Over the last decade, the self-storage industry has grown to new heights. Today’s self-storage facilities are built better, featuring the newest technological advancements and catering to a customer’s every need. With reasonable interest rates and quality returns, the industry has become an intriguing real estate investment. The lure of these returns has spawned a new generation of self-storage owners. With the emergence of this remodeled industry, the question becomes, "What is the best way to manage this new asset?"
People frequently forget self-storage is a business unto itself. Success in other industry ventures—such as apartment complexes, restaurants or construction—does not guarantee similar returns in the self-storage industry. Allowing a facility to succeed in the current environment takes skilled and knowledgeable professionals.
When is the best time to bring in a management company to handle your asset and help the facility reach its true potential? Owners typically look to an established management company when they are in one of four phases in their self-storage careers. What stage are you in?
- Are you new to the self-storage industry?
- Would you like to take a break from managing your own property?
- Is your storage facility outside other business interests?
- Has your facility’s business environment changed in such a way that you might benefit from an outside perspective?
Given the uniqueness of this industry, seeking guidance from a professional consultant is, as in any business venture, helpful and often necessary when you’re just starting out. The services provided by a management company can help a new owner review current operations including budgets, software, managers, marketing techniques, competition, unit mix and other areas vital to the success of a new or existing facility.
Management companies can also implement structured policies and procedures along with providing the necessary forms for the facility’s daily operations. In addition, and perhaps the pinnacle reason, is a management company can help a new self-storage owner keep a facility stable while maintaining high standards of customer service during acquisitions or grand openings.