A self storage property management team can relieve you of the day-to-day operation of your facility, advises the EquityTeam Management company. The teams handle payments, talk to customers, schedule maintenance, and run marketing to bring in more business. Third-party management solutions also bring experience and expertise you may not have. Here are three reasons to hire a self storage management team:
Run Your Business
You can hire a self storage property management team to run the business on your behalf. Third-party property management companies handle every aspect, including daily operations like collecting rent and fees and conducting unit auctions. They communicate with ownership and customers, resolve issues, and answer inquiries. Leading property management teams also handle hiring and have proven expertise in managing self storage facilities. They find the proper staff to stay behind the counter, clean the facility, engage customers, rent units, and fix broken parts. Arrangements vary, so you can handle some tasks or go completely hands-off.
Experienced teams have hiring programs designed to find skilled managers and talents for every role in your facility. They also handle the legality of hiring and firing, and they manage payrolls, insurance, and other aspects. Self storage management teams also take care of staff planning and scheduling, employee timekeeping, and training. The team may create standard operating procedures and standards to be upheld by employees. Management teams also hire experts and supervisors to handle job contracts, performance, auditing, and other aspects of running the facility. They take necessary measures to keep your facility clean and operations in order.
Manage Revenue and Growth
A self storage management company can help you grow your facility’s revenue consistently. They examine competitors’ prices, discounts, and rates, and they create strategies to minimize move-outs, and monitor customer demand and market conditions. Management teams also handle unit auctions and collect rent and fees from customers. They can use storage unit software to automate rent collection and follow up on late or missed payments. Facility managers also work with customers to develop custom payment solutions that work for both parties. Revenue management involves many tasks, including reporting monthly financial statements, comparing budgets and expenses, and managing asking rates on vacancies.
Self storage managers can also discover new ways to generate revenue for your facility. They handle unit pricing and set up protocols for changes as conditions evolve. Leading property managers use data-driven insights and analytical tools to enable informed decisions. They may adapt strategies to align with market dynamics, trends, and customer demands. Self storage property managers also provide strategic risk mitigation protocols to safeguard your interests. The teams can take care of marketing to increase your customer base and bring in more business. They build websites, run marketing campaigns, and develop your brand to explore previously untapped revenue streams.
Streamline Business Accounting
Managing a self storage facility involves accounting for all income and expenses. The team files tax forms, profit loss reports, and daily reconciliations of deposits and withdrawals. Accounting also involves managing AP, auditing unit inventory, and budgeting for annual expenses. The self storage management company also tracks your finances and files the necessary documents to comply with existing regulations. Files must be filed accurately and on time for clean financial records, indicating payment deposits, auction sales, late fees, and revenue reconciliation. The team conducts regular audits and monitors financial movements to identify discrepancies.
Self storage facility managers also manage expenses to keep costs within projected budgets. They create and review monthly progress reports and monitor leading and lagging performance metrics. The teams also use tailored solutions to automate the accounting processes and reduce errors. Hiring a third-party management team frees you from accounting duty, including payroll services and employee benefits. The management team hires experienced accountants and HR teams to handle salaries, insurance, retirement, and other benefits.
Find a Self Storage Property Management Firm Today
Working with third-party management allows you to delegate all aspects of running your facility. You can maintain as much control as you want or let the team manage everything. Contact a self storage property management company today to learn more about their services.