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 Post subject: The Impact of Self-Storage Auctions (Inside Self Storage)
PostPosted: Apr 21st, '11, 22:27 
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Joined: Nov 7th, '10, 13:27
Posts: 138
Location: Virginia
The Impact of Self-Storage Auctions: Improving Operating Income, Increasing Facility Value

There are many ways to enhance your self-storage facility’s net operating income (NOI), including raising prices or lowering expenses. However, the recent popularity of reality TV shows such as “Storage Wars” and “Auction Hunters” has given self-storage operators a new tool to improve their NOI—capturing lost revenue from non-paying tenants.

Calculating NOI

Historically, the most important outcome of the lien sale was to have the unit emptied so it could be rented to a new customer. Most operators recognize auctions likely won’t generate much cash. Fortunately, these reality shows have changed the game for storage operators by creating a wave of treasure-seekers looking for bargains.

In the past, a 10-by-20 unit full of boxes, clothes, furniture and other personal items may have netted $10 to $50 at auction. Today, an operator can expect anywhere from $200 to $1,000 or more for that same unit. Better auctions are not only important because more cash ends up in your pocket, but they also increase your NOI, which is the most critical valuation factor when it comes time to sell your property.

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