From the costs to customer expectations, running a facility focused on storing boats, RVs, and other vehicles is very different from running a traditional self storage facility full of storage units. There's a lot to know to set yourself up for success. Whether you're new to storage entirely or you're a seasoned storage veteran trying to add vehicle storage to your portfolio, this Gabfocus session features experts and veterans in the field that can give you the perspective you need!

Featured Speakers: Terry Anderson, Barry Raber & Greg Ellsworth
Moderators: Tommy Nguyen & Melissa Huff

Category: Boat & RV Storage
Focus: Owners & Operators
Aired: September 29, 2022
Duration: 1:08:51

Overview

If you don't have time to watch the whole session, here are some of our favorite parts:

• At 7:20, our guests discuss how the recreational vehicle industry has looked over the last decade.
• 8:29, Terry gives us an incredible statistic: There are over 25 million RV owners as of this year.
• Starting around 11:02, Terry starts the conversation about how demand has soared post-lockdown. 
• 12:30, Greg agrees and follows up with an additional factoid: With rising gas prices, people are looking to store closer to their destinations rather than home.
• At 14:40, Barry brings a major difference between traditional storage and RV/boat storage into focus: These vehicles create adventure and generate memories with loved ones.
• Improving SEO begins at 22:40, with panelists discussing the importance of content.
• Starting at 17:45, our panelists begin to discuss how customers differ in the boat & RV storage industry.
• 17:60, Greg explains that customers in this industry are looking for experiences rather than just a place to store items and get them out of the way.
• Around 20:00 Barry brings up the point that traditional storage customers are often storing due to unfortunate life events—by comparison, boat & RV storage customers have purchased expensive vehicles and are in a generally more positive situation.
• At 21:45, Terry agrees that customers in this industry are generally happier and more fun-oriented.
• Starting 25:45, panelists discuss a viewer question: What are the top amenities to have?
• 26:00: Terry answers tenant protection plans, on-site propane for purchase, and parks for children and dogs.
• 27:38: Greg answers dump stations, trickle chargers, and tenant protection plans.
• 28:30: Barry answers dump stations, trickle chargers, and dog parks.
• Starting at 28:45, our experts begin discussing how marketing differs in this industry. The key points? Customers will drive further to find the right storage amenities, and customers will store closer to their destinations rather than at home.
• At 37:10, Greg advises that boat & RV customers tend to know other customers well, they talk, and this makes word of mouth even more potent.
• Starting at 39:00, our guests began answering viewer questions, including: cap rates, financing, aisle sizes, seasonal trends, powered units, and revenue management.
• Lightning round for viewer Q&A begins at 55:40 including topics such as profitability of boat & RV storage, price per square foot, a list of associations to pay attention to, and the average cost to construct a facility.
• At 1:00:00, our experts answer the Question of the Week!

Resources

• RV Industry Association
• Toy Storage Nation
• Carefree Covered RV Storage

Question of the Week

We asked our experts: What are the most common myths in recreational vehicle storage?

One thing that I found interesting is that the % of vehicles that are trailers and towables is super high. So you think RV, which to me is a vehicle with an engine. But from August—August sales numbers from the industry, 82% of sales in the industry are towables." - Barry Raber

"The myth is that the economy is going to slow it all down. It's not. I'm telling you were on a run in the next ten to fifteen years with this new asset class." - Terry Anderson

"Your delinquency rate on boat and RV storage is less than it would be on a traditional storage site. The myth is that when a tenant goes deliquent they're able to just pick up and leave. You're dealing with a different type of tenant in boat and RV storage, and those tenants are typically a little bit more affluent and so they do not go deliquent on their units nearly as often." - Greg Ellsworth

Gabfocus Takeaway

There are similarities between self storage and boat & RV storage. This can help you bridge the gap when trying to transition from one to the other. When it comes down to it, though, the key difference between the two industries is the customer and the reason they're looking for storage. Pay attention to your intended market and the amenities they want to make sure you build a strong reputation for word-of-mouth marketing!

What are Gabfocus Sessions?

Gabfocus Sessions are virtual workshops for self storage owners, managers, and operators. Brought to you by the team behind Gabfest: StoragePug and Affordable Storage Guys Management.

Each session features hand-picked industry pros who will dive deep into relevant topics surrounding our industry, share best practices, and explore trends in the market. It's our hope that these sessions help you navigate your self storage business better during these uncertain times.

Want to learn more about self storage? Join us on select Thursdays for Gabfocus.