Is a 3rd Party Management Company the Right Fit for Your Facility?

If You're Ready to Turn Over Day-to-Day Operations of your Self Storage Business, Keep These Key Considerations in Mind.

Hiring a third-party Self Storage Management Company to manage your self storage facilities is a great way to make your life easier and get the most out of your investment. Third-party Self Storage Management Companies specialize in Self Storage facility management, so they understand the nuances of the Self Storage industry, unlike most commercial property management companies.

If you’re considering handing over the day-to-day operations of your self storage facilities to a management company – make sure the management company has a proven track record managing self storage facilities.

A good 3rd party Self Storage Management Company will handle the day-to-day operations of your storage facilities, including:

  • Revenue Management
  • Human Resources
  • Property Management
  • Property/Facility Maintenance & Repair
  • Advertising and Marketing
  • And Much More.

More importantly, hiring Self Storage management professionals allows you and your team time to focus on other important aspects of business depending on the self storage management services you contract. Most Self Storage management providers customized solutions that fit your needs. For example, if you operate 1 to 2 small storage facilities, it’s probably not cost-effective to build your own call center, but hiring a self-storage management provider who offers call center integrations might be a great option for smaller operators.

Almost any self storage operator, large to small, can benefit by partnering with a third-party self storage management company, and typically, these specialty property managers help your business reach its full potential with higher returns on your investment (ROI.)

Expertise, Experience, Compliance

One of the most challenging aspects of managing any business is tracking changes to laws and the myriad number of rules and regulations that affect your business operations. If your business operates in various locations with diverse jurisdictions – cities, counties, or states – each of which has its own legal nuance, tracking changes and staying in compliance with a myriad number of laws is beyond difficult for typical self storage owners and operators.

Self Storage facilities, especially large operators with facilities in different cities and states, are especially vulnerable to falling out of compliance with the laws and regulations that apply to their locale. The more exposed you are due to operating self storage facilities across multiple jurisdictions, the greater your risk to fines, penalties, and other enforcement actions that are not just expensive; some violations can interrupt your business operation.

That’s one of the most important services third-party self storage management companies provide. Hiring a third-party management company is like having your own law firm dedicated to tracking every change to the law and regulations, no matter how slight, to ensure your facilities stay in compliance with all applicable rules that affect your self storage business at every facility.

Arguably, hiring a Self Storage management company that provides compliance expertise is the best way to avoid enforcement, fines, and penalties for any Self Storage facility owner operating in many locales. By entrusting your property to professionals who are well-versed in the intricacies of the self storage industry, you can benefit from their proven legal and compliance strategies and insights.

If you’re interested in hiring a capable self-storage management company trusted by numerous self-storage owners in Michigan, Tennessee, Ohio, Mississippi, and New Jersey simply visit our Contact Us page and submit the form.

Time and Convenience

If you’ve reached the point in life where you’re ready to hand over the day-to-day operations of your self storage business to someone else – or if your health requires you to step away from the day-to-day business tasks – a 3rd party management company is a game-changer for this cohort of Self Storage facility owners. By entrusting the day-to-day operations to self storage professionals, you can focus on your health or step into retirement.

Alternatively, Self Storage facility owners who want to expand or invest in additional properties without the hassle of managing a larger, more complicated business can let a Self Storage management company operate the facilities for them. These companies handle everything from tenant screening to maintenance requests, ensuring that your facilities remain well-maintained, and keep your tenants satisfied while you and your team focus on acquisitions.

To read an in depth discussion on this topic visit our Property Management page.

Typical Services Provided

Rent Collection and Financial Management

Rent collection and financial management are critical aspects of Self Storage facility operations and can be challenging. A professional Self Storage management company has extensive experience collecting rents, and lawful techniques for collecting late payments. All collection practices must adhere to city, state, and federal laws. For operators with facilities in multiple jurisdictions, each facility’s collections process must comply with the rules in their locales. This is where a 3rd party Self Storage management company shines. They will ensure your collections process follows all applicable rules.

Additionally, third-party self storage management companies excel in financial management, meticulously tracking expenses, preparing detailed financial reports, and managing budgets. By entrusting these responsibilities to a professional self storage management company, facility owners can alleviate the stress of handling financial matters themselves, and gain peace of mind knowing that their property’s financial matters are managed with expertise and precision.

If you’re interested in hiring a leading self storage management company with extensive property management experience, visit our Property Management page.

Do you have a property management question or any other question related to owning, operating, acquiring, or building a self storage facility? Contact Peter Spickenagel at 248-600-4970.

Property Maintenance and Repairs

Property maintenance and repairs can be time-consuming and challenging. Hiring a reputable third-party management company alleviates this burden and ensures that your property is well-maintained. From routine maintenance tasks to emergency repairs, a good management company can handle it all, saving you the hassle of finding and coordinating with individual contractors. Additionally, they have established relationships with reliable vendors and contractors, ensuring the work is done promptly and to a high standard. By entrusting your property’s maintenance and repairs to a self storage management company, you can have peace of mind knowing that your investment is in capable hands.

If you’re interested in hiring a leading self storage management company with extensive Property Maintenance experience, simply visit our Property Maintenance page.

Marketing And Advertising

Marketing and advertising are critical to acquiring new tenants in the extremely competitive self storage industry. An experienced Self Storage management company can leverage their knowledge and experience to develop effective marketing and advertising strategies tailored to your property’s unique features and target audience. From creating eye-catching online listings, to social media platforms and local advertising channels, a management company can maximize your property’s visibility to reach a wider pool of potential tenants. Additionally, they can conduct market research to identify the most effective marketing channels and ensure your property stands out from the competition.

If you’re interested in hiring a leading self storage management company with extensive Marketing and Advertising acumen, please visit our Marketing page.

Cost Considerations – Is It Worth the Price?

Hiring a 3rd party management company may seem like an added expense. However, it is important to consider the long-term benefits of this decision. Although a cost is associated with hiring a management company, it is often outweighed by the numerous benefits they provide. These benefits often lead to increased efficiencies that effectively reduce the expense of hiring them. Oftentimes, they can increase your profits despite the increased expense their fee represents. More importantly, don’t overlook the importance and value of the amount of additional time professional third-party management provides key stakeholders to focus on strategic tasks that often are drowned during the buzz of day-to-day operations. As an owner, operator or investor, hiring a Self Storage management company allows you to focus on other business activities like acquiring new facilities, building new ones – or developing an unrelated business idea. Alternatively, you can retire and let them fret the day-to-day operations.

When comparing the cost of hiring a self storage management company to the benefits they provide, it may become clear to you that this investment can ultimately save you both time and money in the long run.

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Peter Spickenagel, President and CEO of Citizen Storage Management is a nationally recognized expert in self-storage management. A frequent speaker at national conferences, he provides industry leaders and owners advice on key topics such as Revenue Management, Operational Best Practices, Creative Marketing Campaigns, and technology trends.

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