Self-storage: The men who got rich selling empty space(bbc.co.uk)
bbc.co.uk
Self-storage: The men who got rich selling empty space
http://www.bbc.co.uk/news/business-26921870
67 comments
What a silly headline. All housing is empty space when sold too.
I read most of the article but I'm still not sure: What is self-storage? How is it different from just selling storage space?
From the article:
But there is one clear lesson from the storage story.
If you want to be a millionaire, you'd be well advised
to look beyond what's sexy.
There are great startup ideas lying around unexploited
right under our noses. One reason we don't see them is
a phenomenon I call "schlep blindness." "Schlep" was
originally a Yiddish word but has passed into general
use in the US. It means a tedious, unpleasant task.
It's also a great example of the general principle that it's good business to try and figure out how to disproportionately leverage public resources.
Say police protection and property enforcement was privatized. Under such circumstances, the cost of security for a storage facility would be substantial. But in a society where the public pays for security, it's "free" to create a business that presents an outsized target for thieves.
Say police protection and property enforcement was privatized. Under such circumstances, the cost of security for a storage facility would be substantial. But in a society where the public pays for security, it's "free" to create a business that presents an outsized target for thieves.
Hardly. Physical security at self-storage facilities is comparable to that at non-classified government installations - at least the ones I've seen in Canada: Perimeter fencing with logged access control, CCTVs and live monitoring, individual locks on storage areas, etc.
Add the cost of insurance, bonding, etc., and there is absolutely no "free" involved.
Add the cost of insurance, bonding, etc., and there is absolutely no "free" involved.
That's the security expenditure assuming the backdrop of government enforcement of property rights. Imagine running a storage facility in a place like Somalia. You'd need way more than a perimeter fence and monitoring!
When my family lived in Bangladesh, we once had a band of thieves (in a van/bus with guns) try to break down our gate. One of those would roll through the security at your typical storage facility.
When my family lived in Bangladesh, we once had a band of thieves (in a van/bus with guns) try to break down our gate. One of those would roll through the security at your typical storage facility.
Not to be belabour the point, but in a place like Somalia, gun toting labour is cheap. You'd need two or three "shift supervisors" (overseers who keep the labour in line, really), and you'd pay them more, but overall, the teens with AKs and the tough-as-nails-and-mean-as-hell overseers would likely end up costing less than one pays in taxes.
Now add the cut to the local warlord, who "respects" your area so long as you "respect" his due.
Oh, wait, that's starting to look a lot like taxation, police services, rights enforcement. Just without the actual rule of law, good governance, and an independent judiciary.
Really, I do not understand this notion that police services, etc., are free. We pay for them with every dollar we earn and every dollar we spend.
As the man said, I like paying taxes, with them I buy civilization.
Now add the cut to the local warlord, who "respects" your area so long as you "respect" his due.
Oh, wait, that's starting to look a lot like taxation, police services, rights enforcement. Just without the actual rule of law, good governance, and an independent judiciary.
Really, I do not understand this notion that police services, etc., are free. We pay for them with every dollar we earn and every dollar we spend.
As the man said, I like paying taxes, with them I buy civilization.
[deleted]
You couldn't run this business in a libertarian state; nobody would trust you not to steal their stuff, and almost everyone would be so poor as to not afford your service. This is why there isn't a thriving self-storage business in Somalia.
Lack of police protection would also greatly drive up the demand for secure storage.
"Danny Dorling, professor of geography at Oxford University, says we have six times more "stuff" than the generation before us."
I run a storage business and I can say that this is no longer the case with the younger generation. We used to store boxes of CDs, Videos, 14" Colour TVs, Desktop Computers, Hifis. Now all this is in a laptop and mobile phone, which people just take with them. We now insist on up-front payment as the items people store are worthless to sell.
90% of what we store is now boxes/suitcases of clothes and books.
I run a storage business and I can say that this is no longer the case with the younger generation. We used to store boxes of CDs, Videos, 14" Colour TVs, Desktop Computers, Hifis. Now all this is in a laptop and mobile phone, which people just take with them. We now insist on up-front payment as the items people store are worthless to sell.
90% of what we store is now boxes/suitcases of clothes and books.
I'll confirm this. I'm much older than the "younger" generation and I have virtually nothing compared to my parents and theirs. I can get everything I own in a 45l bag and a large box. They can't get all their crap in a 4 bedroom house with a double garage.
Also as a side issue, yes you're right; absolutely nothing out there is worth much any more. The Internet and particularly eBay has laid waste to the value of things by making everthing ubiquitous.
Also as a side issue, yes you're right; absolutely nothing out there is worth much any more. The Internet and particularly eBay has laid waste to the value of things by making everthing ubiquitous.
Another effect of the internet is that it is now trivial to find out the second-hand value of something.
I suspect that, say, garage sale prices are much more likely to approach eBay prices than was the case in the '90s. Though the local-ness of yard sales probably means there are still arbitrage opportunities.
Do you see the overall demand profile for self-storage changing accordingly, i.e. it could be headed for a secular decline because younger demographics don't accumulate as many physical items?
When I was brainstorming startup ideas once I mentally kicked around "AirBNB for self-storage," but liability issues and what I saw as a trend towards minimalism among those who would have been a target demographic as reasons to discard it.
When I was brainstorming startup ideas once I mentally kicked around "AirBNB for self-storage," but liability issues and what I saw as a trend towards minimalism among those who would have been a target demographic as reasons to discard it.
> younger demographics don't accumulate as many physical items?
We'll see how that plays out as they age, which tends to include things like getting married, having kids, buying a house, and that kind of thing. For instance, our garage now contains 2 strollers, 2 kiddy scooters, 3 kiddy biycles of varying sizes, and one sort of push-tricycle thing. I didn't have all that crap when I was younger, either!
I heartily agree with the advice elsewhere to look at "boring" and "unsexy" stuff. It also helps if it's "far from the tree" in the sense of not picking something that's immediately related to the world you know as a programmer.
We'll see how that plays out as they age, which tends to include things like getting married, having kids, buying a house, and that kind of thing. For instance, our garage now contains 2 strollers, 2 kiddy scooters, 3 kiddy biycles of varying sizes, and one sort of push-tricycle thing. I didn't have all that crap when I was younger, either!
I heartily agree with the advice elsewhere to look at "boring" and "unsexy" stuff. It also helps if it's "far from the tree" in the sense of not picking something that's immediately related to the world you know as a programmer.
What I would love is a site(s) that lets me get all that stuff used, in decent condition and quickly.
It kills me how much money is dropped on kids stuff that is not used for a significant period of time.
It kills me how much money is dropped on kids stuff that is not used for a significant period of time.
I'm torn--your comment history doesn't suggest that you are trolling, but then how could one have both kids and 1500 karma without knowing about *.craigslist/baa?
Not trolling.
craigslist is fine if you have time to sift through things. I'm looking for a site that does it better with filtering to cut out the cruft. Maybe FOBO but a specific subset?
Also, no kids yet. =)
craigslist is fine if you have time to sift through things. I'm looking for a site that does it better with filtering to cut out the cruft. Maybe FOBO but a specific subset?
Also, no kids yet. =)
Sorry for the snark. For the items mentioned in the GP (strollers, etc) where there are a few well-known brand names/models, CL is going to be very hard to beat:
-pricing is rational and stable. In such markets, people just know 'what stuff goes for'. -where the savings of buying used is >$100, then the transactional costs of an email, a couple texts, a trip to the ATM, and a short drive are worth it to a lot of people. -no taxes, fees, waiting for your money, account signup, email subscriptions, app downloads, etc. etc.
-pricing is rational and stable. In such markets, people just know 'what stuff goes for'. -where the savings of buying used is >$100, then the transactional costs of an email, a couple texts, a trip to the ATM, and a short drive are worth it to a lot of people. -no taxes, fees, waiting for your money, account signup, email subscriptions, app downloads, etc. etc.
My husband and I considered getting storage for our couch. We don't use it, we don't host people over and it's taking up valuable space in our 500sqft apartment. We realized that it would cost more to put it in storage than just to buy a new one when we get a house. We're giving it away to my sister as a wedding gift (it's a nice couch and she would will it more than we would).
Your examples are all actively-used items, which is a different kind of storage problem.
When items like those are no longer needed the trend among my peers is to donate (to friends with younger kids) or liquidate (on Craigslist).
When items like those are no longer needed the trend among my peers is to donate (to friends with younger kids) or liquidate (on Craigslist).
Liquidating is definitely much easier than before. If I really want something gone, I can usually sell it within 24hr.
I had a 10x20' storage unit for years -- it was full of all the stuff you mentioned - CDs, stereo, furniture, an astoundingly heavy 34" tube TV... All the media went digital (with multiple backups!) and everything else was either sold on Craigslist, donated, or hauled away to the landfill. Now I can move by just renting a small trailer.
Why didn't you just sell the non-essential things and make room for the rest? I only ask because I have lived in 7 different properties since starting University and now (almost three years into career) and I literally take what I need and chuck the rest; one could probably describe me as the 'anti-hoarder'.
They'd been in storage for over 3 years and I hadn't needed to use them, therefore I didn't need them at all.
I kept some things that were keepsakes, but the rest ... out with it all. Which also saved me $135 a month in rental costs.
I kept some things that were keepsakes, but the rest ... out with it all. Which also saved me $135 a month in rental costs.
"We now insist on up-front payment as the items people store are worthless to sell."
Was this ever different? Boxes of CD's, videos and tube TV's don't sound that valuable. But reading into your comment, it seems it wasn't always like this...
Was this ever different? Boxes of CD's, videos and tube TV's don't sound that valuable. But reading into your comment, it seems it wasn't always like this...
It might now seem that way, but when you can put those things into a second hand shop for $1-$5 a piece someone's DVD, or CD collection can become quite valuable when its abandoned. Some people did/do store hundreds of cd's, dvds, and the like. A unit could have a thousand dollars(in real secondhand market value) of merch very easily.
Do CD's/DVD's not have this value anymore? I could CD's being phased out, but DVD's are still entrenched. Maybe with online streaming (Netflix) DVD's too are going away? I would think this would be a lagging indicator though as I can see many storing their DVD's now that streaming is an option.
CD's don't and never really did. If you bring in an early CD (like from the 80s) you can get a nominal amount because CDs were rare then. If you bring in a CD from the last 10-15 years they are nearly worthless. Most shops ended up shredding the extra.
DVDs have a bit of crazy market. Some distributors (Disney and Criterion especially) do a short limited run. The 2nd hand stores rely on these gems in a big box of junk to make profit.
DVDs have a bit of crazy market. Some distributors (Disney and Criterion especially) do a short limited run. The 2nd hand stores rely on these gems in a big box of junk to make profit.
I've attempted to sell DVD's and CD's. Once you factor in postage, time, etc., it's cheaper to just throw them away. Or give them to the thrift store.
Yup, there's a reality TV show [0] based on the premise that these units can hold real value.
[0]storage wars
[0]storage wars
Buddy of mine does lots of odd lot things. He buys storage units once in awhile and gets big hits sometimes. He's gotten gun collections and snowmobiles, among other things.
Whether it's for economic (less spending money), technological (mp3s are a lot smaller than CDs), or simply cultural reasons, the younger generation seems to have less stuff.
I see an opportunity in 5-10 years...microapartments in former self-storage space?
I see an opportunity in 5-10 years...microapartments in former self-storage space?
It's hard enough to get the governmental approval of microapartments in buildings with more normal residential design. (Depending on the location of course.)
Some people already run mail-order businesses from self-storage units:
http://www.bbc.co.uk/news/business-25336446
http://www.bbc.co.uk/news/business-25336446
This seems like a more likely outcome than living spaces. If for no other reason than a lack of water/electric outlets for home use. Air-conditioned storage units could make decent (depending on location) store fronts as well, in a sort of industrial mall sort of way.
I never understood friends who put things in storage. It was their used furniture and things they never used. But they'd gladly play $100/month to store it away for 2-3 years at a time. You're better off just selling it and buy new (used) things in a year or two.
Not to mention the hassle of moving things to and from the storage unit!
Not to mention the hassle of moving things to and from the storage unit!
I've only rented a storage unit a couple of times but for me there were two factors: one was knowing the history of everything that was in it. And the other was that I had chosen those items.
I liked knowing that nothing was damaged in ways that weren't easily visible, like something you bought used might be.
And I don't enjoy shopping so trying to get something just like what I had is/was difficult. And it's getting harder: manufacturers change models at an incredible rate. You have to read reviews all over again, etc.
I liked knowing that nothing was damaged in ways that weren't easily visible, like something you bought used might be.
And I don't enjoy shopping so trying to get something just like what I had is/was difficult. And it's getting harder: manufacturers change models at an incredible rate. You have to read reviews all over again, etc.
I've a storage unit when selling my home. Apparently buyers like to look at nearly-empty shelves and closets.
This article misses the entire point of the self storage game, in that it's all about real estate. I'm not sure of the structure they have over in the UK but I'm quite sure it's the same type of thing, considering that land over there is much more valuable.
Here in the US you'll find a vast majority of the land used for self-storage is owned by either investment firms specializing in commercial/self-storage real estate, MLP's (Master Limited Partnerships), or REIT's (Real Estate Investment Trusts). There are a lot of nuances to it, but essentially these are tax vehicles that buy up a bunch of not particularly sexy land, but in an industrious location that has long term potential. The issue then becomes what to do with the land while you sit on it, and the answer to that is self-storage. Self-storage warehouses are incredibly cheap to build and operate, often times the largest cost is insurance (although that's not saying much nowadays). Many MLP's/REIT's either own their own self-storage company, own a controlling share in one, or at least own a good percentage of one, or the self-storage company in and of itself is an investment firm wrapped in a thin veneer of self-storage. Thus, on top of the rent you can get a nice cut of the storage profits. It's a fantastic racket if you can get momentum, after a certain point the money essentially prints itself and you still have control of a massive chunk of land to boot. The self-storage business is also very predictable, and highly tuned, so the investment returns on both the land and the storage business are very conducive to long term wealth building.
Here in the US you'll find a vast majority of the land used for self-storage is owned by either investment firms specializing in commercial/self-storage real estate, MLP's (Master Limited Partnerships), or REIT's (Real Estate Investment Trusts). There are a lot of nuances to it, but essentially these are tax vehicles that buy up a bunch of not particularly sexy land, but in an industrious location that has long term potential. The issue then becomes what to do with the land while you sit on it, and the answer to that is self-storage. Self-storage warehouses are incredibly cheap to build and operate, often times the largest cost is insurance (although that's not saying much nowadays). Many MLP's/REIT's either own their own self-storage company, own a controlling share in one, or at least own a good percentage of one, or the self-storage company in and of itself is an investment firm wrapped in a thin veneer of self-storage. Thus, on top of the rent you can get a nice cut of the storage profits. It's a fantastic racket if you can get momentum, after a certain point the money essentially prints itself and you still have control of a massive chunk of land to boot. The self-storage business is also very predictable, and highly tuned, so the investment returns on both the land and the storage business are very conducive to long term wealth building.
I'd be curious where you are getting that narrative from. It differs from what I am familiar with for sure in terms of knowledge of this industry. Not that that's not the play of some REIT's (or what they say they are doing but not really doing) of course but I wonder how many of the locations fall into that category vs. just "after a certain point the money essentially prints itself". Which sounds pretty good. [1]
(What you are saying is typically done though with parking lots in cities for sure for various reasons.)
"and you still have control of a massive chunk of land to boot"
Unless you have land in a particularly valuable location the fact that there is a building on it is going to contradict having someone purchase it for development purposes. It's being used. In other words "nothing to see here move along". And if it was in a super valuable upcoming area that would already be priced into the land cost and might be prohibitive.
I'd also would like to know what the time frame is for something like this to actually happen and how many times it has actually been done. That is, out of the entire self storage industry, how many locations (multi level for example - those larger buildings) have been raised for a higher use (with every tenant thrown out)? And something else built on the land which generates more revenue. Where a comparable piece of empty land was not available?
Of course it might be something that the REIT says marketing wise in order to enhance the appearance of the value of their properties. But to me it seems that the reality of whether that would actually happen (and how often) might be entirely different.
That said any links to this would be nice if you can pass along.
[1] For self storage that I am also familiar with they predictably raise the price every year. And it's not easy to move things out (you need a truck or you need to dispose of something.)
(What you are saying is typically done though with parking lots in cities for sure for various reasons.)
"and you still have control of a massive chunk of land to boot"
Unless you have land in a particularly valuable location the fact that there is a building on it is going to contradict having someone purchase it for development purposes. It's being used. In other words "nothing to see here move along". And if it was in a super valuable upcoming area that would already be priced into the land cost and might be prohibitive.
I'd also would like to know what the time frame is for something like this to actually happen and how many times it has actually been done. That is, out of the entire self storage industry, how many locations (multi level for example - those larger buildings) have been raised for a higher use (with every tenant thrown out)? And something else built on the land which generates more revenue. Where a comparable piece of empty land was not available?
Of course it might be something that the REIT says marketing wise in order to enhance the appearance of the value of their properties. But to me it seems that the reality of whether that would actually happen (and how often) might be entirely different.
That said any links to this would be nice if you can pass along.
[1] For self storage that I am also familiar with they predictably raise the price every year. And it's not easy to move things out (you need a truck or you need to dispose of something.)
It's relatively common practice - buy RE as a speculative investment and hold hoping that it will grow in value as an area develops.
In the meantime, it would be great to have the property throw off some free cash flow, so developers build businesses on the property that involve highly generic structures that are easy to build (low investment) and easy to demolish - otherwise, the cost of demolition for any prospective buyer will reduce the value they are willing to pay for the land.
Common businesses for this purpose are parking lots/garages and storage. When you see those, it's pretty safe to assume the owner is trying to maintain as much option value as possible in the property.
Once you build a specialized structure, you lose option value on the property.
In the meantime, it would be great to have the property throw off some free cash flow, so developers build businesses on the property that involve highly generic structures that are easy to build (low investment) and easy to demolish - otherwise, the cost of demolition for any prospective buyer will reduce the value they are willing to pay for the land.
Common businesses for this purpose are parking lots/garages and storage. When you see those, it's pretty safe to assume the owner is trying to maintain as much option value as possible in the property.
Once you build a specialized structure, you lose option value on the property.
I've seen one self storage facility in my town removed in favor of a commercial medical plaza recently.
Self storage buildings around here are just cheaply built steel buildings. They are easy to dismantle.
Self storage buildings around here are just cheaply built steel buildings. They are easy to dismantle.
There are those for sure. Separately I know of a 155 unit residential condo complex in Florida that is being torn down to build a high rise (resulting in 4x value to unit owners the market is so hot right now).
But then there are these examples which seem highly unlikely as the investment play involved. Browse the links on this (a typical larger storage company site) and you will see nobody is putting up a building multi story (with elevators) and hundreds of tenants with the intent of holding it to tear down. Not that like anything it couldn't be torn down if the right opportunity came along.
http://www.publicstorage.com/
http://ir.extraspace.com/phoenix.zhtml?c=180054&p=irol-irhom...
But hard to believe that is actually the business model they are relying on although it could of course be a future upside.
But then there are these examples which seem highly unlikely as the investment play involved. Browse the links on this (a typical larger storage company site) and you will see nobody is putting up a building multi story (with elevators) and hundreds of tenants with the intent of holding it to tear down. Not that like anything it couldn't be torn down if the right opportunity came along.
http://www.publicstorage.com/
http://ir.extraspace.com/phoenix.zhtml?c=180054&p=irol-irhom...
But hard to believe that is actually the business model they are relying on although it could of course be a future upside.
>Unless you have land in a particularly valuable location the fact that there is a building on it is going to contradict having someone purchase it for development purposes. It's being used. In other words "nothing to see here move along".
Huh? It's not like the way those things are sold is people driving around and searching for empty lots.
The owner actively seeks to sell it, and he (or his agent) negotiates with prospective buyers who might not even have visited the location at this point, just look for something in that area.
The fact that there's a building (the garage or self storage) on the location so "it's being used", doesn't matter at all as to whether there will be buyers for it.
Heck, buyers investing in upcoming (development/price wise) places are known to buy and demolish existing residential buildings and established business to build their new stuff (an office building, a mall, a skyrise, etc) -- a parking lot is nothing compared to that.
And it even comes with a single owner to negotiate with, as opposed to buying several different residential buildings to build on.
Huh? It's not like the way those things are sold is people driving around and searching for empty lots.
The owner actively seeks to sell it, and he (or his agent) negotiates with prospective buyers who might not even have visited the location at this point, just look for something in that area.
The fact that there's a building (the garage or self storage) on the location so "it's being used", doesn't matter at all as to whether there will be buyers for it.
Heck, buyers investing in upcoming (development/price wise) places are known to buy and demolish existing residential buildings and established business to build their new stuff (an office building, a mall, a skyrise, etc) -- a parking lot is nothing compared to that.
And it even comes with a single owner to negotiate with, as opposed to buying several different residential buildings to build on.
People do the same with parking lots in Brazil.
Buy some land in the city, and old crumbling house (which usually are big), and sit on it waiting for the value to go up, or some construction company wanting do build an apartment building on it.
What to do with the land while you wait? Make it a parking lot and car wash. Lots of buildings here only have 1 parking spot per apartment, and the tendency nowadays if for middle class families to have 2 cars.
Workforce for a parking lot + carwash is abundant and extremely cheap, they don't even need to have a driving license, and barely be able to read.
Quite a lucrative business.
Buy some land in the city, and old crumbling house (which usually are big), and sit on it waiting for the value to go up, or some construction company wanting do build an apartment building on it.
What to do with the land while you wait? Make it a parking lot and car wash. Lots of buildings here only have 1 parking spot per apartment, and the tendency nowadays if for middle class families to have 2 cars.
Workforce for a parking lot + carwash is abundant and extremely cheap, they don't even need to have a driving license, and barely be able to read.
Quite a lucrative business.
I recall reading that this was a big problem with downtown Denver back in the 60s or 70s. The whole downtown area was covered in parking lots because people were sitting on land waiting for it to go up in value. It was having a negative impact on trying to turn downtown into an attractive hub for more business to come in.
edit - found it http://usa.streetsblog.org/2013/05/13/how-denver-repaired-it...
edit - found it http://usa.streetsblog.org/2013/05/13/how-denver-repaired-it...
Downtown Minneapolis had/has the same thing.
The interesting part is that most of the parking lots are owned by groups of moderately wealthy folks (doctors, mid-level corporate execs) who had bought super cheap in the 70's. The income they are able to make risk-free is a huge obstacle to redevelopment.
As an example, there's lot next to my old office that gets about 250 cars into a half-block lot. At six dollars/car/weekday plus extra money on weekends that's about $400k/year before taxes split among a dozen investors. (An incredible yearly return when you consider they probably paid less than $250k to buy a run-down building and level it back in the 70's.)
If somebody wants to buy that lot to build apartments, they're going to have two hurdles.
First, all of these guys are probably retired, so they're looking for risk-free income rather than capital. With interest rates below 3%, they're going to ask for $12 - 15 million so they can invest it in bonds and still get the same income. That's a ton of money just to buy land.
Second, most of these partnership agreements are drafted such that every partner has to agree to sell rather than a majority. If one guy holds out for $20 million, it could scuttle the deal.
Slowly but surely the parking lots are being replaced, but it's happening much more slowly than it should.
The interesting part is that most of the parking lots are owned by groups of moderately wealthy folks (doctors, mid-level corporate execs) who had bought super cheap in the 70's. The income they are able to make risk-free is a huge obstacle to redevelopment.
As an example, there's lot next to my old office that gets about 250 cars into a half-block lot. At six dollars/car/weekday plus extra money on weekends that's about $400k/year before taxes split among a dozen investors. (An incredible yearly return when you consider they probably paid less than $250k to buy a run-down building and level it back in the 70's.)
If somebody wants to buy that lot to build apartments, they're going to have two hurdles.
First, all of these guys are probably retired, so they're looking for risk-free income rather than capital. With interest rates below 3%, they're going to ask for $12 - 15 million so they can invest it in bonds and still get the same income. That's a ton of money just to buy land.
Second, most of these partnership agreements are drafted such that every partner has to agree to sell rather than a majority. If one guy holds out for $20 million, it could scuttle the deal.
Slowly but surely the parking lots are being replaced, but it's happening much more slowly than it should.
Eminent domain is always an option, along with the value as determined by the local taxing authority.
If you have to rent a storage unit get the smallest unit, and get rid of it quick. I used to work for this thieving
industry. The owners know once you move your stuff in; they
have a customer for life. As you get older you will accumulate some good stuff, but make sure it can all fit in
a closet sized unit. Keep tools of your trade. Keep valuable jewelry, and silver. As for books, it's my sore
spot--I have a small library. If I needed to part with them, and I just might ave too, I'd keep a valuable first
editions, and two milk crates full of must have refrence
books. The indusrtry is a slimy business. The owners take
advantage of hoarders, sedimental types, and the desperate. They literally have industry seminars where they
discuss making more money on late fees. The also ask for your S.S. number when renting(I think that is illegial?).
Don't take your frustrations out on the country guy--he's
just a low paid worker. If you do plan on skipping out on
the highest per square foot rent in the world--get your stuff out before the lock goes on. Use their dumpster
and throw 90 percent of your garbage out. Yes--most of you
store garbage. Women store to many linens, books, and Chinese made furniture, and the inherited sewing machine(keep the machine, throw away the cabinet). Men store too many redundant tools, or huge tools they never use. Keep the suitcase Tig/stick welder. You don't need
three welders. Keep the Snap-on tools, but sell the huge
cabinet. Sell all antiques, and give away the cheap furniture including the matress. Everyone seems to cling
to there matress? My final thought--sit down and roughly
figure out how much your stuff is worth. Figure out how many months if rent will replace your possessions? For
95 percent of you it's a couple of months rent. Good luck.
Oh yea, I would like to see all rents due on the first of the month. They prorate on the date you move in. Why--so
you will forget to ake you payment, and have to pay a late
charge. Forgo the rental insurance. Sue the mini storage
in small claims court if they slip up in any fashion( I.e.
have video cameras, but don't have the tape of your unit
being broken into. As to the mini storage owners--yes--you
are extorting people at a very stressful time in their lives; you are just like pawn Shop Owners. When you filthy
Lookers are counting your ill gotten gains, keep Sundays open, and drop by a local church--you might hear something
interesting.
[deleted](1)
Self-storage is quite an interesting phenomenon. The total self storage rentable space in the US is now 2.3 billion square feet.[1] That's enough space for every American to have over 7 square feet in which to stand. In fact, that's probably enough to lay down.
To be sure, a lot of other men and women got rich before the storage men, in order for us to have more stuff than will fit in our houses.
1. http://www.selfstorage.org/ssa/content/navigationmenu/abouts...
To be sure, a lot of other men and women got rich before the storage men, in order for us to have more stuff than will fit in our houses.
1. http://www.selfstorage.org/ssa/content/navigationmenu/abouts...
Coincidentally, this is something I have researched just last week for my
area. I would love to store boxes upon boxes of things that
I will need in another two years (eg. baby clothes),
will sell eventually, or plain don't want around[0].
Unfortunately, I have come to the conclusion that the concept of self-storage presented here, quite similar in spirit to my local self-storage providers (henceforth: SSPs), is not reconcilable with my use-cases and fundamental needs.
To wit: All SSPs that I found were located on the outskirts of town. "Industrial estate" would describe it well. This calls for car ownership (or rental, at least) and huge transfer volumes.
But I want to spirit away a smallish box every month or so. I would like to carry it (perhaps in a bicycle trailer) around the corner. In short: I want those SSPs to be as ubiquitous as libraries.
Now, are there cities were a system not unlike to the one outlined above exists? If so, are hacker/maker spaces similarly well-distributed?
[0] Books, chiefly by virtue of their tactility, belong solidly into the latter category, as non-intuitive as it may sound: these cellulose blighters are everywhere and frankly cumbersome to circumnavigate by now.
Unfortunately, I have come to the conclusion that the concept of self-storage presented here, quite similar in spirit to my local self-storage providers (henceforth: SSPs), is not reconcilable with my use-cases and fundamental needs.
To wit: All SSPs that I found were located on the outskirts of town. "Industrial estate" would describe it well. This calls for car ownership (or rental, at least) and huge transfer volumes.
But I want to spirit away a smallish box every month or so. I would like to carry it (perhaps in a bicycle trailer) around the corner. In short: I want those SSPs to be as ubiquitous as libraries.
Now, are there cities were a system not unlike to the one outlined above exists? If so, are hacker/maker spaces similarly well-distributed?
[0] Books, chiefly by virtue of their tactility, belong solidly into the latter category, as non-intuitive as it may sound: these cellulose blighters are everywhere and frankly cumbersome to circumnavigate by now.
Hope you don't mind me asking if you live in Texas? I'd love to ask feedback about my storage on demand startup remotegarage.com, as it sounds like it would serve your needs better than traditional self-storage?
I don't want to sound overly enthusiastic, but I do
think that this fits the bill 90% of the way.
Great presentation[0]; pricing explicit and almost
exactly what I would have imagined; and, of course,
sane pick-up and delivery. I even hunted around for
a spelling mistake to have something on the opposite
side of the ledger. No such luck.
Alas, I'm a few thousand miles short of becoming a valued customer.
Now, hopefully, you're wondering about that last 10%: It's point 2 in your "How it works":
> Pack your things carefully and take pictures of the contents.
I'm sure legal would have a word or two to say about that, but: how much would it set me back if you did that, together with providing a rough description of the box' contents? This, then, would appear on my account page's List of Boxes.
The details are devilish, of course, and supreme caution is indicated: you don't want a prominent "take-a-peek" option to adversely affect the trust of your more privacy-conscious clients.
[0] Which, incidentally, doesn't appeal to me, as I am solidly in the tarsnap aesthetics camp, but we both know what to make of that.
Alas, I'm a few thousand miles short of becoming a valued customer.
Now, hopefully, you're wondering about that last 10%: It's point 2 in your "How it works":
> Pack your things carefully and take pictures of the contents.
I'm sure legal would have a word or two to say about that, but: how much would it set me back if you did that, together with providing a rough description of the box' contents? This, then, would appear on my account page's List of Boxes.
The details are devilish, of course, and supreme caution is indicated: you don't want a prominent "take-a-peek" option to adversely affect the trust of your more privacy-conscious clients.
[0] Which, incidentally, doesn't appeal to me, as I am solidly in the tarsnap aesthetics camp, but we both know what to make of that.
Happy to hear you like the 90% so much - thank you for the feedback!
As for the 10%, we have indeed found that quite a few customers end up not taking pictures, even though it's a requirement to qualify for the protection plan.
We would be happy to take those pictures, but I wonder if there's a way to do it so that it doesn't interfere with the customer's privacy. Drivers taking the pictures upon pickup comes to mind.
As for the 10%, we have indeed found that quite a few customers end up not taking pictures, even though it's a requirement to qualify for the protection plan.
We would be happy to take those pictures, but I wonder if there's a way to do it so that it doesn't interfere with the customer's privacy. Drivers taking the pictures upon pickup comes to mind.
I believe the typical understanding here in the US is that there is no insurance, so you don't even need the pictures. A number of farmers around here rent out space in their barns or put up cheap buildings for public storage to get a bit more easy income.
AirBnB for storage would be awesome. Wonder if I could make enough to cover the cost of an an outbuilding?
AirBnB for storage would be awesome. Wonder if I could make enough to cover the cost of an an outbuilding?
Well how much would you pay for it? 10x what it costs to store it at the outskirts of town? Why don't you take a taxi every month to go there?
Any post about storage units should reference this George Carlin routine http://youtu.be/4x_QkGPCL18
I don't know if they're international or not yet (I doubt it), but an Austin startup is trying to professionalize this unsexy market:
http://www.sparefoot.com/
http://www.sparefoot.com/
The web-enabled home-delivery version of storage: http://www.storrage.com/
You don't get your own storage unit; instead, they pick up labeled tubs from your house, and when you want them again you can request a specific one to be delivered. They don't take furniture and such.
(Disclaimer: I'm not connected to this company in any way, not even as a customer.0
You don't get your own storage unit; instead, they pick up labeled tubs from your house, and when you want them again you can request a specific one to be delivered. They don't take furniture and such.
(Disclaimer: I'm not connected to this company in any way, not even as a customer.0
Tyler Durden says: "The things you own, end up owning you."
I spent 2 years living in rural Central and South America, and of all the things that shocked me on my return to North America, the sheer amount of stuff people have was by far the biggest.
People have multiple cars, boats, quads, kayaks, tvs, couches, RVs, snowboards, skis... the list is endless.
I was dumbfounded that people have so much stuff, they pay money to put that stuff someplace.
People have multiple cars, boats, quads, kayaks, tvs, couches, RVs, snowboards, skis... the list is endless.
I was dumbfounded that people have so much stuff, they pay money to put that stuff someplace.