Today, the self-storage industry is a complex mix of large REITs (real estate investment trusts), mid-sized partnerships, and small “mom and pop” facilities. The unique appeal of self storage is that no matter what group you belong to, your self-storage business can be designed to fit your unique lifestyle.
As you contemplate developing your own self-storage business, consider the daily life associated with this type of investment. Although at first owners may be heavily involved, in time, it can become a hands-off business.
There is no one-way to run a self-storage business. You have the choice of managing the facility from an office within the facility, an existing business, or even by cell phone. Or, you can hire a manager to run all of the day-to-day operations for you. With automatic gate entry and security systems, your renters may enter and exit the facility at their leisure. Payment can be made automatically by credit card, via an ATM style kiosk, or a check can be mailed or dropped off at a secured mailbox on the premise. Lastly, for a smaller facility, you have the freedom to schedule appointments to show units and maintain the property on a relatively flexible schedule.
The appeal of self storage is your level of involvement is entirely up to you.