Management • Section 10
Level Of Involvement Reasonable owner involvement is always a plus in yielding the highest incomes and overall performance; when own- ers and management companies work together for common goals, great things can happen. Owners should discuss a schedule of visits to the site and let their great managers and management put on a show just as they do daily for their cus- tomers, this way managers get instant feedback and direction from such input. Using the flow of communication and letting management know of anything they desire about the store or operations, owners should include some positive as well as negative commentary. Management then has the ability to correlate a plan and get with the on-site managers to discuss and enact or reply to the owner’s requests. This becomes a smoothly flowing stream of information with measurable improvements.
Each of us will have several exhibits within our contracts; make sure you understand and agree to the
formats for these reports and that they are attached to the contract.
However, if you intend to micro-manage every detail to
the point that you could be considered a “control freak,” third- party management may not be well suited to you (or it can be your nirvana, having someone to handle details on multiple fronts simultaneously). If you wish to part- ner with your management firm to achieve your goals, it is likely a very good fit for you. If fewer problems and increased income are the goal so that you can focus on your core business, then third-party manage- ment may be a great fit for you. At the very least, you could benefit from their inspection of your store and their consultancy in general. Bill Norris, former owner of multiple Storage Village locations, recom- mends that owners “Are best served by bringing in a consultant to look and see what’s needed to strength- en the operational performance.”
References You should be able to get reli- able references on any third-party management company. Our best references are our great manag- ers, so you are encouraged to visit
2021 Self-Storage Almanac 101
other facilities we manage. Is the company a member of the state and national organization? Do they contribute articles and/or provide training to a larger audience, such as attend- ees of national conventions? You would want someone who stays at the forefront of the industry, as well as its latest trends and technologies, and will improve your operation and often lower your costs, increase your income, expand your market- ing efforts, and provide consistent reliable reporting. Ask other owner clients of theirs with similar size or number of stores about these important aspects.
Sample Exhibits Each of us will have several exhibits within our contracts; make sure you understand and agree to the formats for these re- ports and that they are attached to the contract. These might include the monthly cash flow statement, proforma and budgets, or other report samples. If you require specialized formats or reporting, make sure this is discussed during ne- gotiations. There are numerous reports available from today’s self-storage operating software, so review what is included in the standard reporting package; with most web-based oper- ating systems you are free to access any report anytime from anywhere. Other reports or data may be available at no cost to you, while some may increase your start-up fee for inclu- sion. There will be an established frequency for all types of reporting, monthly at minimum for financials and copies of site visits by management. Areas of concern or variances to budgets are also reported. Emergency procedures will be in place to contact the owner under some specific situations.
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