Tuesday, December 6, 2022

Third-party property management for self-storage owners

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Shreya Christinahttps://cafe-madrid.com
Shreya has been with cafe-madrid.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider cafe-madrid.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

CEO: Oversee finance, operation, acquisition and development of StorageMarta family business that is active in three countries.

There comes a point for many self-storage property owners when they want to choose whether to continue to manage the day-to-day tasks required to operate their facilities or outsource these responsibilities to a reputable third party.

The appeal is hard to ignore. As the CEO of a company that offers third-party self-storage real estate management, I’ve seen firsthand how this solution provides a way to leverage the marketing power and operational efficiencies of another brand so that businesses can continue to monetize and develop at the same time. focus on what’s next – whether that’s another development project or more family time.

Determining whether third-party management is the right choice

Regardless of the reason behind your interest in third-party property management for your self-storage investments, timing is important to consider. For example, if you’re new to the industry with only one or two properties, third-party management may not be right for your current scale of operations. On the other hand, if you already own multiple properties and you have aggressive goals for continued growth, outsourcing the day-to-day activities of managing your properties can free up the bandwidth you need to make strategic development decisions.

Be sure to evaluate where your passion and expertise intersect. Some people find that they like the real estate management side of self-storage property and are happy to carry on the associated tasks in tandem with the ongoing real estate development. Others prefer to invest their time elsewhere, whether they are effective property managers or not. Before you somehow decide on third-party self-storage property management, take the time to find out what kind of person you are.

Choosing the right self-storage property management partner

The right partner for self-storage property management is not necessarily the largest. It’s about finding a well-known, reputable company with the operational infrastructure to efficiently manage your properties and drive your desired growth. It is also helpful to choose one with an existing local market share. But this is just one pillar of what you’re looking for in a self-storage property management partner.

As a professional in the self-storage industry for over 50 years, I’ve been on both sides of the table and understand the pressure to find a partnership you can rely on to drive real estate revenue forward. help out. Ultimately, you want a partnership that honors the hard work you’ve already invested – from your initial development plans to your current owner/operator responsibilities. With that in mind, here are some of the key features to look for when evaluating a potential management company.

1. Marketing and Revenue Management

Marketing and revenue management are both full-time jobs and entire departments in their own right, and economies of scale quickly pay off here. For example, partnering with a real estate self-storage company that has a well-funded online advertising budget can increase occupancy in the short term. My company has discovered that patented revenue management technology can increase rental income by an average of 45%, in addition to increasing occupancy rates.

2. Technology and innovation

A truly advanced real estate self-storage company must also have robust technology systems in place to ensure that critical customer actions are easy and intuitive for prospects to navigate. From seamless online checkout to an easy-to-use payment portal, find a property management partner with a full technology stack to reduce friction on the conversion path and keep occupancy exactly where you want it.

3. Trust and transparency

Property management companies only succeed if they generate reliable, predictable income for the collaborating property owners. Mutual trust and transparency between self-storage property owners and their external property management partners will therefore determine the success of the partnership. Because of this fundamental truth, a self-storage property management partner has every reason to provide complete profit and loss statements, annual budget updates and actionable property performance analysis.

With due diligence, finding a self-storage property management partner can be the right decision for developers who are concerned with the day-to-day operations of their properties. My final advice: take your time and focus on partners who can support your goals and your growth potential, both now and in the future.

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