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:
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:
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!
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