5 Tips for Resolving and Preventing Delinquent Self Storage Rent

If you own a company that provides self storage services, delinquent rent payments from tenants may occur. They create cash flow problems and consume time and energy when it comes to following up. At The Storage Mall, we provide self storage property management services to help owners manage their facilities effectively and minimize delinquent rent payments. Here are five tips for resolving and preventing delinquent self storage rent:

1. Have a Clear Rental Agreement

A well-established rental agreement is the foundation for resolving and preventing rent delinquency and many other issues. It should outline the terms and conditions for renting a storage unit, including the monthly due dates for rent payments and repercussions for delayed payments. As the facility owner, verify all your tenants understand the agreement and sign it. Encourage them to ask questions where they have concerns. A signed agreement helps tenants understand their responsibilities and avoids confusion. It also protects facility owners if a dispute arises. As your self storage property management service, The Storage Mall will help you establish a personalized rental agreement.

2. Act on Issues Quickly

Do not wait several days or weeks to follow up on delinquent self storage rent payments. Take immediate action when a rent payment is late. Send a late payment notice through the agreed communication channel stating the owed amount, potential late payment fees, and the deadline within which to pay before you take further action. You may also follow up with phone calls if necessary. The quicker you respond, the better the chances of resolving the problem before it worsens. The Storage Mall provides timely and professional follow-up services to resolve delinquent rent issues promptly.

3. Provide Flexible Payment Options

Temporary hardship can sometimes make individuals unable to meet their rental payment obligations. If that is the case, schedule a meeting to understand your tenant’s specific situation and allow them to pay the balance over an agreed length of time. You could give them an extra week, two, or more, depending on their situation. You may also give them the option of paying their rent more frequently, such as weekly instead of monthly. That can help them avoid being overwhelmed by a lump sum amount. The goal is to find a solution that keeps the tenant in the storage unit and paying, even if it’s not the full amount at once.

4. Send Payment Reminders

Sometimes tenants forget to pay their rent, especially if they have several units in different locations. Avoid reaching out to tenants when their rents are already late. Send payment reminders several times a few days before the due date to help them remember their responsibilities. You can even automate the process and send these reminders through email, text, or phone calls. Our team can help establish systems to remind tenants of their rent obligations and follow up when necessary.

5. Establish Clear Communication Channels

Miscommunication or lack of communication between owners and tenants is another reason for delinquent self storage rent payments. Some renters may have issues with their units and choose not to pay their rent until their concerns are addressed. If they can’t reach you, they may withhold their payments. Establish clear lines of communication, whether it’s through email, SMS, or phone calls, and be responsive to tenant inquiries or concerns. 

Partner With a Self Storage Property Management Service

Instead of handling storage facility management yourself, partner with a reputable and experienced self storage management company. At The Storage Mall, we help individuals manage their self storage facilities to minimize losses and increase revenue. We know how to deal with delinquent rent payments and have strategies to prevent them. Contact us today to discuss your facility management needs.

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