The longevity of every business is dependent on how well it’s managed.
Managing a self-storage facility isn’t any different. With this article about managing a self storage facility here, we’ll be giving you a guide that must be strictly adhered to, thereby ensuring effective self-storage management.
The information below is aimed to give definitions on self-storage, self-storage management companies, what they do, and their best practices to consider for effective management.
I guarantee you that this is going to be one exciting read, so sit back and continue what you’ve already started!
What Does Self-storage Entail?
Under this subtopic, we’ll be examining the definition of self-storage and why they’re essential.
Self-storage is spaces rented out to individuals looking for ways to store their personal or business belonging safely.
Also known as “storage units,” self-storage spaces are typically rented out monthly.
Common reasons for renting a storage unit includes:
- Storing vehicles
- Home Renovations
- Military living
It’s therefore pertinent to note that self-storage spaces are essential across all works of life.
Management and Self-storage
For self-storage to be useful, it has to be appropriately maintained.
Below, we’ll be looking at the functions of people and companies responsible for effective management.
With self-storage management companies assigning different managers to different self-storage facilities, what are the duties of a self-storage business manager? To give a proper answer to this question, we need to define the term “self-storage business manager.”
A self-storage business manager is a person charged with the smooth operation of a self-storage facility daily.
They’re two types of self-storage business managers:
- On-site self-storage business manager
- Off-site self-storage business manager
While they perform similar responsibilities, companies tend to hire teams of at least two managers.
Hiring a two managers team ensures the facility is more efficiently managed while providing 24/7 services for tenants.
In rare cases where a self-storage business manager can’t make it for some reason, relief managers are sent in temporarily.
So, what are the responsibilities of self-storage business managers? They are:
Rent collection can be said to be the primary responsibility they carry out. Since self-storage business managers are responsible for managing a facility, collecting rents from tenants at the beginning of every month is necessary.
It’s not as easy as advertised, though, as self-storage business managers have to deal with late payments, various fines, and tons of paperwork.
Acquisition of New Customers
Another responsibility of self-storage business managers is to interact with tenants daily.
With old tenants already renting some units, they help answer questions regarding the facilities policies and guidelines necessary to bring in new tenants.
Inspection of Units
Since they’re charged with overall maintenance and checking the facility, they inspect security in cases of break-ins, checking areas that are susceptible to break-ins, security cameras, and the general lighting system.
Depending on their various job descriptions, they could be made responsible for carrying out operational duties that include:
- Paying of taxes
- Finalizing overhead costs
- Preparing salaries of employees
Logistics and Transport
They’re responsible for negotiating with different transport and freight companies in scenarios where the employer doesn’t render such service.
Self-storage business managers also help in marketing the facility.
Printing flyers and posting them at the appropriate quarters to bring new tenants is part of their job description.
They also play a role in supervising other staff. Being able to guide other employees in doing their jobs well while addressing their concerns is crucial.
While this sums up the responsibilities of a self-storage business manager, it’s pertinent to note that while self-storage investors can manage their facility, learning about management plays a vital role.
Top Trends in Self-storage Management
With a total of 39 billion dollars gotten as annual revenue from different self-storage properties, the self-storage industry has once again proven itself.
Before buying that self-storage facility, considering these self-storage management best practices is crucial to impact your business plan. They include:
Scrutinizing Your Plan
Plan scrutiny is vital when making that investment decision on self-storage. You must invest in an area that is architect proven.
Engaging a person who’s quite knowledgeable on issues bordering on zoning requirements and land use prohibitions is essential to avoid unnecessary expenditures in lawyer fees while fighting for approval.
The main goal here is to guarantee your customers’ satisfaction, so the money you’ll need to redesign and plan will undoubtedly pay off in the long run.
With the political scene changing constantly, banking and finance could experience a shift. Interest rates on loans are likely to experience reductions.
Therefore, it’s essential to quickly jump on financing while interest rates are low, as experts don’t predict these low-rates to last forever.
It’s advised to take a hard look at the technology out there and decide what’s best for you to integrate on the front end of your business plan.
Having security features present at your facility is vital. Having cameras, automatic gates, cards for keyless entry are recommended.
These features not only allow you to protect your facility but gives your customers satisfaction and peace of mind.
Another exciting trend in the self-storage industry includes having drive-up, climate-controlled units.
These units accentuate the customers’ desire for an easily accessible climate-controlled unit. It also rules out the needs for elevators and stairways as customers can easily backup to their unit.
Your Business Plan
The self-storage industry over the years has experienced steady growth. Making profits depends on your level of preparation.
Do you need to hire a full-time or part-time manager? Are you willing to invest more of your time in planning daily? Are you interested in investing in shares of cooperative ventures? Giving answers to these nagging questions is vital, as they determine the path your business takes.
With the above guide, you’re sure to manage self-storage effectively. While managing your self-storage facility makes it stand the test of time, necessary consideration must be taken when you’re looking to buy a self-storage facility.
Putting all these together ensures that your self-storage facility yields its desired dividends.