As the nation’s largest third-party self storage management company, Extra Space Storage is familiar with helping first-time owners and operators, as well as real estate and development companies, enter the self storage industry. That’s exactly how we became connected with Verdad, a leading real estate development and construction company that has established more than 500 developments across the country.
Founded in 2009, Verdad combines real estate and construction services to help everyone from small organizations to national brands like Popeyes, Shake Shack, and 7-Eleven successfully implement growth strategies. Verdad approaches each project, no matter how big or small, with the same level of commitment and attention in order to meet the personal needs of each client.
While Verdad has been successful in real estate and construction, entering the self storage industry was unfamiliar territory for the company, and they wanted a trusted partner to help them navigate.
“There definitely was a learning curve moving from single-tenant retail to storage,” said James Montgomery, Division Manager at Verdad. “A fantastic retail market does not equate to a fantastic storage opportunity.”
After thorough research and several discussions with other individuals and businesses already working in the self storage industry, Verdad was pointed in Extra Space Storage’s direction.
“Extra Space Storage obviously has an amazing and unparalleled track record in the storage industry,” Montgomery added. “But I think we were most impressed by their clear commitment to fostering long-term and mutually beneficial relationships with their partners. That’s very important to us and something deeply ingrained into our own company’s culture.”
Through ManagementPlus, our turnkey third-party management solution, Verdad was able to smooth the learning curve and open two self storage facilities. One of the major benefits of ManagementPlus is that Extra Space Storage developed it with the challenges of entering the industry in mind, so there are plenty of resources available to help industry newcomers like Verdad succeed and thrive.
“We’ve certainly experienced some bumps along the way to really understanding all the factors that can make or break a project, and we’re grateful for all the help and advice we’ve received from consultants, contractors, and other developers,” Montgomery said. “Retail is such a dog-eat-dog industry, but entering the storage sector has actually been a very welcoming and refreshing experience.”
With more than 700 third-party managed stores on the ManagementPlus platform, Extra Space Storage is the leading partner for self storage owners and operators. If you’re interested in a third-party partnership with Extra Space Storage, you can learn more about ManagementPlus here.