Bought 1 storage facility in 2020. Running over 70 now. I also manage for other owners (3PM). If yours is underperforming, I probably know why.
Joined May 2022
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My sons and I really enjoy the sand dunes. Great way to blow off steam! #polarisrzr #littlesahara
Do you ever hear people say "We're building systems to create Raving Fans?" And why not?
Business owners/managers all talk about efficiency, profit, scaling through systems, AI or whatever the new buzzword trend is. I am also guilty of this...
Have you ever thought that if you go above and beyond, you earn the highest value customers? Those customers are loyal and then you don't have to go compete for new customers?
The best businesses are built on retention. Not chasing attrition. I **think** the best way to retain is to provide massive value.... So the question, in your business how are you providing massive value and retaining your best customers?
I pulled retention on 666 move-ins from our self storage portfolio to see who was still renting 100 days past the point every two month promo expires.
No promo: 66%
20% off: 68%
30% off: 71%
50% off: 61%
75% off: 33%
Deep discounts don't buy loyal tenants… They feel the jump to”normal” street rate like it is a massive rent increase… A higher percentage of these folks leave than those with a modest move-in discount.
We have experimented a lot on this… recently we cut our public promo from 30-50% off to 20% across >50 facilities last week. Better retention & less rent given away.
We're not in the coupon business.. we’re also not going to race to the bottom on pricing. We're trying to find customers who'll be here next year. Every pricing decision is an experiment and we will continue to iterate based on the feedback the data gives us.
Rob DuBroc retweeted
Levels of wealth:
I have enough…
…for emergencies ($10k)
…for food & shelter ($30k)
…to invest ($100k)
…to survive on passively ($1M)
…to retire on comfortably ($4M)
…to live like the 1% passively ($20M)
…to live like an asshole ($100M)
Everything else is Monopoly money.
I thought AI was going to be the end of virtual assistants.
Turns out they are just gonna end up being 10x more productive than your best employee who isn’t leveraging AI tools.
What a time to be alive.
I couldn’t agree more. These are two lies that got a lot of people into the business who did not know what they were getting into.
I call it the “mailbox money fantasy”
Rob DuBroc retweeted
Two things every #selfstorage operator wants to know about a remote-management model is what technology is needed and the cost to acquire and implement it. In this podcast, Rob DuBroc of @OnTrackStorage provides the answers: bit.ly/4AyXXsa
Rob DuBroc retweeted
On Track Storage (@rob_dubroc ) picked up 42 legacy facilities in 2024, and a separate login for every one of them. Delinquencies were tracked on dry-erase boards. Overlock lists were printed on clipboards.
Now one team manages 75 facilities from a single login on Cubby.
Grateful for this one. @CubbyStorage published a case study on my company.
We moved 42 locations at once. It was scary. Our team made it work, and today 77% of our phone leads turn into rentals.
Thank you to our team and the Cubby crew.
cubbystorage.com/clients/on-…
The arrival fallacy is the dragon that must be slayed.
Spoiler alert: you will never "arrive"
The journey is the destination.
Practice gratitude, enjoy the process.
My boys have ridden some form of dirtbikes since 2 years old...
Stacyc 12's, 16's, 20's... The PW50's.. Then the KTM Electric bikes and sometimes my CRF110 pit bike.. Now ready for moving up to 65CC bikes. I did a ton of research, and wow the advances with the e-motos is incredible.
Ended up picking up two SX-E8's from RFN. High quality bike (yes china does high quality). Wish I had a affiliate code or dealer account because I could sell these all day long... My kids woke up early and were rippin' at 7AM today before school.
youtu.be/uNqWuL1XswY?si=jD6m…
rfnbike.com/