The Most Important Metrics in Self Storage 🤷‍♂️

GM Store Nation,

Yesterday was a great day -

• A res at all 4 branches

• Good Net Sq Ft

BUTTT … It doesnt paper over a poor August in terms of Sq Ft Moved In

However … The revenue for this month is the highest on record … So pros and cons to August

Pleeasseee take a look at my storage tip … Literally took me hours to explain …

Hopefully you get something from me sharing my numbers for July

Right …

Lets … Do … This …

Here's what coming your way today :- 😱 😎 🎯

🤐 A Self Storage Tip - “Rate Per Sq Ft”

🤝 3 Self Storage News Stories

🧐 Yesterdays figures for each facility

🥸 1 Meme of the day

Self Storage Tip - 💡 💰 🤑

I actually think you will like this …. Fingers crossed 🤞

Today I want to talk to you about your “Rate Per Sq Ft”

For me one of the most important metrics in self storage!

The Rate Per Sq Ft must be monitored each and every month …

… The objective is to increase this every month 🙌

Most companies that track this just include the revenue of the units but I include the revenue of the units AND the insurance.

I dont think theres a right and wrong but I think including insurance is more accurate … At the end of the end its revenue so why not include it

You’ll notice that Beverley, my outdoor site has the highest Rate Per Sq Ft … Amazing on the face of it BUT i can easily explain why …

Its simply because its the most mature site! 😲

The more mature a site the longer youve had your revenue management in place, so the higher the price per Sq Ft

OHHH …. Just one other thing….

Most people work Rate Per Sq Ft like this -

Willerby Example -

Revenue ÷ Occupied Sq Ft x Months = Rate Per Sq Ft

£74,644 ÷ 31,560 X 12 = 28.38

WRONG ❌

The reason its wrong is because your not accounting for the days in the month …

The more days in the month, the greater the revenue, which then means the Rate Per Sq Ft will be increased ….

So the months with 31 days, the Rate Per Sq Ft will be higher and the months with fewer days will be lower.

It just means you cant accurately compare month to month

The correct way is -

Revenue ÷ Days in the month X Day in year ÷ Occupied Sq Ft = Rate Per Sq Ft

£74,644 ÷ 31 (July) X 365 ÷ 31,560 = £27.85

This gives you an accurate Rate Per Sq Ft month on month regardless the days in the month ✅

Right …. now thats out the way lets crack on 🥂

Below is the Rate Per SQ FT for July for each of my 4 sites …. (Each and every month I will share these figs with you)

Willerby

Lettable sq.ft. – 39,610

Occupied sq.ft. – 31,560

Sq.ft. rate – £27.85

True Period Rev + Ins for month = £74,644.29 ex vat

(True Period Rev = The amount we have invoiced during the month ie 1st July - 31st July)

Wrexham

Lettable sq.ft. – 6680 (We are increasing this)

Occupied sq.ft. – 4080

Sq.ft. rate - £26.61

True Period Rev + Ins for month = £9,224.22 ex vat

(True Period Rev = The amount we have invoiced during the month ie 1st July - 31st July)

Clough road

Lettable sq.ft. - 17,620

Occupied sq.ft. – 12,570

Sq.ft. rate- £26.89

Revenue for month = £28,713.40 ex vat

(Clough Rd uses a different software … the above fig is the actual cash taken)

Beverley

Lettable sq.ft. – 7415

Occupied sq.ft. – 6475

Sq.ft. rate- £29.90

True Period Rev = £16,448.07 ex vat

(True Period Rev = The amount we have invoiced during the month ie 1st July - 31st July)

Industry News -  🧐

• 1 - Former Land Rover dealership site is now a self-storage facility

McCarthy’s Storage World has created a 55,000 sq ft storage centre

• 2 - Shropshire-based 4M expand storage facilities

• 3 - Pros and Cons of Single-Story vs. Multi-Story Self-Storage Development

The fun bit - My business .... Bare Butt Naked! 😲 🤫 🤭

Willerby (Hull) My big site -

• 1 Reservations

• 2 Move In's

• 1 Move outs

Month to Date -

• Minus 765 Sq Ft

Reservations so far this week = 2

Move ins so far this week = 4

Clough Rd Figures .... The Automated Site

• 2 Reservations

• 3 Move in

• 0 Move outs

Month to Date -

• 755 SQ FT DOWN for the month so far. AGHHH

Reservations so far this week = 9

Move ins so far this week = 5

Beverley … My Baby (First site)

• 1 Reservation

• 0 Move in

• 0 Move Out

Month to Date -

• 410 Sq Ft up for the month

Reservations so far this week = 1

Move ins so far this week = 0

Wrexham's Figures (Indoor) ... My First acquisition

Reservations so far this week = 1

Move ins so far this week = 0

Meme of the day - 👀 😂

Health and Fitness ... Move More = Live Longer - 🏋️‍♀️ 🏃

Weekly goals -

• Gym - 5 times

• Run - 0 … Im still injured with my knee … But im making sure my average steps are 20,000 per day. Gotta keep up the cardio

• Boxing - 0

Results so far -

• Gym - 2

• Run - 0k

• Boxing - 0

Yesterdays Steps - 20,152

Loads of self storage love,

Dean ❤️ 🙃