In addition to receiving a salary or wages, many self-storage facility managers can earn bonuses or other incentives. Often, the reward is based on filling units, especially if the property is in lease-up mode. However, when a site approaches full occupancy, a new motivation may be necessary to increase revenue. Fortunately, there are many options, including bonuses for rate increases, retail sales, year-over-year growth, tenant-insurance sales, and even reducing the number of delinquencies.
In a recent thread on Self-Storage Talk, the industry’s largest online community, members are discussing the various bonus programs at their facilities and how they work. Read what they have to say and share your own thoughts on this important topic.