The Basics of Self Storage Property Management Services
Owning self storage units offers an attractive return on investment. The Storage Mall Management Company provides 3rd party self storage management services for storage unit owners. These services offer solutions to the unique aspects of storage unit ownership. Here are some of the basics of self storage management:
Administrative Assistance
Storage unit property management services assist owners looking to fill gaps in their administrative operations. Property managers handle accounts receivable and payable, oversee inventory tracking, and manage assets. Ownership groups also task their property managers with setting quarterly and annual budgets.
A property manager is a valuable resource when looking into expansion for your business. U.S. Census Bureau data shows the self storage industry to be more resilient to the changing market than many other service sectors. Owners armed with this information should still consult the performance metrics tracked and shared by their property managers when pursuing growth opportunities. A management service also serves as a trusted advisor, as they help you decide if you should grow or stay with the property you have based on market research.
Market Management
Owners who work with self storage property managers benefit from the information they gather from other resources. These insights include pricing methodologies that help properties stay competitive in the local self storage market. Management properties can also give their clients recommendations on how to set rental rates based on factors like occupancy rates, economic forecasts, or a combination of the two.
A self storage property management company can go beyond setting rental rates to interacting directly with customers. They serve as the primary point of contact for some properties, arranging storage space and collecting monthly dues. A property manager can also refer outstanding accounts to collection services or conduct auctions of unclaimed property.
Operational Oversight
Some owners treat their self storage properties as assets in their real estate investment portfolios rather than running the entire business on their own. They benefit from taking advantage of all the property manager’s services. The property manager will then oversee nearly all aspects of day-to-day operations, including the basic maintenance of the units. Onsite inspections and audits by the property manager occur frequently in these scenarios.
A self storage property manager can also manage all aspects of staffing. This includes setting performance and operational guidelines based on industry standards and ownership expectations. Hiring and training new employees and performance reviews fall under this service. Property managers overseeing staffing can also offer endorsements to owners on behalf of employees seeking promotions. They also manage HR functions such as shift scheduling, timekeeping, and payroll.
Trust In 3rd Party Self Storage Management
Working with a 3rd party self storage management company allows you to be as involved with your units’ operations as you wish. You can run the day-to-day functions or allow us to do it for you. The combination of comprehensive management services and industry knowledge offered here at The Storage Mall Management Company can put your property in an excellent position to succeed. Contact us today to schedule an introductory meeting.