Real Deal #28
Quote I love: “Without great solicitude, no serious work is possible".” - Pablo Picasso
I took my oldest son on his 1st duck hunt this weekend for opening day of the season. It was the one of the most memorable days of duck hunting in 20 years. The air was crisp, the sunrise was picture perfect, and the ducks swarmed like mosquitos.
Climate Expansion: I am working on an climate controlled expansion at one of our sites and I planning to install the new “no key” technology. When a customer gets close to the lock, it automatically opens. On top of the you can share digit keys with family members. It is really cool.
This seems to be the future of the business. We are going to test it and see what happens.
Case Study from 2021: Here is a short case study from an earlier property. It is fun to watch and see how much we have learned and grown as a team.
The asset was purchased on February 1, 2020 and found via a good ol’ fashion cold call. Oddly enough I took a wrong turn on my way somewhere, came across this location….. and bingo! The property is 16,500 sq. ft. and consists of 116 units of which 25 are climate controlled. The seller did not accept credit card, had zero online presence, and if a customer wanted to pay in cash, they had to drive across town to slide an envelope under his front door. At the time of acquisition, the occupancy was 72% with an average monthly gross rent of $8,000. Today, after creating a website, taking credit cards, and employing SEO, our occupancy is 95%+, we have 71% of customers of reoccurring payments, and our gross monthly revenue is $9,500-$10,000. This is a 21% increase in profit.
Lagniappe:
It was short and sweet today. If you enjoyed this, please forward it to another curious friend. I love your replies to The Real Deal. I read every single one, and I try to respond as often as I can.
www.pearsonpartnerspe.com