Hiring a self storage property management company relieves you of some of the day-to-day responsibilities of operating your facility. These management companies have the skills and experience to make financial, personnel, and policy decisions. Their expertise may help you increase occupancy, reduce expenses, and oversee capital improvements. Here are several things to look for when choosing a storage unit management company:
Comprehensive Management Services
Look for a self storage property management company that provides comprehensive services, including daily operations, accounting, and employee services. Day-to-day operations cover rent and fee collection, unit auctions, customer service, and daily reconciliation of reports and deposits. The management company is also responsible for staff planning, scheduling, and manager recruitment.
Your role is to confirm that the storage unit management company meets your expectations and adheres to the terms of the agreement. The management company completes the other tasks, from maintenance and expense management to financial audits and revenue management. Other services include leasing, tenant management, and marketing.
Industry Experience
Determine if the company manages other storage unit facilities in your area or elsewhere. Look for companies with specific experience in managing self storage units within your niche, whether that involves car, boat, or RV storage. Companies that specialize in your particular type of storage can provide tailored solutions and services that align with your unique needs. They can use their experience to maintain compliance and safety standards at your facility. Experienced property managers understand the unique safety concerns associated with your type of storage, such as fire hazards in vehicle storage or pest control in boat storage facilities.
Technology Integrations
Modern storage unit management companies rely on data-driven insights, analytical tools, and automation. Data analytics allows management companies to provide informed recommendations based on occupancy records, employee performance data, and other metrics. Look for companies that use technology and software to streamline operations, communications, scheduling, and accounting.
Ask the company whether they can create an online management portal for your facility. Such portals allow clients to pay bills, manage leases, and check account information remotely. Look for automated billing systems, reminders, and reporting tools used to increase operational efficiency. Storage unit managers may also use technology in their specialized marketing programs. Choose companies that know how to reach the targeted local demographic and emphasize your facility’s features.
Growth Strategies
If you own multiple storage facilities or plan to expand your business, choose management companies with flexible, scalable management plans. Look for tailored solutions customized to fit your needs. Ask about revenue expansion strategies and how the management company explores new avenues of profit. Choose companies with clear collection policies and procedures to maximize revenue. Request an annual budget sample and financial expectations to determine if they fit your growth plans.
Examine the marketing and adaptation strategies the company uses to keep your facility aligned with emerging trends and customer demands. You can also look into risk mitigation strategies like liability insurance, streamlined hiring processes, legal compliance, and procedural safeguards. Find out how the company has handled liability claims and tenant disputes in the past. Leading storage unit management companies cover various aspects of risk mitigation, cost optimization, and marketing to give you a proper foundation for growth.
Find a Self Storage Property Management Company
Running a self storage facility requires skilled managers who can optimize operations, anticipate changes, and develop emergency solutions. You can work with a management company to minimize your hands-on management duties. These companies will help you maintain the curb appeal of your property, navigate seasonal fluctuations in demand, and enhance customer service. Contact a self storage property management company today to review their third-party management services.
