5 Questions to Ask:
What Every Self Storage Property Owner Should Ask
Achieving Total Property Performance™ follows the basic principles of any successful business:
Find ways to boost revenue and limit costs.
While this principal may seem simple, when trying to determine which costs need to be limited and what steps can be taken to boost revenue, increasing property performance becomes more difficult.
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Opportunities are often hiding in plain sight. We have developed a business model we call BETTER Business™ to identify these opportunities and be able to deliver success for owners. We use this owner-centric approach of systems, technology, and team to maximize net operating income (NOI) and property value.
Here are some essential questions to consider about your property:
1. What is happening with EVERY unit?
This begins with a complete audit of each unit. Inspecting each to confirm its size, verify whether the doors and hasps are in proper working order, and assess if "vacant" units are truly vacant. This requires a systematic approach to ensure data is accurate, repairs are notes, and no improper use is occurring.
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When clients sign with StoragePRO, a district manager who's is assigned to your property will complete the unit-by-unit audit. They will be joined by one of our maintenance professionals to evaluate accurately any repairs that occur and steps that need to be taken. Our professionals have seen everything from tenants living in units, illicit businesses operating out of a unit, and improper "vacant" units created with under-the-table deals.
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A detailed report and thorough understanding of the property and necessary actions will be provided by our team. The audit also includes the status of every tenant account to identify and begin corrective action for delinquencies.
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2. Is your team performing?
Steve Mirabito, owner of StoragePRO, likes to say, "Stores don't compete - their managers do". A store manager's day-to-day decisions and ongoing competency can make or break your business. Managers should understand the value of customer service and sales and know how to excel at both. Taking the time to perform a complete evaluation of management and staff and identify areas for growth will allow your business to succeed.
We perform this evaluation for clients and take the time to get to know your team in order to maximize their performance and potential. We will also analyze your operations to determine whether your store is staffed appropriately. To streamline the training process, we created StoragePRO University, a program to help managers execute proven strategies and build connections with industry peers. Led by our executive leadership team and district/regional managers, the course teaches the mix of technique and accountability that prepare store managers for peak performance.
Improperly trained employees can have harm the success of your business. They can negatively impact coworkers, drive away customers, and create unfavorable situations. These should be address promptly, whether through training and improvement processes, or other appropriate actions.
3. Are you compliant?
Sometimes the issues you're least aware of can be the most devastating. Out-of-date or inadequately written lease agreements can cause serious legal liability for your self-storage business. With the ever-changing legal environment, trying to stay up to date with local, state, and federal laws can be overwhelming.
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Our clients can utilize our team to audit every single tenant lease agreement for your property to ensure accuracy and total compliance. This includes verifying every name, address, start/end date, payment status, and compliance with lien laws. Where needed, we will arrange with your tenants to sign an addendum or new agreement to bring the lease into compliance.
Joining StoragePRO Management means you can benefit from our team of experts who are fully versed in the laws and regulations that apply to your business.
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4. Are you auditing losses?
Unfortunately, we see it all too often: Tools, equipment, supplies, and even furniture can magically seem to walk out the door and into the possess of someone else.
Loss prevention begins with a thorough Personal Property Inventory to understand what you have at your site. Every site we manage obtains a complete catalog of every computer, desk, coffee maker, weed trimmer, light bulb, and anything else your business has purchased for its operations. These audits sometimes uncover incidents of theft that might have otherwise gone unnoticed. The impact of the missing materials and equipment is not limited to the cost of replacing them - but the resulting impact of not having the items on hand when needed.
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Ideally, this is not the case for your property, but this accountability allows for better business control and reduces expenses.
5. Are your daily operations efficient?
Do you have a standardized schedule? What does your customer traffic look like? How is your online presence? All of these questions are a good place to start when it comes to operational efficiency. No two sites are the same which is why is it important to analyze each site you own to determine efficiency and necessary changes.
At StoragePRO, we manage over 150 properties in 10 states allowing us to have a vast knowledge of solutions to mee the needs of your property. We understand varying market conditions, and we have the insight into the traditional best operating procedures for staffing, office, and gate hours. For example, some business could benefit from 24/7 gate access while at other locations this could invite unnecessary trouble.
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Completing a comprehensive operational review, conducting a business analysis, and optimizing your facility for productivity and profitability are fundamental steps for success.
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Were you able to answer all 5 questions?
Do you have more questions you want answered?
A PRO Forma is a good place to start to identify proactive steps to achieve Total Property Performance™. StoragePRO Management offers this no-cost, no-obligation analysis to allow you and your business to take the first step toward increased income and value.
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