STOP Setting Your Potential Self Storage Revenue On Fire Every Single Month!

Good morning, guys. Everyone's doing well. It's a sunday morning, so we'll see who turns on the sunday. Like I said, when you keep this going, though, uh, every day you'll see me at nine o'clock coming on, i'll be talking about something.

Use something in storage. So let's series on here so far, and just again, you know, just get things started.

Assumes coming on chit chat a little bit beginning. I also record these for the podcast, so you'll seem to take a little break and then introduce like the feeding of the show. Then do the episode at the end.

Stick around cool, talk a little bit afterward as well. So go ahead and say hi if you're on here kind of cool against people on sunday mornings, guys, the diehards.

Good morning. Name my coffee, though. Then again, obviously our talk and i'm trying to do an episode, then have taken like coffee, breaks it with two seconds so it doesn't make for a good podcast, but I will be getting one shortly after this. All right, well, everyone had a good week. Get ready for the next week. Coming up, guys. That's what.

16th already time flies. Let me get what? Thanksgiving. Uh, there's going to be a thanksgiving after next week. I have no idea what's supposed to be going on.

I'm here in utah, and we're just starting toe shut things down again. We're just kind of getting things open up. Like everywhere else.

Yeah. Case to start going crazy. And I have a kid in high school and I got shut down. I got a kid in junior high that got shut down, went for elementary school, child for that one to get shut down. But two out of three year gone right now?

Yeah, kind of weird. Everyone keeps smashing, like cool. We'll see you in vegas. You know, next year for the, uh, industry shows and that, like, don't hold your breath, e. I have no idea what's going on. So until that happens, hey, we'll keep we'll keep doing this when there's much to the virtual stuff is possible.

Uh, just a few more things where we get started here. If I wanted tell you what I want to talk about today. A couple things coming down the pipeline kind of thing tomorrow on event coming up. Haven't done this before, so it's like I have one now.

Let's give it a shot. Eso i'm reached out to me that wanted to talk about some storage investment and I do these things on on fridays. It's kinda like my open hours.

I'm beginning. Just a lot of people that are interested in storage and getting into storage in the first place and investing just trying to find a deal.

Uh, he has a deal on a cool come on. So tomorrow, the same time will come on and showcase that potential investment. Eso let's come up tomorrow.

I've had people reaching out for about doing that. Virtual roundtables again. Eso they're putting that together as well. Give me keep it about four or five spots, tables, tables and you know, for that table host to click on that table, go to that zoom room.

Have some one on one time cool money with someone else. Bail out of that one. Go to the next one to talk to them. I've been getting that putting that together as well. Beginning people asked him what are you gonna do that again?

So takes a lot of coordinating, you know, working. But i'll put that together. A swell here shortly on. Then another summit coming up will be announcing that here shortly.

Getting some speakers lined up. Co host it stopped with that, we'll get that lined up. Announced challenge coming up a swell. So a lot of things. So, yeah, stay tuned. You know, keep track of ah, on the facebook here, I guess, um, lincoln people watching as well.

Hey, actually, michael, you're on, like, 10. So cool. It's those had missed, I swear, sometimes linked. It was like give me a ghost town and then other days is like you could like activity.

I never know. So that's why you be consistent. That's that's how this goes. So let z get into here. What time to react for 40.

You know, markets. I know what oh, for the podcast. Hi, everyone. I'm jim ross with a self storage show.

Thanks again for tuning in today's episode it this comes from a conversation I had a couple of days ago with with someone that called me about their storage business, and I know when he has those kind of questions and was looking at that kind of service while that begins. There's a lot more out there that, you know i'm not talking to. So so they can episode about it.

He had called and we were just discussing has been, you know, in storage for a long time. Uh, man has been around for a long time as well, and just, you know, just having that feeling of okay. Especially coming in tow.

  1. Man, that sounds weird to say, but, you know, coming in the next year is like, okay, it's just, you know, just time maybe have some fresh eyes.

You know, I think it was the terms, you know, some fresh eyes coming and look at our business.

Just see what some things. Well, what? Maybe we could improve upon looking revenue to see what kind of holes or might be, you know, recoups on that revenue we're losing every month. And i've done these kind of reports for years, quite frankly.

Just never really put a platform to it and be like, ok, not call me. We'll schedule a time and do this kind of thing.

And so, you know, it's it's importance of ah, not it is what it isn't it. I personally hate using the word articles. That kind of brings up negative feelings and this kind of stress, you know, of an audit, you know, it's not the I r s.

It's it's more of, ah, financial analysis. Okay, it's a good way to put it. And with that, you know, usually i'll come in, uh, go to sites that again, owners that just kind of had that feeling of it has been around for a long time. Kind of complacency, you know, might be setting in.

Or they can actually see that there's blind spots. You know, a lot of times you've been in the storage business for a while, or owner or manager. That location don't know, just kind of gets to be like it's the same old, same old kind of a deal.

And lots of times, this fresh set of eyes coming in experienced set of eyes that can quickly just start seeing here. You can prove on this here that's a little bit of inefficiency right there.

All that kind of stuff helps you tremendously and helping your your monthly revenue. And it's not just us looking strictly at revenue. In fact, now i'll get to that here in a minute. Kind of more of the 3 16 hours is like just that you're looking at.

There was a guy is quick story. Time reminds me it's just been a few years back now. But there was, uh, owner in yuma, arizona, and I could I could talk to him about along. We get specifics, but this guy's been sold three times since then, so it's fine.

Anyway, he called me up and he actually watched the video. I did like years ago, and he's like, hey, this is cool.

Um, come down. I'm here in utah. I'm like it's not bad, you know, quick flight and a little bit of dry. So, yeah, i'll come down, went to a site and he's like, well, me with me, with me in my office first, we'll talk a little bit and then we'll go to the site cool and you'll go to his office and you're just telling the story of it.

Kind of same thing has been around for I think that site was 15 years old. That owner had had owned and kind of gave me a little bit of history. He's like my manager.

He's been waiting for 10 years. My god. Cool. Longtime manager. That's it's hard to find, you know, sometimes having someone that that loyal get to that in a second, it was loyal or not.

You know where this is going, and he's like, okay, yeah, I just want same thing. You just coming outside perspective is kind of tell me what? I'm not seeing what we could do to improve. Like, cool. Let's go.

Glad to have you on board. So we went to the site and look again. First thing in the owner puts his arm, put his arm around the magic. So my right hand man here, you know, if it wasn't for him, the site would be where it is.

I'd be lost without him. Just saying I mean again, managers, you know, where I come from, your foundation and your back when you know it makes the thing run.

You know, we give the keys of the kingdom and tell you to run a multimillion dollar facility, love my managers, but the same time it needs to be some checks and balances accountability in place to it helps operations and everything move along and after. There's just some initial questions of just talking about.

You know, how how is there accountability going on? And so can you. Communication. I quickly realized, uh, or some red flags.

Thats red flags going on. Uh, any kind of long story short? The owner left sat down with the manager and there was a receipt on the counter for 50 bucks for handwritten receipt.

And it said, like, auction, which was, like, three days prior to that auction unit number. Have the guy's name 50 bucks, then, like, oh, have an auction, huh? He's like, yeah, yeah, and i'm cool, all right?

Just simple conversation like, well, you know, how many units did you have that? What went toe option? Because they call it was a pretty big you know, I think we think we had 10.

I'll also done. We saw 10 years like that's pretty good size. Like how often did you do him? So every three or four months, my probably least you're being consistent.

You know, i'm doing your options. That's good. And my god, 50 bucks.

Cool. Uh, do you mind if I just got a receipt here? Just give me the other receipts. Um, usually I do the auctions later on the day, but it's right here.

Let's let's just tidy up your auction process and kind of go through that. Any kind of, well, kind of him. And hard for a minute, like, yeah, I think I got three seats in the back, goes in the back, and I hear thinking through a box of just you just hear get your papers.

What? What is he doing? And he comes back. He was like, I can't find the looking for the receipts. I just can't find them. Like dude just had an option three days ago. You can't find the paperwork.

Okay, well, all right. Well, what about the auction? Prior to that, he just pulled some of those reports that should be just, you know, kind of altogether and just couldn't find him. And so I kind of passed office a little bit and wanted to all too much on it. Rather very beginning s eyes. Ask him all cool. This guy.

I know the auctions, especially the live auctions back in the day, it was always the same crew every single time. These auctions.

That's why he's asked hey, you know this this guy that bought this, you know, by a lot he said, oh, yeah, that guy.

He bought almost all of them at this auction, like, all right, get some money out of it. What? You have totals on that in the software.

You know, it's total what you got from the auction again? Kind of him. And odd. He said, well, that guy, he just gave me 50 bucks for every single, you know, and he was just trying to like, moving on moving on.

That's not normal, you know? And anyway, there was a number on there. I just I just called the guy right in front of them of the of the manager. And I just called the auction buyer and just said, hey, you know, i'm just going through some records here.

I misplaced a couple of receipts. Do you have your receipts? By any chance? He's like, oh, yeah, it's right here.

And he started reading them off. To me, one was like 500 bucks when I was 300 bucks. One was like $700 just a lot more than 50 bucks and what he paid for and the managers just like, oh, uh, he knew it was cop, you know, he he knew he was cop.

So I just told my like, all right, that's what we'll get to that a little bit later because I was just I was have been there for 10 minutes and already uncovered this, you know, and i'm like, just just let's move. Let's just show that for a second. Let's move on.

And I started just talking about you know, other things in the business and just pull up a management summary and kind of pulling up some different questions on my bass and going through it and just very, very quickly realized there was there was some shady stuff should use another word. But there were some shady stuff going on at this property, and I just told my like, um, there's a lot going on at the moment. In fact, I mean, let me just kind of start from ground zero. I'm just kind of reset my the rest of my day. Do I just go on doing like a lot ground were real quick for me.

Well, I you'll get things, tied it up. Is that cool? All right now, i'm going to walk around like all right. See you. Okay.

Took me about another 10 minutes. Uh, just pulling some simple on it. Reports in your store software and just kind of connecting the dots quickly realized just within that little time friends. So, mind you, i've been in about 30 minutes at this point, max, I uncovered about 5 to 7 grand in that range. On average, a month. This dude was stealing, and it's not that hard to figure out. What? You know what you're looking for, okay? Many of my heart saying I was just like, oh, my no, it wasn't, like, easily proven, you know, it wasn't like assumptions.

You could just figure it out. Called the owner of mike a, uh I know you got me here for the day. Todo ah, financial analysis report. Audit for your side.

Yeah. I'm gonna be here for a couple more days. Like why? What's what's gonna take? Because i'm gonna find a new manager. I'm gonna fire manager in about 10 minutes when he gets back.

And the order is kind of like what? Because again, that's always been there. I mean, this man has been there for 10 years.

It was his right hand man like, yeah, dude, uh, he's just I told my I found like, yeah, it's it's it's much worse than that's that's what that's what i've uncovered. Just this little time frame here and his the owners credit cycle, don't you? I dio so, yeah, I wasn't there for I was just I was a consultant, but I kind of quickly put on my, uh, like, a regional manager hat for this property that had no business and, uh, doing this, but I got the owners blessing, and it was kind of funny because I thought I was going through the office.

I found this guy had a gun that was under the counter and so right at the same time, the manager comes back in. And so I stood up and kind of put myself between him and the gun under the counter and just told my god, dude, this is this is what I found. The jig is up.

You can tell me what's going on if you want. I just uncovered myself. But, hey, if you want to come clean right now, maybe use your constants a little bit and help us, you know, without the process, now is your chance.

And he just had some choice words to me. Said it is not to deal with this crap and left michael cool lately. I'm not a big man, but I was ready to fight.

Uh, didn't fight. Thankfully, he left locked the door locksmith called lost and change the locks. Yeah, it's been found trying to find the manager.

So which we did, it was perhaps you apart was pretty soon. That's it worked out pretty well. But anyway, that's an extreme example. Okay, actually, i'll send that we found out was about nine grand a month.

Uh, this manager have been taking, and I went back three years. That's how much was averaging. So and I have three years on, like a fun gun.

Like, just just look how much longer it's gonna be. A long story short. Yeah, it z crazy. That's I was an extreme example.

I was getting calls while has definite two days of of loan sharks looking for the guy, so yeah, he's probably he's probably desert buried in the desert somewhere. By now, someone probably found him, but that's an extreme example. Okay, the average time that i'm going to do in these financial analysis reports, I always tell people here, bring me in.

Um, I can pretty much guarantee you know, if if you have bring enough revenue, you know, if your bringing in 20 grand a month, that kind of thing, those kind of realms or above, then i'll probably be able to find at least $2000 a month minimum that you're leading on the table.

You know, you're you're setting fire to it. You know, that's that's that's this, uh, tiled explained here.

You're setting fire to that money every single month. That's just lost money, you know, and it's a lot of time. It's kind of it's kind of easy money that's sitting right there, just waiting for you to take it.

Just gotta know where to look and then how to implement it and then allow cool. Now you're making extra two grand a month minimum. A lot of times I could get you much more than that s o what I do again. These these things and it's this is not just means to here talking to you like this is how you doing? Analysis report?

We don't that's that's an all day thing. That's not the purpose of this. This one kind of raising some awareness of this is not just a revenue problem. Okay, everything feeds your business, okay? We're talking your foundations. You know, as far as your actual physical occupancy at your site doing a physical walk through.

I can't tell you how many times i'm just doing simple block through, and it just doesn't match the reports. And that's some stuff going on. You know, ifit's not rented in the computer, but there's a customer lock on their cool. What's that about?

You know that I find that a lot, too. Um, so it just kind of start up with the foundation, just making sure everything matches. You know what? You walk through report with what's physically in the computer going through the reports, understanding the reports.

There's a lot of times when, especially managers to, even though you're sitting there eight hours a day, I haven't really spent the time that go through the man reports to understand them, and especially from the owner point of view. Meantime, it's like cool. Give me a management summary.

I'm done. Cool. Done. There's a lot more to it, okay? And not that you have to go through somebody's store softwares. You've got 500 reports.

It really comes down to about five. Okay, that you need to have on a regular basis that really just look at. And i'll do an episode on that to just kind of what those five reports are.

There's some things a little shady. Some things are more questions. You can always drill down more. Okay, but there's there's always some just easy five reports to go through that really takes care of 80% off. What you really need you to kind of get your finger on the pulse of what's going on in your sight.

And then we get the marketing okay again. That's that. That's revenue generating, uh, action items right there, sometimes to spending money. But you shouldn't be spending money, and sometimes things that are working, you're not spending enough money there.

You could make it your you could make your dollar work. I have a lot better than over on this other adam. So there's things like that. You know, we talk about how you're getting your leads right now. What kind of marketing you're doing kind of follow up. You have in place, uh, doing online, right? Do as much as you can online for free what we could do to optimize that because that's just that's free reynolds. Okay, that's that's lost money right there, too.

Okay, go into your your conversions. How are you doing on the phone? That's a lot of lost revenue right there. Just having kind of a crappy cells presentation and losing that ralph, they're going somewhere else.

Well, that's that's lost money. You know, it's not going to say it's stealing, you know, by losing a loss, right? And it's not that, but it's still lost revenue just the same, uh, in my eyes, it z yeah, if it's a bad cells presentation or you're not following up, yeah, you're just like, whatever.

I don't want that money. And as we talked about before, the lifetime that I have a customer, that one lost rental, that adds up to a lot.

All right, so going through that and then then all that kind of leads to your now we start getting there like the revenue management getting into your during a financial audits and what you're currently doing with your current customers for kind of moving them up for for rent raises and for value pricing on all sorts of things.

And then we get into delinquent seasonally in schedules. Kind of what I was talking about. The story kind of kind of started off with that.

Didn't mean to, like, usually end up with that. But just happening all consistent lane, um, schedule, because I see a lot of time, just another have to get too far off the weights here. But I see a lot of people that will wait toe, have a lot of units at one time and then have an auction.

That's like I do himself yourself a really big disservice because, man, a lot of those guys that they would have paid in the first place. You know why? Why you waiting nowadays of online auctions? Just be consistent. Don't care if you at 12 units just go, you know every month just having that process because that's just lost revenue. Those beings, they're just sitting there, people not paying on the rent that you could have auctioned off moved on, and I had a paying customer.

Saw the same thing on the lost revenue there. Um, so I kind of say all this not toe cell, but I mean, it is what I do. Okay, this is my my business, too. I do these financial analysis reports for pretty much all over based here in utah. So I do a lot of, you know, here in the surrounding states, but i'll go all there were places to when it works out.

It's find my 400 k dot com. Uh, I come up with 400 k just real quick. It's like I said, I can usually find a minimum of $2000 a month. That's kind of just being set on fire. Not being utilized, just flushing money down toilet.

What kind of analogy you want to put on it? There's two grand that you're not you're not finding. I put that on a seven cap. Okay, that's that's 400 case. This is room. That's fornication. Valujet's real money.

Um, a lot of times, you know, you kind of put those figures with owners and make that connection of yeah, that revenue to grand to grants to grand. I'll give you wrong, but you put evaluation on that money if you're looking to re sell or refinance.

So your property yeah, that's, you know, minimum 400 k that that you're just like, whatever. So you know that's real money.

S o goto. Find my 400 k dot com. You'll see. I kind of get lay everything out there on what's in this report.

What i'm looking at kind of whole 3 60 analysis schedule a time. We'll talk to see if it might be a good fit. Cool. There's a there's a shameless plug eso again find my 400 k dot com, but yeah, for the really kind of put a bow on this is yeah, one last time you did that for an existing property have really looked and looked at under the hood at your operations and your revenue in your cells and all that stuff just to see cool.

Is there some money there to be found that you're not currently finding? And the same thing? You don't have to be around for a long time.

You could be brand new site, brandon location that that's just coming on board is just opening up. This is a great way to build that foundation to make sure you're doing everything correctly in the first place.

So then, you know, you're kind of hitting the ground running, being fully fully maximize on your efficiencies when it comes to everything. Eso yeah, it works both ways, guys. So anyway, that is enough for this episode again. Thank you so much for tuning in watching if you haven't subscribed yet, please. Yeah, on your, uh, spotify big lately.

So spotify in the apple itunes? Because it's kind of been the two places so describe. Keep it going. I really appreciate it.

Thanks so much. Guys. Take care well to alright. Cool were good. You were like that 25 minutes. All right, guys. Well, I hope that brought you a little bit of value listening to listen to story time. I got a lot of stories.

They're like, okay, that was extreme. But, man, there's a lot of times I just go to the site and use within the first our on the go. Okay. Cool.

There's a lot, a lot of missed opportunities here, and I never talked down the owners and managers no, it's never like that. It's just cool. Let's let's do this together.

Um, just kind of building that out, building those strategies out. We talk about it and yeah, z, i've learned this over over the years. I'm not just be like a cool.

Here's a report. Good luck. No, I do. We schedule these for about two months afterward. Every other week, we schedule follow ups, and it's just kind of like a little chicken.

Like cool. How's this going? Cool. May be implemented this yet? Yeah, well, why not gonna help you get that going?

You know, we kind of we do it together. So it's a cool service. It's kind of hands on because I don't do a whole lot of, ah sales on here.

Much more education. But this is a good dovetail of education of yeah, look at your operations yourself, because you see if you need some outside help. Hey, I can help you. I can punch in the right direction for somebody else. I like making percents. That's you know you're in your neck of the woods, so just let me know again. This is this is cool.

Who else? We got on here. Uh, unfortunately, guys want that software use. It just says facebook user on the side. Unless you grant permission, tow me to see your your name. So sorry if I don't not saying the name, I don't see it on there to see a good stuff. Cool. Love the stories.

Yeah, we should just, uh I should just, like, just kick back is like, that's a story time, jim. And just tell stories. Because again, we had a lot been industry since. Well, that's the whole another story, but been around since I was 20 years old and i'm more than double that now, so yeah, a lot of stories from regional manager from manager from being an auctioneer from you. Name it.

I got some fun stories. They're pretty fun. Eso anyway, thanks so much guys for taking time, joining me on a sunday morning, I never knew who was gonna jump on. So appreciate it again. I will be back tomorrow at nine o'clock mountain standard time.

All right, take care. Have a good rest of your day. Can

 

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