In this episode of the AAA Storage Podcast, Paul Bennett and David Luce, the VP of Operations at AAA Storage, explore the intricate details of leasing and managing self-storage facilities—topics rarely uncovered in the industry. David explains the evolution of management practices over the past decade, the role of technology in operations, and provides a comparative look at leasing up new facilities versus managing mature ones. Listeners will gain a deeper understanding of self-storage investing and the strategic processes that drive success in this unique asset class.

Key Highlights:

• Industry Evolution: David Luce discusses the dramatic changes in self-storage management over the past 10 years, highlighting the shift from manual to all-digital operations.
• Lease-up vs. Maturity: Learn the differences in strategies for leasing up new facilities and managing high-occupancy, mature properties.
• Marketing Strategy: The importance of Google and grassroots marketing in attracting tenants to self-storage facilities.
• Remote Management: Insights into the growing trend of remote management and how AAA Storage balances technology with human presence.
• Investment Due Diligence: What potential investors should consider about a sponsor's property management capabilities.

Quotes:

• "Today, everything is done digitally, and that allows a degree of efficiency we couldn't have imagined 10 years ago." — David Luce
• "For lease-ups, your goal is to lease it up fast—it's all about that initial velocity." — David Luce
• "Grassroots marketing and strong curb appeal are vital—more than 50% of business comes from simple drive-by traffic." — David Luce