Scott Meyers

Scott Meyers

Scott Meyers, CSSM, is the nation's leading self storage educator. He travels the country revealing why self storage has become the hottest sector in commercial real estate over the past 30 years that virtually nobody has heard about. Practically every real estate investor and entrepreneur has uttered the words ""I've always wondered about self storage, I've heard those things were cash cows"". It was only after becoming a penniless millionaire in the single family and apartment business, and a near bankruptcy experience managing several hundred tenants and toilets that Scott asked himself that very same question. Scott is the owner and President of Alcatraz Storage which operates several self storage facilities in the Midwest. Scott is a Certified Self Storage Manager (CSSM) through the National Self Storage Association and is a Certified Apartment Manager (CAM) through The National Apartment Association. He has been a real estate investor since 1993, and was an instructor of the Landlord 101 course through the University of Indianapolis. Scott Meyers speaks to investor groups nationwide but mostly enjoys spending time at home with his wife and 3 young children in Indianapolis, Indiana.

    Scott Meyers's Articles

    • Why is Self Storage Suddenly So Hot!

      Investors in self-storage stocks finally have some gains to stow away. The four real estate investment trusts that together own and operate about 12 percent of the facilities nationwide – most of the other properties are mom-and-pop operations – has soared about 31 percent, on average, this year through Thursday, after finishing 2007 with a nearly 25 percent loss.This year’s returns far surpass those of all other property REIT categories as well as the broader stock market. Equity REITs are up around 10 percent so far, on average, while the Standard & Poor’s 500-stock index is off about 5 percent.Why…

    • The Self-Storage Investor’s Dilemma – To Buy or to Build?

      This is one of the most common questions I receive when I begin working with my clients. Mostly because the common path presented in the industry is to build. And although it’s profitable, it isn’t the only way to get into the business, and as I’ve outlined below, it is feasible to do both. But first, let’s briefly compare the 2 paths:The Advantages of Buying versus BuildingThere are several advantages to buying rather than building a self-storage facility. These advantages include:Quick EntryQuite simply, buying an existing facility will get you into the business faster. Bypassing the development process will allow…

    • The Future of Self Storage

      As we look to the future of self storage, it’s very clear that the future looks bright. There are a few trends afoot backed by solid industry data that justify my positive outlook on this high growth industry. These trends are as follows:Increasing DemandThe U.S. Population is predicted to reach 400 million by the year 2050. All indicators show that Americans continue to be a highly mobile society with a high propensity to accumulate “stuff”. This means that as of the time of this publication, we stand to add 150 million potential customers to our prospect list who are searching…

    • Tenant Insurance Win-Win in Self-Storage Facilities

      Most homeowners or apartment renters insure the possessions in their dwelling from theft or damage – but many don’t think that far when it comes to self-storage space.As a self-storage facility owner, you have a responsibility – and an opportunity – when it comes to making sure your customer’s possessions are protected. There are two main ways to make sure their insurance needs are being met.Insurance Needs Of a Self-Storage RenterYou’re On Your Own SolutionThe first method is to make the new customer aware you’re not responsible for protecting what they store with you and offer them a brochure for…

    • Seven Tenets Of A Great Self Storage Workplace

      I often consider the concept of a workplace and what in particular defines it. What makes it remarkable? What makes it distinguished? Particularly, what prevailing elements do workplaces in general share that might be deemed outstanding or unrivaled?Putting aside preconceived notions of larger versus smaller companies or of viability in any particular industry, I believe a workplace can still become prestigious if it takes into account and adheres to the following:Defined ObjectivesIf I were to ask, “Who are you?” would you tell me your name or your job title? But what defines you? What drives you? With a clarified sense…

    • Self-Directed IRA’s For The Self-Storage Industry

      Did you know there are several different ways to raise the cash for the down payment on your self storage facility? One of which I will caution: I DO NOT recommend or approve of 100% financing or the “No Money Down” deals that you have seen on TV or heard of by other authors and speakers.In the early stages of my real estate career, most of my single family houses and apartment complexes were purchased with no money down and my entire portfolio was approached a 95% Loan to Value ratio at one point. As a result, my cash flow…

    • Self Storage Business Step 1: Securing A Loan

      From the outside looking in, the self storage business can often look intimidating. Especially in an economy where it’s difficult for anyone to get a loan, particularly first time property owners.However, there are steps that you can take to make getting into the self storage business easier and less stressful. First of all, it’s important to understand why banks are so selective when it comes to self storage borrowing.Not only is it a property loan, but the self storage industry is unique from most other property ownerships. In fact, it’s more of a retail business meaning you not only have…

    • Self Storage – Investors Should You Hire A Manager?

      Self Storage is a business where a tenant rents out a unit or space from a storage facility for personal or professional use. He can access it anytime while he’s renting it. Here in the self storage investing business there are many important aspects to keeping your business in line. However, perhaps none are more important that who you choose to manage your facility. A good manager can turn a self storage facility into a booming, profitable business, and in the same light, an awful one can bring it tumbling to the ground. Finding the right manager may be a…

    • Self Serve Kiosks

      To compete in today’s economic environment, many self-storage operators are turning to technology to lure customers to their facilities and provide superior service once they sign on the dotted line. Industry studies show the increasing usage of technology in facilities of all ages. Self-storage operators are employing the Internet for marketing, rental payments and online reservations. Facilities are benefiting from computer-management software, surveillance cameras accessible over the Internet, and digital video recorders.One emerging item in the technical arsenal is the self-serve kiosk. When looking for ways to increase profitability and enhance customer service, more storage owners are turning to kiosks,…

    • Reduce Your Self Storage Customer Acquisition Costs

      What could be better than gaining a new customer? A new customer that pays a monthly rental fee, purchases supplies, and tells everyone they know about your company. You would think, “not much more”!But actually there is more you could ask for.Think about the cost of acquiring this customer. What if it could cost less? What if it could lower your cost of acquisition by 20%?It’s possible…..How you ask? Well, think about how much money you spend on advertising. Yellow pages, magazines, newspapers, web, etc. Do you know the bottom line that each one of your mediums is bringing you?…

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