Protecting Your Self-Storage Business: A Full-Time Job
This week, my son is graduating from high school. Of course, this is a huge life-changing event for him—and for me. For the past 18 years, it’s been my job to protect him in all ways a parent does. These days, I struggle with the fine line between overprotection and learning to let go. In business terms, it’s your basic “transferring risk.” While I’ll always be his mom, his decisions—good and bad—along with their consequences and rewards are now being transferred solely to him.
It’s amusing irony to me that ISS also wrapped it’s annual business protection issue this week. While not a flesh-and-blood child, many self-storage owners think of their facility as their own “baby.” Protecting it—just as a parent would—is a huge priority. There are many facets to protecting a self-storage business. In addition to hiring top employees to ensure daily operations are successful, self-storage owners also need to consider the security of their site, maintenance of buildings and components, and ensure the business attracts tenants through quality marketing.
Operators also must have the right insurance coverages, and shield the business—and themselves—from litigation. The July print edition, coming your way in just a few weeks, is loaded with articles on topics such as lien sales, rental agreements, vital insurance coverages and other subjects.
In the meantime, you’ll find dozens of other resources on business protection on the ISS website and through the new ISS Store, www.insideselfstoragestore.com. Here are a few you should definitely check out:
This webinar focuses on one of the most important aspects of protecting your business—the lien sale. Just as the title suggests, if you aren’t conducting your facility’s lien sales correctly, you could end up facing a lawsuit.
If you’re not offering tenant insurance to every one of your renters, you’re not really protecting their best interests—or yours. These tenant programs are easy to put in place and can even become an extra revenue stream for your business.
Each of these pages is loaded with articles, blogs and even some important news items on select topics, all of which are critical components to protecting your self-storage business.
This is where you’ll find the most up-to-date lien-law documentation for each state. It’s imperative you understand and abide your state’s statutes.
Don’t wait until a fire destroys units before you learn about your insurance coverage, or a lien sale goes horribly wrong and you land in a courthouse. The best way to protect your business every day is through knowledge. Get in touch with your attorney and have your rental agreement reviewed. Talk to your insurance agent. Take a walk around your property and look for any risks—potential liabilities, security breaches, tenants storing things they shouldn’t, or any other possible threats. A few hours each week ensuring your business is protected could save you from a lawsuit or a devastating loss.
- 5 Steps to Keeping Self-Storage Collections to a Minimum
- Self-Storage Operator Midland Storage Buys A Storage Inn in St. Louis
- Self-Storage REIT Extra Space Acquires Treasure Island Storage in Cherry Hill, NJ
- Reliant Real Estate Management to Convert Former Kmart to Self-Storage in Greenville, SC
- Rezoning Approved for Self-Storage Facility in Springfield, Ohio