A critical component of any self-storage facility’s success, collections should be consistent, fair and easy to execute. A self-storage operator’s collection process should adhere to city and state laws, and managers should have a full understanding of all auction and lien statutes. A good self-storage collections procedure helps managers more efficiently and successfully recover rent from past-due tenants and adds facility revenue.
You Gotta Collect the Rent! Tips for Making Self-Storage Collections a Little Less Painful
No matter how good a self-storage manager may be at renting units, he must be able to collect the rent in a timely matter. To streamline the collections process, he should obtain current and verifiable tenant information at the time of the rental. ...More
Self-Storage Is a Product, Not a Right
Among the lessons self-storage operators have had to learn in recent years is that customer service is a fundamental sales technique. But there is such a huge emphasis on service these days that we sometimes forget we're running a business. Storage is a product, not a human ...More
9 Steps to Help Self-Storage Managers Make Effective Collections Calls
Collecting past-due rent is a chore few self-storage managers enjoy, but making effective collections calls is a skill they can develop. By following this nine-step process, managers can take the sting out of this important endeavor and find greater success. ...More
Litton Presents Online Workshop on Self-Storage Collections and Lien Sales
On June 27, self-storage industry expert Tom Litton will conduct a two-hour online workshop titled, “Finding Your Customers, Collecting Your Money, Conducting Better Auctions,” which will provide tools and tips for managing these processes effectively and efficiently. ...More
May 25, 2012
Posted in News
Collections Manager Tool Helps Self-Storage Operators Recover Past-Due Rent
Self-storage services provider Storage Network Advantage LLC (SNA) and SMD Software Inc., provider of SiteLink self-storage management software, have partnered to develop the SNA Collections Manager, a tool to help self-storage operators reduce bad debt and increase cash ...More
Resolutions Are Great ... What Are Your Actual PLANS for Self-Storage in 2012?
Without blinking, we've landed smack dab in the second week of January. Many of us have made resolutions regarding our businesses in 2012. But realistically, what are your plans for your self-storage operation this year? Making a decree is one thing; establishing a strategy ...More
Self-Storage Collections: Making the Dreadful Task Successful ... and Pleasant
Let’s face it, collections will likely never be a favorite part of a self-storage operator's job. Unfortunately, it’s a must, much like cleaning gutters or enforcing the no-smoking rule. However, having a plan in place and developing collection skills can make the job a ...More
Past-Due Rent in Self-Storage and Its Effect on Facility Sales: Who Keeps It? Buyer or Seller?
Consummating a self-storage real estate deal is tough. Besides agreeing on the most salient transaction terms such as price, earnest money and financing, there are less prominent details to sort out, such as the issue of past-due rent. Here are a few approaches to resolving ...More
Self-Storage Rent Collection: A Guide for Facility Managers
Delinquencies and collections are a challenge for all self-storage operators. The keys to managing these tasks and minimizing problems with non-paying tenants are prevention, consistency, communication, courtesy and persistence. The following tips will help facility ...More
Litton Presents Free Webinar on Self-Storage Collections and Auction Techniques
On May 11, 1 p.m. ET, self-storage industry expert Tom Litton will present a free webinar on “Effective Collections and Auctioning Techniques” for facility managers and owners. ...More