Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that knows the Self Storage business, that works in all 50 states and is there for you when you need him?
"We highly recommend Jerry Jones, a CPA in Reno, NV to anyone who is interested in being advised in all areas of their tax planning in an efficient and expert manner. He is a very dedicated individual who works hard for his clients, handling all of his clients personally, and follows through on every part of the tax-filing process. Jerry is extremely knowledgeable with the regulations and requirements needed to successfully calculate both personal and business taxes, and is vigilant in keeping up with the latest laws, updates, and changes. Jerry is a creative thinker who has always made himself available outside of normal business hours to answer our questions. We particularly appreciate the occasional emails he sends out apprising his clients of changes to the tax code that could affect us. If you are looking for an engaged, and thoroughly competent CPA, look no further."
Chris & Amanda Schroeder, Reno, NV

4 Steps to Choosing, Installing and Maximizing a Self-Storage Kiosk

By: Robert Chiti

The implementation a self-service kiosk at a self-storage operation, like any other business initiative, takes owner commitment, planning, manager buy-in and some willingness to change.

The good news is, if done correctly, the venture will pay off handsomely. Self-storage kiosks rented more than 23,000 units in 2011 and processed more than $21 million in rental payments. For you facility operators out there, here’s a step-by-step guide to choosing, installing and managing a self-storage kiosk. It's not as daunting as you may think.

Click Here To Download Entire Article.

Self-Storage Research
Semi-annual Report Fourth Quarter 2012

Marcus & Millichap

Coastal Cities Lead Recovery, Secondary Markets Lagging

Demand for self-storage space will be sustained by an improving job market and the daunting eff ects from Hurricane Sandy. The catastrophic events unfolding from the hurricane created an estimated $20 billion to $30 billion in damage along the Eastern Seaboard. Typically after a natural disaster of this magnitude, demand for self-storage accelerates as homeowners store undamaged goods during the cleanup process, while contractors and local suppliers utilize commercial space. As such, operators with heavy exposure to the East Coast will see a sharp increase in business over the next six to 18 months. On a more positive note, with the economy on the mend, the nation has gained 1.3 million jobs this year, which enhanced consumer confi dence to a four-year high and boosted retail sales. Th is trend will persist through the holiday season as an additional 400,000 jobs will be created in the fi nal quarter. Technology-driven markets, including the Bay Area, Seattle, Los Angeles, New York City, and Boston, along with oil-rich regions in Texas and North Dakota, will realize a signifi cant portion of these gains. As residents relocate to these areas, many will enter the rental community and utilize storage units for excess items. Th is rise in demand, coupled with limited construction will support positive absorption across the nation this year.

As REITs and private-equity groups remain bullish on high-quality product, cap rates will stay compressed into next year, pushing some yield-seeking investors down the quality scale to capture higher returns. To satisfy investment objectives and grow portfolios, this pool of buyers needs to place liquidity into top-quality properties located in primary markets. Bidding will remain competitive for any new Class A listing, which will prompt most investors to pay cash to stave off the competition. With cap rates for these properties already treading near the sub-7 percent range, buyers looking to maximize returns may target stabilized assets in one-off markets, which can generate up to a 150-basis point premium. Meanwhile, smaller, local and regional investors priced out of the top-tier sector, will purchase Class B/C assets with proven cash fl ows in secondary and tertiary markets. Qualifi ed buyers with a solid operating history may be able to utilize the SBA 504 loan program for the acquisition. Due to the attractive debt being off ered, investors who use leverage could realize a cap rate spread of up to 400 basis points.

Click Here To Download Entire Article.

Cost Segregation

The Power Of Catch-Up And Bonus

By Jerry Jones, CPA aPC, and Jennifer Castillo

Last month in the October issue, we introduced you to a powerful tax savings tool called Cost Segregation. If you own a self-storage facility and haven't had a Cost Segregation Study completed, you are unquestionably overpaying your federal and state income taxes.

In this month's issue, we will discuss two specific provisions within the tax code that apply to cost segregation and make it even more advanatageous for you to consider as a self-storage investor. And don't worry-contrary to popular belief, if you've owned your facility for a number of years, it's still not too late to benefit from cost segregation. In Fact, your savings in the current tax year can be staggering!

To download entire article click here.

Interesting Ideas for Self-Storage Facilities

By Jerry Jones, CPA

Hi everybody, went to the AZ Convention a couple of weeks ago and came away with some great ideas from the various speakers. Thought I would pass them along.  You probably do most of them, but sometimes it is nice to re-evaluate and make sure you are doing everything you can to run a top notch facility(s) and make as much money as you can. 

1) Have you thought of doing webinars for all your managers on a monthly basis – great training tool – great way to engage the managers

2) Have you thought of having your staff go thru personality/charisma testing before being hired – helps with cohesiveness

3) Did you know that 70-75% of managers do not get customer’s information before they walk out

4) Did you know that 60% of renters are women – clean facilities front and back are becoming more and more important

5) Do you market the facilities by using distance parameters and track those

6) Do you maintain that all managers at all locations are trained the same way

7) Did you know that 60% of customers walk away because they do not feel cared about

8) Do you train your managers on collections – do you use automated collection calls

9) Do your managers have expectation benchmarks for – appts/retail sales/economic vs. physical occupancy – using a bad/good/very good/excellent scale

10) Do you prepare quarterly newsletters to the facilities – recognizing top managers in retail sales, collections, conversions of calls to appts, appts that actual show up - create an atmosphere of Accountability

11) How often do you audit the stores – deposits vs. unit usage – lock checks vs. used locks – units avail vs. reports – cleanliness

12) Do you use mystery shoppers

13) Do you give out certificates of excellence to top managers – this looks good to the customers

14) Did you know the average customer calls 4-5 times before making a decision

15) Do you track call center performance – calls converted, also – walk ins converted – phone calls converted – appt show up or not

16) Did you know only 25% of calls are booked – but 90% of all potential customers rent somewhere

17) Interesting point brought up – call centers are starting to get negative feedback – customers want that personal interaction

18) Do your managers educate the customer (phone call) on the facility – need to gain their trust and get the appt set – Get the customer to the store 85% will rent

19) Use the name of the facility thru-out the presentation – how did they find out about the facility – what will they be storing – benefits of the facility, truck usage, boxes, locks, security, etc

20) Assume the sale – do not ask if they want the unit – Show them a unit and tell them this is their unit – have a lock with you – show them how to use the lock – then tell them it will only take a few minutes to complete the paperwork

21) Contests for managers across facilities

22) How about start to raise rents now (7-9%), then raise rents every 9 months thereafter – 80/20 rule – raise rents, lose occupancy, but make more money

23) Embrace change – need to continually improve the facilities, the management, the owners

24) Ever thought of buying your own street sweeper for the facilities – could do a cost analysis on this

25) Have you seen the kiosks for propane refills

26) Ever thought of converting a couple of units to a FEDEX, UPS store, have a shredder available

 

Anybody out there that needs a good CPA that doesn't understand the Self Storage business please feel free to contact me.  I have clients across the U.S., so location is not a problem, I have designed 8-10 monthly and annual customized management reports for the industry. Great for single facilities and multiple facilities. 

I can prepare your LLC, Partnership and even your personal returns for all states.

 Feel free to give me a call to discuss how I might be able to help you with your facilities, accounting and tax planning.

Designed by NJ Designs