Working with a third-party management company provides operational insights and experience in the self storage sector, helping you run your business more efficiently. These companies offer resources to help you scale your small venture and achieve your financial goals. They can provide tools to ease your workload, increase rental unit occupancy, and streamline revenue reporting. Here are four tasks a self storage property management team performs:
1. Financial Management
Tracking your finances provides a clear view of your storage facility’s performance in the market. A self storage property management company prepares and reviews monthly financial statements, helping you gauge your earnings and expenses. Maintaining accurate financial records can minimize losses, promote tax compliance, and improve your financial analytics.
The management team adjusts market rates on storage unit vacancies to reflect current trends. This may increase rental income by optimizing pricing according to demand, seasonal fluctuations, and local market conditions, making sure the facility remains competitive. Reviewing the financials helps assess business operations and identify additional income opportunities. These assessments also enable the management company to prepare an annual budget based on a predictable, steady income stream.
2. Tenant Management
Potential customers may inquire about unit sizes, availability, costs, and facility features. Self-storage management services handle communication with these clients and address tenancy inquiries or concerns. The team also maintains communication with tenants to resolve facility issues such as payment questions and maintenance requests. This assists in enhancing the customer experience. Management companies can use automated processes and software to streamline rent collection.
The team also contacts tenants about overdue payments and unit auctions. Prompt communication with both tenants and clients may increase satisfaction and improve renter retention. If unit auctions are necessary, the management company facilitates the process. The management team also assists in preparing lease agreements for tenants, guiding them through the terms and conditions to promote a smooth signing experience.
3. Employee Management
A management company can help you hire qualified and trained staff to handle the facility’s daily operations. The management team makes sure employees are equipped with the required operating techniques, uniform standards, and customer service insights. This enables your employees to provide better service. Hiring a management company can reduce the need for constant supervision, as they oversee employee performance and manage schedules. Having an on-site facility manager to supervise staff also alleviates concerns about daily operations. The management team may conduct periodic performance reviews to identify areas for improvement in facility oversight.
4. Facility Maintenance
Hiring a third-party property management company allows for periodic inspections that enhance your facility’s curb appeal. The team may inspect the storage units for door malfunctions, electrical issues, leaks, or cracks, addressing any necessary repairs. These inspections also help identify early signs of pests, mold, and mildew. This allows you to act promptly to keep your facility in good condition.
The management team can propose proactive measures to care for structural issues and maintain your storage facility’s aesthetics and functionality. They may keep maintenance records and document any upgrades or required upkeep tasks. This minimizes the number of administrative tasks you need to manage. The self storage property management team may also facilitate move-in and move-out unit assessments and coordinate with contractors on structural upgrades.
Find Reliable Self Storage Property Management Services
Self storage management services handle various complex tasks, from rental fee collection to managing income and expense records, allowing you to focus on other profitable business opportunities. The team uses effective management strategies to streamline operations and boost revenue for your self-storage facility. Consult a self-storage property management company today to enhance efficiency and success through data-driven approaches.