Portable storage provider PODS has announced the appointment of Kathryn Marinello as president and CEO of the Clearwater, FL-based company. Marinello succeeds John B. Koch who held the role for eight years. Marinello comes to PODS with over 20 years of executive leadership experience, including roles as CEO of Hertz, Ceridian, and numerous divisions of…
Tax season is just around the corner and self-storage owners need to start working on properly filing for their business. Self-storage facilities have a lot of moving parts and can have different investors. This can make properly filing your taxes for your self-storage facility a complicated process. As a partner for a CPA Firm that…
As part of the sale of his multimillion truck part business RealTruck.com in 2015, entrepreneur and author Scott Bintz agreed to a non-compete clause. That meant he couldn’t launch any kind of e-commerce business for five years. So, he built a self-storage facility. “I’d sold RealTruck.com,” Bintz told the SpareFoot Storage Beat, “I built a…
The coronavirus pandemic has brought the economy to a halt and made it difficult for first-time business owners to find the financing they need to get started. The self-storage industry is not immune to the world’s economic woes, but that doesn’t mean that first-time self-storage investors can’t find the financing they need to enter into…
Self-storage broker Cameron Vale is helping a multibillion-dollar conglomerate gain ground in the storage industry. Vale recently joined the newly formed Berkshire Hathaway Storage Group as senior vice president. The Greenville, SC-based group is affiliated with Berkshire Hathaway Inc., the investment juggernaut led by billionaire Warren Buffett. The group represents Berkshire Hathaway’s entry into self-storage…
InSite Property Group is a multifaceted real estate investment group with 25 development deals in place across the country—22 of them are self-storage. It operates its storage facilities under the name SecureSpace. The firm has completed and opened three so far, the latest is a 75,000 net rentable square foot facility in Camarillo, CA with…
Since starting Red Dot Storage in 2013, I have been a vocal proponent of automated management solutions in the self-storage industry. For Red Dot, automation created a highly scalable management platform that facilitated rapid growth from a single property to over 180 locations, throughout 16 states. Red Dot’s ability to quickly integrate assets into the…
The economic impact of the coronavirus pandemic has hit the nation’s self-storage industry – dealmakers, owners, operators, developers and others all trying ways to adjust. Risk-averse behavior has grown among developers and bankers; non-recourse funding has almost disappeared, accounting for a jump in recourse deals. Deal making has slowed, with CMBS (commercial mortgage-backed securities) on…
With the COVID-19 pandemic shutting down parts of the U.S. economy, it is absolutely critical to understand the differential in costs between customer acquisition and customer retention in your business. In economics, we use the 5-to-1 ratio as a typical average and I will use that in my analysis below. This ratio assumes that it…
Steven Weinstock is the national director of the Marcus & Millichap Self Storage Division. Weinstock, based out of Chicago, also serves as a first vice president and regional manager of Marcus & Millichap’s Chicago Oak Brook office and specializes in investment commercial real estate sales. SpareFoot talked with Weinstock about the 2020 investment outlook for…
