Self storage in the U.S. remains to be a profitable business. In the year 2010, the industry earned $20 billion and contributes some $3 billion in taxes to the Federal government each year.
In fact for the past 30 years, the self storage industry is considered the fastest growing sector of the commercial real estate industry according to the Self Storage Association (SSA). Analysts from Wall Street also describe this sector as recession-resistant due to its stable performance even in the middle of the 2008 recession.
Data from the SSA reveals there are 46,500 facilities currently in existence across the U.S. The association was established in 1975 as a non-profit entity and since then, has been representing the self storage industry.
Based in Virginia, this national association composed of self storage providers is affiliated with 27 state and regional associations and four international organizations. It has a Board of Directors comprised of 12 people and meets on a quarterly basis.
The self storage industry in the U.S. covers major public corporations and mid-sized companies that operate small chains. Currently, there are five major corporations such as the Public Storage, Extra Space Storage, U-Store-It Trust, Sovran Self Storage and U-Haul International. The chains are normally composed of three to 100 stores.
Operators who are members of the Self Storage Association are required to adhere to regulations covered under state lien laws. This is to ensure a legitimate and professional business and a favorable relationship between the providers and their customers. Some laws are now being revised to keep up with the current situation such as the use of modern technology to include the internet, smart phones and email notifications.
In addition, the SSA has a code of ethics that members have to observe to promote the integrity of the association. These include achieving excellence not only in the area of customer service but as well as in promotions and marketing, keeping track of industry developments to improve facilities and service, providing non-discriminatory service to customers, providing written contracts to clients for rental of storage space and complying with state, provincial and federal laws.
Members benefit from the association in a variety of ways. Firstly, they obtain first hand information on the facts and trends in the self storage industry. SSA issues its members with future data and those who want to obtain copies of important research findings can avail of discounts.
Secondly, the association works hard to establish favorable government relations in an effort to provide free competition in the industry and not establish a monopoly.
Thirdly, members benefit from the networking events, meetings and trade shows that are conducted every year. More than 4,000 operators normally attend these activities which are ideal for promoting one's business and gain more clients.
Fourthly, SSA provides members and facility managers with the SSA Globe magazine published each month. Members also receive the Globe Online published bi-weekly.
Finally, the association provides education and training to employees and business owners. Several workshops are being conducted to teach operators and their staff the proper management techniques.
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