

First the Facts
According to the Self Storage Association, the self storage industry has been the fastest-growing sector of the United States commercial real estate industry over the period of the last 30 years, when you count the number of new companies, new facilities and amount of total square footage added.  The US Census Bureau states that as of 1Q 2007, more than 50,000 "primary" self storage facilities exist in the United States, with "primary" meaning that self storage is the "primary" source of business revenue. When you count mini-storage companies as well, that total reaches nearly 60,000 businesses.

But here's where it gets interesting.

The top 10 self storage companies, including the 4 public companies (Public Storage, Extra Space, Sovran and U-Store-It REITS - Real Estate Investment Trusts) in the self storage industry only own and operate 6,200 storage centers, according to the Self Storage Association and public data obtained through company websites. 80% of the 60,000+ self storage companies are owned and operated by more than 21,000 small business entrepreneurs.

Explore Your Self Storage Network
Chances are good that a self storage sales opportunity is in your own backyard, as 83.9 percent of all US counties (or 2,634 out of 3,141) have at least one "primary" self storage facility. See for yourself at http://www.selfstorage.org/.

The Self Storage Association offers a storage locator tool on their homepage that allows you to type in your zip code to receive a list of nearby storage properties. Note: Only facilities operated by dues paid members of the SSA and whose owners adhere to the SSA Code of Ethics are listed in this resource.

Compiling your own list of local storage facilities will help your real estate sales in the following ways.

1. Self Storage Entrepreneurs Are Key Sales Contacts For Realtors
Stop to consider what your average commercial property or rental property investor looks like. Most real estate entrepreneurs dabble in more than one type of property investment, or build their portfolio over time by starting in one area, such as rental houses, and expanding into commercial property, raw land purchases, etc.

Taking the time to familiarize yourself with local self storage owner/operators will position your real estate business to grow alongside their investment and expansion needs. Then go one step further! Pick up the phone to schedule a time to introduce yourself to the owner/operators, and ask if you may be of service to them and their clients.

Your local storage facility owner/operators may very well be in the market for buying or selling large tracts of property, existing storage facilities or other types of property such as multi-family housing or commercial real estate. Often, a storage facility website will tell you if they are in the market for property locations.

Why? The Self Storage industry took more than 25 years to build its first billion square feet of space in this country. However, it added the second billion square feet in just 8 years (from 1998-2005), with an overall property expansion of 35% in just five years. Market your real estate services effectively to entrepreneurs who own and operate self storage facilities, and your property sales may mirror their explosive growth.

2. Self Storage Customers Need Your Services Too!
If you already have cultivated a relationship with the self-storage providers in your area, asking for a referral to their clients is obviously much easier and a no-brainer. Consider offering a referral spiff for client leads from self-storage facilities that result in a closed sale, as there's no better thanks than a reward for their efforts!

And, when you expand your knowledge as a self-storage location expert, you become a better agent for consumers who seek your skills when they relocate to the area, or are in need of a self-storage facility when buying, selling or building a house.  Those living in apartments may consult you when they are in need of a larger living space or ready to make a home purchase decision.

Hint: You can target these types of clients by authoring http://www.localism.com/ posts on self-storage resources in your community.

Don't forget to consider the clients of Boat and RV Storage Centers as well!
When someone invests in an RV, many times they are moving into the retirement phase of life and may wish to consolidate, rent or sell their home as they plan to embark on lengthy travel adventures.

Those who are storing a boat may also need your services to locate the perfect second home or vacation home in their favorite leisure area.  [See another Landlord2Landlord blog: http://activerain.com/blogsview/190696/Investing-in-Rental-Property for more sales advice on this type of client].

Closing Thoughts
Real estate is about being in the right place at the right time. Boosting your self storage knowledge and industry relationships can position you for ongoing opportunities on both sides of the property transaction table. 

Have an idea on this topic to share? Please feel free to comment below.

More information on the Self Storage Industry is available at http://www.selfstorage.org/pdf/FactSheet.pdf.

As always, information in this article is not intended to be used, and should not be used, as legal, tax or accounting advice. Investors should seek advice from an independent financial advisor about their specific situation.

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