As a new entrant to self-storage, educating yourself about the ins and outs of the industry helps you make the most out of your investment. With all the right information to start your business, you can keep it afloat against the competition, and carry it towards success.
Even if you are already in this type of business, you still need to update your knowledge to ensure you will not be left out in the race. There are times of the year that self-storage owners and managers refer to as “down times”.
So, how can you maximize time during these lazy days?
You can read a self storage book and capitalize on other online resources to improve your knowledge and management skills to grow your business and make it more successful.
Contents
The Best Books for Self Storage Education
While there are a lot of self-storage marketing books you will find online, there are actually only a selected few that will give you pragmatic information and ideas to take proper control of investment and generate returns that you have been longing for.
Here are three of the top e-books recommended by successful self-storage owners and managers:
Self-storage is a very profitable way to make passive income without the hassles associated with other commercial real estate investments. As a result, some investors feel that education is not essential, and they just have to buy properties. But actually, a lot of things can go wrong in this business. And when they do, they will cost you a lot of money.
This book, written by Scott Meyers (self-storage mentor and developer, as well as the founder of the self-storage education company, Self Storage Profits), informs you about the top mistakes investors are committing and offers a detailed guide on how to avoid them.
This is another Scott Meyers self storage book that provides all the knowledge you need to start and run your self-storage business. While it only contains 39 pages, it covers many facets of the industry to guide you in succeeding with your investment.
It offers an industry overview and a guide to help you find ideal opportunities. It even includes a case study and industry forecasts, which aid you in making the best decision in starting your business, like if you have to build from the ground up or buy an existing facility.
Generally, this book teaches you how to make millions in self-storage without the hassles that come with other real estate investments!
The old technique of buying low and selling high still works, but it does not guarantee you the best returns in today’s real estate market. This is especially true when the prices of self-storage facilities for sale are very high. For a starter, it can be very difficult for you to compete with big players.
Now, this self storage book by Mark Helm provides you with the resources to excel in this trade and the essential tools to effectively analyze risk and find the perfect investment opportunities based on your parameters and business plan.
Using the Internet to Gather More Knowledge on Self-Storage
There are more other ways to get further self storage education. With the Internet, you will find almost anything. And, the best part is—they are free, if not for a very minimum cost.
So, aside from reading e-books, you can:
- Visit real estate websites to learn more about a specific subject. Of course, you have to use the right keywords for the information you are looking for.
- Check out online buyer’s guides to know about a specific offer or seller.
- Join online communities and forums, where you will find useful insights and answers to your questions.
- Join webinars, which are great sources of other information related to your business, such as legal matters and government regulations.
- Listen to self storage podcast episodes and gather some tips and tricks from the experts about starting and managing your facility.
- Visit real estate news resources to keep abreast of the current happenings in the industry.
- Read blogs. There are a lot of people out there who want to share their experiences in self-storage through articles that you can access for free.
Just search “self-storage” on Google and see what pops up. You will be surprised at how many resources you can find!
Finding a Self-Storage Business Mentor
Reading a self storage book and using online resources go a long way in improving your knowledge about the industry, but it is still important to seek mentorship. In a way, a mentor can polish your acumen to make the best decisions for your business.
However, with the plethora of mentors out there, how will you find the best one who shares your interest and employs a leadership and management style that resonates with you?
Here are some of the best avenues to find a good self-storage investment coach:
Online Communities
By joining these groups, you can build relationships with thousands of self-storage owners and managers, as well as mentors, who support each other in their endeavors.
Virtual Summits
These are wonderful places to learn from the experts and maybe build a relationship with one. During these real estate summits, you will have face-to-face interactions through workshops aimed at developing your management and marketing skills.
Chamber of Commerce Events
After you register your business with a chamber of commerce, watch out for their events. These will give you the opportunity to meet new people, including those who are willing to help you grow your business.
Actual Conferences
Attending self-storage conferences will give you a unique opportunity to personally sit and talk with people who have invested their lives in this line of business. And, these interactions often grow into healthy mentor-mentee relationships.
Conclusion
In self-storage investment, you are putting your money to work so you can generate more profit. While this is a simple concept, you need to keep in mind that every investment comes with risk. And, there is not any form of magic spell that you can cast to eliminate it.
Nevertheless, you can reduce such a risk by educating yourself about the industry, exercising due diligence, and seeking the help of experts. With the tips provided above, you will be able to make the right decisions when investing in self-storage to build wealth.
For more tips and information on business and real estate, read our other articles!
