The Fifth Rule of Thumb – Managing Your Property – The Welcome Package
Monday, March 28
When you purchase a new self-storage facility, your current renters may be very nervous about the pending changes. They don’t know what you are going to do and so they are imagining the worst. They just know that you are going to raise their rents and change the availability of the facilities a...
Should you have a full time or part time property manager?
Friday, March 25
The size of your self-storage property will help you determine whether or not you need a full time or a part time manager. Anything over 40,000 square feet should probably have a full time on-site manger. If you are smaller than 35,000 square feet, then you can get away with just having an onsi...
The Fifth Rule of Thumb – Managing your property – Manager Incentives
Wednesday, March 23
Manager incentives are a great way to keep your manager excited and working hard to keep your self-storage facility full. If you don’t already have incentives in place, you should consider adding them. You want your manager to work hard to keep your units filled. When you are hiring your mana...
The Fifth Rule of Thumb – Managing Your Property – Finding a Manager
Monday, March 21
Your manager is your most important asset. They are critical to the success of your self-storage facility. You want a highly trained, exceptional, experienced, property manager. You need someone who can find great tenants, keep the property running at a high level of performance and someone wh...
The Fifth Rule of Thumb – Managing Your Property – The Manager
Friday, March 18
One of the reasons that you will be able to find properties at a discount is because owners were unable to find good management. The poor management of the property resulted in the seller being willing to sell the self-storage facility at a discount. To avoid having the same problem, you want t...
Unlocking the Mysteries of Financing in Self-Storage Part 4
Wednesday, March 16
The last things that we are going to talk about in terms of financing are loan restrictions, debt coverage ratios and loan fees. Each of these things can affect your loan. You want to make sure that you understand what they are before you sign any loan documents. First, lets talk about pre-paym...