How to Stop Storage Unit Financial Hemorrhaging

The Self-Storage Industry is Booming
 
I read a fascinating Wall Street Journal story about small-time investors who purchase poorly managed self-storage companies and sell them a few years later for huge profits. One individual was so successful that he started a second business showing others how it works. He now charges nearly $1,000 for a ninety-minute consultation. There are now so many investors that it is now challenging to find distressed properties. It seems that Storage Wars is more than an entertaining A&E show.  
 
The most impressive person in the story is Robert Moser, who was a real-estate agent by the time he entered college. With his parents’ financial help, he started purchasing properties. Eventually, he focused entirely on storage companies. His company, Prime Group Holding, now has five billion dollars in assets, according to their website.
 
A billion dollars is hard to fathom until I recall the various storage facilities I have visited to help clients empty units and recoup monthly fees.
 
Time Getting Away from Us
 
Storage units serve as a helpful stopgap for those in particular situations. They could be a practical temporary solution for someone who has to quickly clear out a family member's home to put it on the market. They can review family heirlooms later when they have more time. Storage units can also come in handy during a home remodel or when a child attends out-of-state college and comes home for summers.  
 
Often, though, individuals intend to empty a unit within a few months but unintentionally hold them for years. It is easy to forget about the monthly fee or to resign oneself to inevitable price increases rather than deal with the sometimes overwhelming review process.
 
Despite what might feel like a daunting effort, it is a hugely worthwhile endeavor. Imagine all the things you could do with that money if you emptied the unit this year instead of holding on to it for additional months or years. You could go on vacation, pick up a new hobby, take a course, or even increase property value by attending to deferred maintenance on a home. Let your imagination run wild. The more you can imagine and experience the feeling these possibilities would create, the more emotionally attached you become to the goal. Emotional attachment to a goal makes it easier to work toward it, especially for those with ADHD.
 
Strategizing How to Get Started
 
Sometimes starting can feel like the biggest hurdle. Here are a few ways to gain momentum:

• Spend quality time writing a list of what you find most valuable in life, such as health, family, and joy. Then you can more easily determine whether the objects in storage support or detract from items on your list.

 

• Take an initial visit to the storage unit(s) to familiarize yourself with the contents. 

 

• Label basic categories on boxes and bins for units already organized by category. I am a big proponent of labeling boxes, even for someone with an incredible memory. Recalling box contents becomes challenging from one session to the next, especially as they are moved. The overall process is much faster if we can avoid repeated box-checking. 

 

• I recommend lightly colored painter’s tape or masking tape for labeling. Reading something on brightly colored tape is quicker than deciphering multiple iterations of notes written directly onto the outside of boxes.

 

• Start by sorting items into broad categories. If already sorted, you can immediately start deciding what to keep. You might be surprised by how easy it is to part with certain items stored for quite some time. Things have a way of feeling important when they go into storage but can gradually lose status as they age.

 

• Start the process at home if you want to keep most of the contents. By carving out space there first, you can bring furniture home the same day you are decluttering in the storage unit. Otherwise, you will need to continue housing it in the unit, which will continue to cost you monthly fees.

 
Preparing for Decluttering Sessions
 
Once you decide to start, refresh yourself on the facility’s procedures. For instance, you will most likely need to haul out trash and recycling, as many facilities do not provide dumpsters to customers.
 
Even if the facility is climate-controlled, dressing in layers will be helpful. If the unit is exposed to outside temperatures, dress appropriately for the weather. A warm day outside can be downright sweltering in a non-climate-controlled unit.
 
How to Decide What to Keep
 
Once you start digging in, you can use these questions to determine which items deserve to stick around: 

• Would I purchase this again today?

 

• Do I like this furniture I inherited, or do I feel guilty getting rid of it? If the latter, ask yourself whether you have other smaller items at home that remind you of that particular person.

 

• Is this item (or category of items) serving the goals and hobbies I have today? Do they cause mental friction whenever I think of them gathering dust?

 

• Is the item in good condition, or has it been destroyed by years of storage?

 

• Is the item moldy or covered in mildew that compromises health?

 

• Could I keep one item in the collection to serve as a representative of the whole? 

 
These are just a slice of the questions I use with clients, but these will get you off to a good start. Additionally, the more decisions you make, the stronger your decision-making muscle will become. A stronger muscle translates into a speedier and easier process.
 
Lastly, muster a healthy dose of confidence; you can do this! Imagine the relief when you close the storage unit. What a reason to celebrate!