Jan 25, 2024
๐ข ๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค ๐๐๐ ๐ฎ๐ข๐ซ๐'๐ฌ ๐๐๐ฅ๐-๐๐ญ๐จ๐ซ๐๐ ๐ ๐๐ฑ๐ฉ๐๐ซ๐ญ๐ข๐ฌ๐ Join us on "The Self Storage Show" as host Jim Ross delves into a conversation with Mark Maguire, a partner at Bluefin Capital. Mark shares his insights and experiences from over three years in the self-storage industry, including the challenges and growth he's witnessed in shifting market conditions.
๐ ๐๐ก๐ ๐๐ข๐ฌ๐ฌ๐ข๐จ๐ง ๐๐ง๐ ๐๐ญ๐ซ๐๐ญ๐๐ ๐ฒ ๐จ๐ ๐๐ฅ๐ฎ๐๐๐ข๐ง ๐๐๐ฉ๐ข๐ญ๐๐ฅ Learn about Bluefin Capital's specialized focus on acquiring existing self-storage sites with potential for expansion. Despite the current volatile economic climate, they are committed to sustainable growth, including the ability to undertake ground-up development projects.
๐ ๐๐๐ฅ๐๐๐ญ๐ข๐ฏ๐ ๐๐๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ Mark discusses Bluefin Capital's selective approach to acquisitions, detailing the extensive effort involved in making around five to six offers after approximately 10,000 phone calls. This process highlights the high bid-ask spread in the current market and the challenges of finding reasonably priced deals.
๐ก ๐๐ฉ๐๐ซ๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐๐ฌ๐ฌ๐จ๐ง๐ฌ ๐๐ง๐ ๐๐๐๐ฅ ๐๐ฌ๐ญ๐๐ญ๐ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ Gain valuable operational insights as Mark shares the lessons he's learned from managing a self-storage facility. He emphasizes the complexities of management software, legal lease codifications, and the necessity of understanding both the broader commercial real estate market and the specific nuances of storage operations.
๐ ๐๐๐ฏ๐ข๐ ๐๐ญ๐ข๐ง๐ ๐๐ก๐๐ฅ๐ฅ๐๐ง๐ ๐๐ฌ ๐๐ง๐ ๐๐ก๐๐ซ๐ข๐ง๐ ๐๐๐ฏ๐ข๐๐ Mark sheds light on the difficulties of managing tenant payments and the transition to new software systems. He offers crucial advice on the importance of proper documentation for stored items like boats and RVs and introduces the concept of a storage launch package to facilitate smoother ownership transitions.
๐ ๐ ๐๐จ๐ซ ๐ ๐ซ๐๐ - ๐๐ฅ๐ญ๐ข๐ฆ๐๐ญ๐ ๐๐๐ง๐ญ๐๐ฅ ๐๐จ๐จ๐ฌ๐ญ ๐๐ฎ๐ง๐๐ฅ๐ Boost your rentals with our unique offer! ๐
Grab the '3 For FREE: Ultimate Rental Boost Bundle' now. Get expert optimization of your Google Business Profile, in-depth Secret Shopper insights, and a comprehensive SEO Audit - all for free! Available exclusively to one facility within each 3-mile radius. ๐๐ฅ๐๐ข๐ฆ ๐ฒ๐จ๐ฎ๐ซ ๐จ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ฒ ๐ญ๐จ ๐ฅ๐๐๐ ๐ญ๐ก๐ ๐ฆ๐๐ซ๐ค๐๐ญ! ๐ก๐ญ๐ญ๐ฉ๐ฌ://๐๐๐ฅ๐๐ง๐๐ฅ๐ฒ.๐๐จ๐ฆ/-๐ฌ๐ญ๐จ๐ซ๐๐ ๐/๐ฉ๐จ๐ฐ๐๐ซ-๐จ๐-๐-๐ฉ๐ซ๐จ๐ฆ๐จ๐ญ๐ข๐จ๐ง
Don't forget to like, share, and subscribe for more expert interviews and discussions on the evolving world of self-storage! ๐๐ง