Founded in 1984, BETCO is a premier mini-storage manufacturer offering a full array of self-storage products and services, including engineering, building design, construction crews and shipping. The company began manufacturing larger buildings to accommodate RV and boat storage in 2002. Knowing the BETCO has a wealth of experience in the industry, Toy Storage Nation reached out to Vice President of Business Development Roc Hughes to gain perspective on Class A RV and boat storage development.
What are the benefits of operating a Class A RV and boat storage facility? Are there any drawbacks?
There are several benefits for owners and operators operating Class A facilities. One of the biggest is the current lack of competition for Class A in the RV and boat storage market. Another benefit is a property doesn’t necessarily have to be the “perfect location” to be successful. RV and boat storage facilities can be developed on land that may not be suitable for other real estate ventures, which can save a lot of money in the long run. Operators can set higher rental rates when they offer increased security and if they are sheltering vehicles from the elements. Really, the only drawback might be that it costs less to build a Class B or Class C facility, but with the ability to collect higher rental rates, it’s a great return on the investment.
Are developers these days more interested in building Class A facilities, or are they just diving into lower classes of RV and boat storage just to get into the market while it’s hot?
Independents are the most common developers requesting information today, but we’re seeing a shift as the institutional players are moving into the space as well. It’s a mix of inquiries, but primarily they’re interested in Class A facilities that are enclosed as well as open-canopy style.
Do you know if developers planning Class A facilities are able to move through the city approval process faster or more efficiently than Class B or C?
At this time it all depends on the municipality and how fast they move. However, a submittal package that includes a 3D rendering can definitely speed up the process. Those who are interested in developing a facility would benefit greatly by working with an experienced builder to help walk them through the process.
Would you say BETCO is building more Class A, B or C these days?
I’d have to say we’re definitely building more Class A, but we’re seeing inquiries increase across the board for all classes.
Would you care to share any parting thoughts about the industry overall?
The boat and RV sector of storage is still in its infancy. Yes, it’s been around for many years, but it’s been playing second fiddle to self-storage all along. It’s always been a great “value add” for traditional self-storage sites, but not really the focus. Today, we’re seeing standalone boat and RV sites as the main attraction, and I’m pretty certain this will continue for years to come.
BETCO is based in Statesville, N.C. For more information, visit betcoinc.com