Over the past few years of the economic recession, businesses have had a tough time turning a profit. Though the self storage industry has stayed remarkably stable, it doesn’t mean times have been easy for the industry. One company, Vertical Consultants, has taken the storage industry by storm and helped several storage companies turn a larger profit in recent years. Here’s the story of how they do it.
There are many self storage companies around the United States which are in great locations for cell phone companies to build cell towers on the storage facility property. Thus, many self storage companies have been contracted by various wireless companies to place towers on their property. In doing so, the storage facility owners receive a check each month for “renting” out the land the cell tower sits on. The issue arises because most landowners do not know the true fair market value of their land and simply accept what the cell phone companies give them each month and many of these landowners are finding out how much they have been underpaid.
Vertical Consultants specialize in the review of the legal documents and the expertise in finding the true value of the property as it relates to the lease agreement while even being able to include additional leasing language if necessary. This could provide landowners with even more income than they are currently receiving.
The company has had a good amount of success in the self storage industry with over 1,400 self storage facilities in over 40 states already on board. The results are speaking for themselves. A Virginia based storage company recently received additional income for the past decade for a cell tower placed on its land and placed language in the new contract which would keep the cell phone company responsible in the future as well.
Several other storage facilities have received back dating expenses for unpaid or underpaid cell tower leases with increases in revenue up to 200%. Hugh Odom, the CEO of Vertical Consultants, recently said “Most property owners believe that once they’ve signed a lease with one of these companies, the property’s ‘true value’ is simply the rent check they receive each month. Actually, that’s not the case at all.” He also added that the reason many storage facilities have not been paid properly is “the lack of information a property owner has regarding their telecom tenant’s actual use of their property. The telecom companies strategically rely on this fact to evade the payment of expenses they are responsible for, in turn costing property owners across North America millions of dollars a year in unnecessary costs.”
Vertical Consultants mission is to change the way things are done for the benefit of their clients. Storage companies can continue to accept things the way they are or they can level the playing field and optimize the value of the lease.
Latest posts by SSF Team (see all)
- Store Your Skateboard: Face It, It’s Time - July 14, 2015
- FAQ: 10 Myths About Self Storage - September 16, 2014
- FAQ: What Happens If My Storage Unit Is Destroyed? - September 11, 2014