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November 6, 2020

Exploring the Self-Storage Niche, with Scott Krone

Episode 215:

Scott Krone is a Chicago native whose career in architecture began in 1991 by pursuing his Masters of Architecture from the Illinois Institute of Technology. While obtaining his degree, he also worked as a Project Manager for Optima, Inc. During his time at Optima, Krone’s responsibilities included such notable projects as the 400-unit Coromandel in Deerfield, IL, the 40-unit HedgeRow in Winnetka, IL, and the 51-unit Optima Center Wilmette in Wilmette, IL.

In 2012, Krone founded Coda Management Group – a firm that specializes in managing real estate assets. Since its inception, Coda has managed a wide range of real estate including single and multi-family homes, retail, commercial warehouse, and self- storage and multi-use flex athletic spaces. Currently, the platform of investments is in excess of $55 million.

In 1998, Krone founded Coda, an award-winning Design + Build | Sustainability | Consulting firm. Since its inception, Coda has won numerous design/build awards including the international Green GOOD Design Award in 2010, Best of Houzz 2014 and 2015, and Design Evanston Award. Their work has been featured in notable publications as Dream Homes – Chicago, Midwest Luxury Homes, Crate & Barrel 2010 Best Catalogs, NBC TV Show Taste, and national ACE Hardware Commercials.

In addition, Krone has authored High Performance Homes – Navigating the Green Road to Your Dream Home, a book for homeowners seeking to incorporate green technology into their home.

What you’ll learn about in this episode:

  • How architecture served as Scott’s gateway to real estate investing, and how he founded Coda in 1998 and later transitioned to self-storage
  • Why the appeal of the self-storage niche lies in its lowered risk exposure and ease of risk management and mitigation
  • Why self-storage is especially recession-resistant, and how to break into self-storage investing
  • How partnering with investors helped Coda break into the self-storage niche, and how they offer a number of different vehicles for investors
  • What areas of the country Scott considers to be “oversaturated”, and why Coda focuses on the Midwest
  • How being classified as essential during the pandemic has been a boon for Coda, and how the pandemic has impacted their business
  • Why the number one mistake Scott sees investors making is overpaying for an asset, and why systematizing the business has been crucial for Coda’s growth and success
  • Why the relationships Scott has formed are what he considers to be his biggest wins in life, and why paying for coaching is worthwhile
  • How to get a free call with the team at Coda Management Group, where you can ask questions about self-storage and even partnering with Coda

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