Section 10 • Management
Owners may want monthly face-to-face visits or as spread out as annually in the case of absentee owners.
Extra Services Cost Extra If you are expecting to receive a high level of personal atten- tion, (such as daily phone calls or weekly meetings, extended reporting, and additional marketing plans and programs) be prepared to pay more for these services. Anything can be had for the right price. However, if you demand all these servic- es and want the largest possible discount, you may have to choose which is most important to you: a discounted rate or expanded services; you will likely not get both.
Management company professionals need you to
understand the reports being sent to you and your team.
Owner Training Many of us provide owner training classes and other special- ized owner reporting. We want to maximize your use of the operating software and what reports and data are impact- ing the operation. Ask if this is available and included in your contract. Management company professionals need you to understand the reports being sent to you and your team.
Other Benefits of Third-Party Management As income has risen, so have expenses per square foot.
• Key business relationships and discounts • Better evaluation of software and technology • Bulk purchasing and industry vendor discounts
Making sure that revenue management is deployed to keep up with rising expenses such as property taxes, insurance, and health care is the key to profits and must be handled in an ongoing way, monthly at least: 1) raising mar- ket prices on sizes that are 90 percent or higher occupied and 2) on customers due for at least annual rent increases.
If you are spending money on a source for
traffic, such as the chamber of commerce, on- line ads, or aggregators, you must include these in your software as potential sources for leases. Tracking and measuring the effectiveness of each source you are paying for is imperative. Measuring traffic sources and the cost per lease is key to effective management. Our CPL, Cost Per Lease, last year was $51. Instead of trying to outbid the REITs for PPC (pay-per-click online advertising), we as independent operators can be more local and nimble, effectively market- ing within our communities and participating in community events. 2020 changed many things within our marketing and sales programs. De- ploying online leasing, with the fewest clicks
102 Self-Storage Almanac 2021
• Deploying lots of low-cost technology to collect rent, market electronically, and use social media to build an audience
• More knowledge of legal requirements and regulations
• Lower insurance rates • Reduced liability through requirement of customer storage insurance and better standard operating procedures
• Innovative sources of ancillary income • Immediate access to national level expertise and supporting resources
• An Independent Experienced Viewpoint – Owners face many critical decisions daily and a third-party management company can provide fresh yet experienced industry standard perspective to the issues at hand.
• When deciding who should manage your property(ies), you should expect a full menu of services and seek out expertise that goes beyond operational issues. For success, partner with the company that brings an owner’s mindset to the table and can develop strategies that meet the owner’s business goals.
• Owners today should expect that management improve the property’s performance in ways that ultimately contribute to the bottom line.
• Extensive HR, legal, and property insurance expertise
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