One result of industry maturation is that many owners have turned to property-management firms that specialize in self-storage for the expertise needed to maximize the return on their investments.
Management companies can provide a competitive edge for self-storage operators. They have the expertise and experience necessary to contend with the large, well-financed regional and national companies. In addition, management companies can relieve an owner of the demands of day-to-day operations and provide certain economies of scale that a small operator would not be able to achieve.
What About You?
Typically three different types of self-storage owners seek the expertise of a self-storage management company. Perhaps one of these fits your profile:
1. Individual owners. Often, a self-storage store is owned by an individual who has other business interests and has gotten into the industry for investment purposes. The person generally has many other time demands and may lack the expertise (and interest) to operate a facility effectively.
By turning over operations to a professional management company, these individual owners get the best of all worlds. They still own the property and collect a monthly check without handling day-to-day operations. They have employed an expert management firm that has the tools and experience to help increase occupancy, decrease operating expenses or oversee capital improvements and repairs. This leaves owners time to pursue other ventures, knowing their properties are being professionally managed.