Posts filed under 'Public Relations'
Yet another fund is including self-storage in its mix. Harrison Street Real Estate Capital closed Harrison Street Real Estate Partners I LP. The total value of the fund is expected to be between $800 million and $1 billion. Beyond senior housing, student housing, parking and medical properties, the fund will invest in, yep, you guessed it - self-storage.
The powers that be at Harrison said they wanted to focus on “niche areas” of real estate. At some level, self-storage may always be a niche. At another level, self-storage is a force to be reckoned as it continues to show strong among investors against other property types.
Success is always a two-edged sword. It presents opportunity and challenges.This is great marketing for the industry, but, of course, will lead to stiffer competition for operators.
June 21st, 2007
The Wesco Torrence Self Storage Center made a smart marketing move — announcing to the world its senior, student and military storage discount specials, along with a branded 800 number (or 888 number as it were).
That’s the news hook. The operator took full opportunity to describe the many benefits of doing business at the facility, including its wine storage, self storage or RV storage — it’s a full-service business center that’s ideal for businesses of all sizes and the general public alike.
This is a masterful release that communicates Wesco’s unique value proposition — and communicates it well. Would that all facility releases so on target.
Click here to read it for yourself.
June 20th, 2007
You gotta love it when you see self-storage headlines in Forbes. Through its Associated Press feed, Forbes is running the story about Extra Space buying 13 properties from AAAAA Rent-A-Space for $130 million in convertible units. In fact, the news about Extra Space is all over the place.
When you see breaking news in the industry like this, it’s time to ride on that media relations bandwagon and get your own name in the paper. Hint: Be sure to have something newsworthy when you do. You need an angle. Approaching the media without an angle is asking for a disgruntled editor to mark you as a time waster the next time around.
Click here to read the rest of the story in Forbes.
June 19th, 2007
The Wall Street Journal published an article last month that got the full attention of the self-storage industry. The article, entitled, “Self-Storage REITs Lose Heat,” chronicled the rise and fall of what it called a “tiny niche of real estate investment trusts in the self-storage sector.”
“A recent Wall Street Journal article reported that self-storage REITs are showing some softness. Same-store growth in net operating income declined a few percentage points,” said Michael A. Mele, Senior Investment Associate at Marcus & Millichap’s Mele Storage Group. “That may be true, but that doesn’t mean that there aren’t still solid investments in the market. It just means investors of all sizes need to be more cautious about their acquisitions.”
Click here to read the rest of this release on PR.com.
June 13th, 2007
“A box full of childhood memories, furniture from a college dorm room, the china set grandma owned, the belongings of a departed loved one. All put in a self-storage unit for safekeeping. All lost forever because the rental payments weren’t made.”
That’s the beginning of a Times Expres article on self-storage auctions. It’s an interesting foray into the world of self-storage auctions and I believe it sheds some light on the process for curious gainsayer who might choose to bid, but more importantly for deadbeats who may choose not to pay. It’s always good to shed light on a matter.
I was glad to see that the self-storage owners interviewed in the article had the right spirit about it all and that the reporter captured that spirit. Self-storage didn’t look like the bad guy, but quite the contrary, looked reasonable and even lenient. This is a win for press relations for the industry. Would that all articles were so well done. Of course, it largely depends on the interviewees projecting the right image.
May 7th, 2007
“With the average purchase price of a Manhattan apartment at $1.3 million, even closet space is too valuable for golf clubs, bowling balls and coats that are out of fashion.
But the choice isn’t between throwing stuff away or living like a Collyer Brothers-style packrat. There’s another increasingly popular option: self-storage.”
That’s an excerpt from a much-welcomed article about the self-storage industry in New York. You gotta love these journalists who offer free publicity in such a credible venue.
The article features Manhattan Mini Storage. I wonder what this facility did to get the eye of the reporter? Was it happenstance? Perhaps, but it doesn’t have to be. Those facilities that build relationships with the media through letters, press releases and other means can find their name in an article like this. There’s no better publicity because it’s credible. The reporter is giving you an open platform.
Kudos to Manhattan Mini.
Click here to read the rest of this article in the New York Daily News.
April 24th, 2007
The Christian Science Monitor, an international newspaper, is giving self-storage a boost this week, connecting it with the dreaded task of spring cleaning. The reporter writes:
“Whatever Americans are storing, they’re doing it for longer periods. In the early days of the 35-year-old industry, storage was mostly short term and related to moving, says Tim Deitz of the Self Storage Association, the industry’s trade group in Washington, D.C. The first self-storage facilities opened in Texas in the mid-1960s, soon spread to the West Coast, and then throughout the United States and Canada. Before people had this option, warehouses were used to store household Items, but access to stored goods was not as easy as with today’s units.”
This is great for the industry. The Monitor reaches readers far and wide and is credible. Also, check out the author mentioned in this article.
Every paper in America should be running a similar article. But are they? Many are, but most are probably not. That’s why media relations is so vital to the industry. Just like retailers make an extra push during the holidays, the storage industry should make an extra push during these strategic times of year – like spring — to raise awareness of how self-storage can make people’s lives easier.
Click here to read the rest of the article in the Christian Science Monitor.
April 16th, 2007
The Canadian press is recognizing the benefits of self-storage, citing an estimated $8 billionlast year in rentals. Indeed, the industry is booming in Canada, with continually growing revenues up by more than 15 cent over the past five years, according to the Canada.com network of newspapers.
“We’re still behind the States, but we don’t have their problem of oversupply,” Candace Watson, the owner of Canadian Self Storage Valuation Services, told the paper.
Investors, new entrants and established brands are doing business there. This three page report in The Gazette is a dream for the industry there. How do you reckon the reporter got the idea for this comprehensive report? How did he choose the sources he’d interview?
The reporter may just be observant and could have picked up the phone book to look for sources, but it’s equally as possible that some savvy operator there tipped him off with a press release. Here’s what we do know: your chances of getting into the paper are greater if you launch public relations campaigns. Here’s what we also know: getting mentioned in your local paper enhances your credibility and gives you a competitive edge.
Get to know your local media but don’t harass them with unworthy news items. If you’ve got something to say, say it. If not, just be a good corporate citizen until you do. That, in and of itself, will eventually generate something to say: “We helped Toys for Tots” or “We offered free storage to a fire victim.”
Who will your local paper interview next time they do an article on self-storage? It’s at least patrially up to you.
January 23rd, 2007
“The cold weather is to blame for dozens of soaked self-storage units in Haverhill and many of the folks who rented those units are upset and frustrated that their possessions have been ruined.”
So reads a CBS4 report out of Boston. It seems a frozen sprinkler pipe burst on the seventh floor of A-Plus Storage and water poured down into the units below. The buildings owner says it’s an unfortunate accident, but he’s not responsible for the damaged goods, CBS reports. According to CBS, the tenants were advised to get renters insurance for their stuff but many never did.
I hate to see this for several reasons. First, it’s just bad publicity. Second, CBS didn’t offer a direct quote from the owner. It may be better in the end since it doesn’t appear the owner did anything to throw water onto the fire. (No pun intended.)
There’s a way to handle crisises like this — and it’s usually not with a blanket statement that says to the customer, “We told you so.”
Sure, the owner probably did tell the tenants to get insurance. But how hard did he try to convince them of the benefits? How easy did he make it for them to sign up? Did he partner with an insurance company to streamline the process? Or did he just have a little sign up on the desk or a clause in the contract? We may never know.
What I can tell you is there’s a better way to handle the situation. Instead of saying, “I’m not responsible. I told the tenants to get insurance.” Why not say something less offensive and more comforting, such as, “While we did advise our tenants to get insurance and won’t assume liability, we are working with our tenants to help them recover and rebuild. We are also forming a strategic alliance with a self-storage insurance carrier to provide a quick and easy way for new tenants to obtain insurance in the future.”
That pill goes down a little easier, doesn’t it? The point is we need to be there for our customers — and let them know we’re there — even when it’s not our fault. Having a hands-off, I-told-you-so attitude doesn’t pay dividends, especially when your stance is communicated over the World Wide Web.
Click here to read the original story on CBS4Boston.com.
January 22nd, 2007
The Suburban Journals published a story about Hahs Real Estate Group permission to renovate a Kmart site in Bellefontaine, Missouri to a self-storage facility. This is sure to be a great conversion and illustrate to the community the multiple benefits of self-storage.
What struck me, though, is that an architect was interviewed, the mayor was interviewed, the city attorney was interviewed, a ward alderman was interviewed, but the actual developer does not have a voice in the article. It could be that the reporter didn’t try to contact him. It could be that the developer was unavailable. There could be any one of several reasons.
The bottom line is this: it would have been more beneficial to the developer to chime in on his plans, rather than having the city attorney give a brief of the deal. It will be important as the project develops that the developer have a voice in the local media so he can connect with the community and shape the story he wants told.
Press releases announcing project plans, ground breakings and the like can help make sure this developer gets a voice. Dealing with the media takes a bit of savvy. You don’t want to inundaute editors or give them foolish leads or they won’t respect you.
But listen up developers: If you are working on a project, let the media know. Don’t wait for the city reporter to find out at a town meeting. Get proactive and shape the story early and guide it through. You’ll be glad you did.
Click here to read the rest of the original piece about this strategic conversion by Hahs Real Estate Group.
January 11th, 2007
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