On today’s episode, we are joined by John Manes, to talk about his experience in the world self-storage. John has spoken across the country on the topic and shares some of his insights with us. Self-storage is one of the most stable investments, both during upturns and downturns because people always need somewhere to store their possessions.
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This continual need for the asset class has been a great contributor to Pinnacle’s success. Not only has the demand for self-storage remained high, but John has consciously and conscientiously built a team that has helped him soar to the top. Most people look to build teams with people who are similar to themselves, but John advises that it is best to surround yourself with people who complement you and your weaknesses. Along with talking about the value of a great team, John also talks about some of the more technical aspects of his self-storage business, such as finding and structuring deals. For all this and more, join us today!
Key Points From This Episode:
- How John’s background in sales led him to work as a self-storage entrepreneur.
- Some of the biggest lessons that John learned from his previous work that he applies now.
- Marketing yourself is as important as marketing your business.
- What to do in order to build a team that will help you succeed.
- An explanation of the ‘machine’ that Pinnacle Storage has built.
- Some tips on how to scale a company on a shoestring budget.
- Self-storage is so stable because of the human behavior that drives the demand for it.
- As an investor, self-storage provides an excellent opportunity for cash flow.
- The creative ways that Pinnacle finds their many deals.
- The four parts of a deal and which part is a non-negotiable for Pinnacle to be involved in.
- Some insights into Pinnacle’s current deals.
- What Pinnacle is doing in order to prepare for the ‘downturn.’
- How partnering with a marketing team has changed Pinnacle’s business recently.
- The things which have contributed to John’s success.
- Be transparent with investors both when things are and are not going well.
[bctt tweet=”Self-storage has a 2% foreclosure rate. What do you think people do with their stuff when they lose their house? — John Manes” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
John Manes’ cellphone number — 210-818-1496
About John Manes
John Manes is co-owner of Pinnacle Storage Properties and Pinnacle Storage Managers with a total of 20 properties valued at over $100M with over 1 Million square foot located in the greater Houston area, East Texas, Boerne, Garland, Spicewood and College Station, Oregon and Washington state. He has been involved in self storage for 13 years in multiple capacities. He purchased his first facility in November 2015 in Boerne Texas. John is a previous director of the board of the Texas Self Storage Association and has spoken at TSSA luncheons in approximately 10 different cities and is a contributor to multiple self-storage publications.
John has served on a number of TSSA committees. He has also spoken numerous times at both SSA and ISS national conferences. Prior to starting his own self storage real estate investment company John Manes most recently served as Chief Operating Officer for The Jenkins Organization (“TJO”). TJO is a fully integrated real estate company specializing in the self- storage industry. Their expertise lies in acquisition, development, ownership, management and disposition of Self-Storage properties. The company is based in Houston, Texas.
John oversaw all areas of the 55 facilities owned and/or managed by The Jenkins Organization as the Chief Operating Officer. The stores totaled over 4 million square feet of Self-Storage space, and over 23,000 tenant customers. During John’s tenure at TJO, they managed Self-Storage projects in 3 states and 15 different Texas cities; Houston, Austin, Dallas, Ft. Worth, San Antonio, Galveston, College Station, Conroe, Beaumont, Oklahoma City and New Orleans. The portfolio under John’s management was valued in excess of $200,000,000. As the COO John’s primary function was to oversee all home office and field operations. This included direct responsibility for manager training, human resources, revenue management, bookkeeping, recruiting, operational policies and procedures, repair and maintenance processes, and overall profitability of all managed facilities.
John joined TJO in 2011 after serving as one of 3 Regional Vice Presidents with Uncle Bob’s Self-Storage, now Life Storage one of the five publicly traded Self-Storage REITs. John began at Uncle Bob’s as a District Manager in 2005 overseeing the Austin and San Antonio markets, and in 2009 was promoted to be one of three Regional Vice Presidents. As Regional Vice President, John was responsible for the performance of over 120 properties and 200 employees. For three consecutive years, John had the best financial performing region in the portfolio.
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