This week, Matt is joined by Joe Margolis, CEO of Extra Space Storage, one of the largest providers of self-storage in the U.S. Joe explores the drivers of the exponential growth the industry has seen in the past few years, the importance of company culture and customer care, and why self-storage is ultimately about hope.
Matt shares an interesting connection with Extra Space. His wife is a member of its board and was instrumental in helping raise Extra Space’s first institutional capital. They have seen from both inside and out that Extra Space is a company that cares deeply about providing an excellent customer experience and maintaining a family-centered culture. Joe illustrates this point with a story from his first week at Extra Space. He’d moved from the East Coast to Utah for the job, and at the end of the work day asked an employee to run some numbers for him. Joe expected the employee to jump to it right away, and was shocked when he took the numbers and went home to have dinner with his family. He learned quickly that family time was a priority for the business and that not everything needed to be treated as an emergency.
Joe shares the diverse industry landscape that comprises self-storage. While Extra Space and its five top competitors make up about 30% of the country’s storage facilities, the majority of the storage facilities in the country are still owned by smaller or regional owners, who usually have a portfolio of two to fifteen stores. Thus, self-storage is on the more fragmented side of the real estate industry and will be fascinating to follow as its demand continues to increase.
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Ken Woolley | Founder & Chairman of Extra Space Storage
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Maria Hawthorne | President & CEO of PS Business Parks
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Parting Shot
Proudly donning ExtraSpace gear:
Matt Slepin and his wife, Diane Olmstead,
who is a member of the ExtraSpace Board of Directors
Jesse Stein | Global Head of Real Estate at Airbnb
Hamid Moghadam | Co-Founder, Chairman and CEO of Prologis
Sharon Wilson Géno | President of the National Multifamily Housing Council (NMHC)
Alice Carr | CEO of April Housing
Francis Najafi | Founder and Chief Executive Officer of Pivotal Group
Doug Weill | Co-Founder and Co-Manager of Hodes Weill & Associates
Steve Kimmelman | Founder, CEO and Executive Chairman of Redwood Living
Gary Beasley | CEO and Co-Founder of Roofstock
Brad Inman | Founder of Inman
Michael Covarrubias, Chairman and Co-CEO of TMG Partners | Cyrus Sanandaji, CEO of Presidio Bay Ventures
Mark Zandi | Chief Economist at Moody’s Analytics
Daniel Radek | President of First Washington Realty
Deb Harmon, Co-Founder and Co-Chief Executive Officer of Artemis | Anar Chudgar, Co-President of Artemis
Amanda Fajak, President of Walking the Talk | Larry Krema, Managing Director of ZRG
Rick Caruso | Founder and Executive Chairman of Caruso
Stephanie Biernbaum, Chief People Officer of Hines and Doug Holte, CEO of EXP by Hines
Scott Rechler | Chairman and CEO of RXR
Colin Connolly | President and CEO of Cousins Properties
Caroline Johns | Director of Sustainability at Pembroke
Brad Dockser | CEO and Co-Founder of GreenGen
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