Phoenix, AZ, April 28, 2011 --(PR.com
)-- Nationwide, the Self-Storage industry is working with state legislatures to modernize lien laws regarding the self-storage auction process including the introduction and revision of bills to allow for online postings to satisfy notification requirements. As the internet progresses as a primary means of communication, print advertising mediums are a costly mandate. Cost of advertising and ROI (Return on Investment) are of concern to the self-storage operators, while ensuring that the process is in the public’s best interest is of concern to various legislatures. With both in mind, FindSelfStorageAuctions.com addresses cost concerns and seeks to standardize the listing process and keep it in the hands of the self-storage operators and associations, ultimately protecting the integrity of the storage auction listing process.
As mentioned in a recent Inside Self-Storage Article, “The REITs help make up the top 10 largest companies in the industry, equaling only 13 percent of the total self-storage market.” The article further states that these same REITs experienced “total returns of nearly 30 percent in 2010.” It’s relatively understood that larger corporations have access to more capitol, and have larger advertising budgets, providing them much higher sustainability in an economy like this.
“When comparing the same scenario with single owner/operators, costs are dramatically increasing when viewed alongside percentage occupancy,” said James Appleton, an Auction Ventures, LC partner along with Richard Marmor (both active with the board of the Arizona Self-Storage Association). With regards to current lien law notification requirements, classified advertising can cost hundreds of dollars, can be very cumbersome to produce, and very limiting in terms of space and content. According to an SSA Globe article in the February 2011 edition, it was stated that the ability to satisfy lien law requirements through online advertising among other lien law changes was estimated to result “in annual savings of up to $1,200.” To a small operator, that is a significant number that can’t be offset by other properties that may be performing better.
Furthermore, good information is difficult at times to find despite the existence of lien laws and their specific advertising and notification requirements. “Many self-storage lien laws have ambiguity when it comes to the type of print medium that was actually intended as the primary notification vehicle,” said James. If you take that coupled with the recent increase in popularity of self-storage auctions, due in part to reality TV, it has opened Pandora’s Box, allowing almost anyone to post auctions without any guarantee of their accuracy or authenticity.
Enter FindSelfStorageAuctions.com and their comprehensive database, the only self-storage auction listing website being offered to self-storage associations for free. When asked why it’s being given to associations, James states that, “Associations were set up to provide operators with standards and develop consistency in the industry. These same associations also, look for ways to provide useful benefits to their members, which often include collective legal support and legislative support. The efforts of these associations have helped construct the industry standards that protect both the public and the operators, so it only seems logical that associations look for ways to be at the forefront of the auction listing process. With membership shrinking, our goal was to produce a tangible benefit that associations could provide their members; one that was of little to no cost for either, that would dramatically increase auction revenues and attendance, while assuring accuracy to the searching public.”
It’s James’ opinion that, "The current self-storage auction listing process is a case of too many listings in too many places, and the searching public has no idea what sources are reliable or accurate. Originally developed for the Arizona Self-Storage Association but a separate private partnership now, we have over 14 months of data compiled supporting this model. No one else can boast the up to 120,000 pageviews a month we’ve achieved, due to association members/operators embracing this as an effective advertising method. We’ve created a single source, given it to state associations for free, and ensured that the listing data remain in operators’ hands. We developed this concept to be self-sufficient and easy to implement. Association partners need only supply a logo and I do the rest, and within a few hours, their members are off to the races and enjoying a 60% discount off the standard $25 non-partner single auction listing fee. FindSelfStorageAuctions.com has no sign up fee, requires no long term commitment on the part of the association partners, automatically offers revenue sharing to association partners, and is not a burden to maintain.”
In summary… The public has free access to a simple, standardized auction listing database, they can trust the accuracy and the integrity of the data since it’s coming from operators and associations, and associations have free access to a customized tangible benefit to offer members. FindSelfStorageAuctions.com is immediately available to all self-storage associations.