Full-Service Self Storage Management As a full-service self-storage management company, we provide a comprehensive set of services to our clients. If you feel you need more or fewer services than described here, please contact us and we are happy to customize a proposal for you. Our typical full-service third-party management agreements include the following services.
Employee Related Services
· Employ the on-site staff and bear the risk of complying with employment laws.
· Create staffing plan and schedule.
· Validate employee timekeeping and process payroll.
· Recruit store management staff.
· Train store managers with an emphasis on practicing the skills that lead to more rentals, at higher prices, and with higher ancillary revenue.
· Provide written standard operating procedures and job aides to facilitate learning, effective performance, and safety.
· Properly uniform store managers and provide grooming standards to make a positive impression on prospective customers.
Auditing and Financial Controls
· Regular store visits by members of the executive team to provide staff training and inspect the physical facility for cleanliness, curb-appeal, and to document and schedule needed maintenance.
· Monthly audits of the facility unit inventory, petty cash, and staff compliance with best practices.
· Prepare annual budgets for each calendar year. Budgets are developed in October of the preceding year and reviewed with the client. Any necessary changes are made, and the budget is approved by the client during the fourth quarter. The budget becomes the financial plan for the property over the next calendar year.
· Documented processes for daily auditing and reconciliation of the revenue received and the bank deposits made to ensure no employee theft.
· On-site managers appropriately restricted from modifying customer accounts or unit inventory to prevent theft or unauthorized discounts or fee waivers.
· Bookkeeping staff duties separated from banking and check signing duties.
· Keep an accurate set of books and records of all income and expenses.
· Manage the accounts payable.
· Daily reconciliation of management reports and bank deposits.
· Prepare and distribute monthly and annual financial statements and comparisons of budgeted results to actual results.
· Prepare and distribute a monthly narrative update on the progress of revenue growth initiatives, cost saving initiatives, and other projects affecting the financial performance or physical condition of the property.
· Track and report on key leading and lagging performance indicators to ensure the health of the investment property.
· Publish a professional web site.
· Advertise on search engines, and other online advertising platforms.
· Make certain directory listings are complete, accurate, and have professional photos and videos.
· Hire vendors and contractors to complete necessary work on-site and to maintain the property.
· Review signage and curb appeal and make appropriate improvements with the client’s approval.
· Implement revenue management pricing practices by managing asking rates based on forecasted vacancy and demand.
· Manage in-place rates and rent increases.
· Find additional ways to grow revenue.
Maintenance and Expense Management
· Create a scope of work for each maintenance project.
· Solicit and review bids.
· Hire and supervise contractors.
· Inspect completed work to ensure completeness and quality workmanship.
· Train property staff to complete day-to-day maintenance safely.
· Evaluate, hire, and supervise vendors for routine services like pest control, alarm monitoring, landscape maintenance, etc.
· Collect rent and fees.
· Process liens and conduct commercially reasonable sales of stored contents when tenants have stopped paying rent. Ensure the self-storage lien is perfected, all statutory notices have been given, and that all legally prescribed procedures are followed.
· Ensure the property managers are providing five-star customer service and handle any escalated customer concerns.
· Communicate as often as needed with the property ownership so that all parties are aware of what is happening with the investment and to maintain accountability that improvement projects are moving forward on schedule.