5 Signs You Need 3rd Party Help With Self Storage Management
Self storage facilities offer convenient storage solutions for individuals looking to store their belongings for an extended time. Running a self storage facility includes managing daily operations, accounting, and employee services. At The Storage Mall Management Company, we can manage operational challenges to maximize revenue and streamline business processes. Here are five signs that indicate you may benefit from 3rd party self storage management services:
1. Declining Occupancy Rates
3rd party management can adjust your marketing and leasing policies to improve occupancy rates and attract new tenants. We do this by optimizing rental rates and using targeted marketing campaigns. If you have units that have been abandoned or gone into lien, they may be impacting your occupancy rate and profitability. Our team helps conduct unit auctions to clear space and resolve these concerns. We also run each facility with a client-priority focus, maintaining clear and prompt communication with customers about their questions and problems. This strategy aims to improve your customer experience and help you retain tenants.
2. Lack of Time and Resources
Managing a self storage facility includes collecting rents and fees, communicating with customers, managing maintenance and repairs, and conducting audits. If you are overwhelmed with these day-to-day tasks or find it challenging to delegate them, it may be time to work with a 3rd party management company. Our company can handle routine operations, customer service, and administrative tasks. This allows you to focus on other aspects of your business.
3. Desire for Revenue Expansion
Professional management can help you explore new avenues of profitability, enabling you to take advantage of other revenue streams. We help minimize turnover and increase rental income by implementing tenant retention initiatives and dynamic pricing strategies. We can also assist with reducing operating costs to increase profitability. Partnering with a management company allows you to tap into their resources and unlock new revenue opportunities for your storage facility.
4. Inadequate Staffing and Training
The Storage Mall Management Company helps recruit and train store managers and employees. Our experienced professionals do this by implementing established recruitment processes and comprehensive training programs. We can also handle other employee services, such as staff scheduling, employee timekeeping, and enforcing uniform standards. Staffing and training services are designed to help streamline the hiring process and reduce turnover, improving your facility’s operational efficiency and reputation.
5. Untracked Finances and Expenses
A management company can help you track your finances and expenses using accounting systems and financial management practices. They use this information to create budgets, monthly financial statements, and regular progress reports. These reports can help you gain more control of your facility’s finances, allowing you to make informed decisions and optimize profitability.
Partner With 3rd Party Self Storage Management Professionals
Recognizing these signs can help you take the first step toward optimizing your facility’s performance. The Storage Mall Management Company uses proven expertise to create tailored solutions, contributing to business and revenue growth. We manage the day-to-day operations of your facility to turn it into a self-sustaining stream of benefits. Contact us today to learn more about our 3rd party self storage management services.