A self-storage management company works with the owner of a self-storage facility to complete day-to-day business management tasks. They can help you create policies to increase tenant satisfaction, give you more detailed financial reports, and increase your time and availability.
Self storage property management is unique to other kinds of real estate management, so it’s useful to hire one of these companies if you’re looking for ways to increase your knowledge of self storage management in general and to have your business managed by someone who is experienced and professional. Read on to learn about what else a self-storage management company can do for your business.
What are the Responsibilities of a Management Company?
So, what are some benefits you would experience in outsourcing your self-storage facility’s management? Below are five responsibilities that would be lifted off your to-do list if you hire a self-storage management company.
#1: Regular Communication
If you are worried about relinquishing some control over your self storage business, don’t fret. One of the primary responsibilities of a self-storage management company is to report back to you with all the important happenings in your business. You should always be aware of how your business is performing, and you will remain a key decision maker.
Keep in mind that it’s your money being invested into the facility, so they should report to you. A good management company will make sure you’re always in the loop regarding any important decisions.
#2: Marketing and Advertising
A self-storage management company will take account of the assets that your facility has. Whether you have top of the line amenities or a stellar location, your management company will develop a marketing plan that shows off the best parts of your business to attract new renters.
They also will most likely ask for any market research you’ve conducted on the surrounding area, competitors, and current renters. They will take that information and figure out how best to corner certain markets and get more tenants to sign a lease with you.
#3: Rent Collection
Rent collection is the largest responsibility that you must take on as a landlord, and it could be your biggest stressor as well. You have to keep track of different rates, fees, and tenant payments, which can end up being a headache. When you hire a self-storage management company, you can be sure that they are collecting consistent revenue.
Although much of the rent collection process is online these days, you still need someone to oversee this process and make sure everything is running smoothly. Whereas this may be something you would overlook when running a business yourself, a management company will ensure that all problems with software are resolved efficiently and professionally.
#4: Maintenance and Remodeling
Although maintenance tasks are not as extensive for a self-storage facility as for a residential complex, there are still tasks that should be done regularly to ensure that the facility stays in good shape. A management company will handle preventative maintenance, day-to-day cleaning tasks, and, if needed, remodeling of your facility.
#5: Financial Reporting
Accounting and record keeping as a landlord can be daunting and somewhat tricky. However, keeping detailed records is an important part of running a business. Not only do you need to have these records handy when tax season rolls around, but it’s also important to understand whether you are operating at a profit or loss. Your management company will be able to track the important financial metrics in a way that is understandable.
Conclusion
A self-storage management company is best for people who want the benefits of self-storage investing but may not have a lot of free time to put in the work it requires. Hiring one of these companies can be costly, but if you believe that the increased productivity will bring in more profit, the hiring cost may be worth the price. Each management company is different and it’s important to do your research and shop around to figure out which one is best for you and your business.