Since the inception of Storage King, Sterling Management has been an invaluable asset. Their expertise in the storage industry has been key to the success we have experienced and their diverse and creative way of thinking has helped us through the economic decline.
Sterling managed six self-storage projects my partners and I acquiried through bankruptcy in the late 1980's. Sterling took 40% non-performing projects and turned them into 95%+ profit centers within one year. Sterling ran the projects for 6 years until we sold them. Sterling not only made us money in all of these projects, they achieved results far beyond our wildest expectations.
I hired Sterling to open our 80T sq. ft. project in Seattle in 1996. They achieved stabilized occupancy within a year, and have since maintained in excess of 90% occupancy even in the most of difficult economic times. We are now expanding and trust Sterling to achieve the same results. We are also developing a new site and will look to Sterling's leadership to achieve RESULTS. I trust Sterling.
Since 1996, Sterling has delivered 90+ percent occupancy rates at both our mini-storage facilities, despite severe economic challenges of the 2010+ era. They also did the feasibility study, start-up, and fill-up within one year of our latest project.
Iâ€™ve done business with Sterling principals since 1984, and partnered with them on several projects since 1997. Three words say it all: Trustworthy, Smart, Results.
I partnered with Sterling to acquire a underperforming project in Port St. Lucie. Sterling had the skill to bring the project into peak performance quickly. We sold the project in 2002 and earned a handsome ROI together.
In 1994, my company partnered with Sterling to develop a full-service record storage center, Sterling Records Management, Inc. My partners and I feel that Sterling principals are outstanding business people, and our relationship has proven to be extremely profitable, even beyond our greatest expectations.
Self storage management is a more advanced form of property management, but for storage facilities. Sterling can professionally manage every aspect of your business or could just provide you with consulting in the areas you feel your business is lacking. We help self-storage facilities thrive in any economy and in most locations across the country. Whether you need a company to manage your employees and tenants, a marketing manager or just some storage software implemented at your company, Sterling can help.
If you find yourself with the opportunity to buy or take over an already established self storage facility, you may have found a goldmine. Self storage facilities are very profitable businesses here in America. A self storage facility attracts business from all sorts of people and companies. A self storage unit can be used by:
Although we would like to say: if the opportunity presents itself then just jump on the offer and buy it. Before we could provide you with such advice, we would need more information regarding this potential buy. After all, the previous owner had to be giving up the facility for a reason, right? Yes, there’s a good possibility the owner has collected enough money over the years to retire and would like one final check to move to a beach house in the Caribbean, but it’s also possible that there is something wrong with the facility or business model. This is why you should hire a self storage consultant. A self storage consultant will help you get to the bottom of why this facility is for sale.
If it’s because the business wasn't successful, that doesn't mean the business doesn't have the potential to be successful. It could just be a matter of bad management, which is one of the reasons to hire a self storage manager. Bad management can be the difference between having a million dollar in profits or a quarter million in debt. If the previous manager was a bad manager, it’s possible he or she is selling it just to close in on his debt before it gets any worse. As mentioned above, bad management doesn't necessarily mean a bad facility or no potential.
We’ve helped many companies go from broke to money makers. We know exactly how to help self storage facilities turn their business around, and we can help you determine if your opportunity is really a hidden gem or something you should run far away from. We can examine the current owner’s business practices, research a company’s past, survey the community and so much more. Upon past research, we can do a market feasibility study to help you identify if the business can be successful future.
If you are considering buying a self storage facility and have questions regarding our studies and research, call 866-641-9016. We’ll answer all of your questions and back you up during this potential buy every step of the way.
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