Here in the self storage business there are many important aspects to keeping your business in line. However, perhaps none are more important that who you choose to manage your facility/ies. A good manager can turn a self storage facility into a booming, profitable business, and in the same light, an awful one can bring it tumbling to the ground. Finding the right manager may be a time consuming task, but a necessary one when you consider all of their responsibilities.

Choosing your manager

When it comes to finding a self storage facility manager, do your homework. Do your potential hires have experience? Is that experience topic related? Or will their other skills translate? Just because a potential manager has minimal experience with the self storage industry doesn’t make them a bad choice. Look at their backgrounds: have they worked in retail? Dealt with customer service? All of these things will fall under your manager’s jurisdictions. Look beyond their former positions and see what skills will help them succeed in the self storage industry.

Another aspect to consider when hiring your manager is to get help from an outside source. Having a personal relationship with a potential hire or choosing after first impressions aren’t always a good idea. Ask a fellow property owner to help you decide, or a close friend who has experience owning their own business or working in management. When it comes to picking your manager, you can’t afford to get emotionally involved and risk choosing the wrong hire.

Ongoing education

Next, once you’ve made your pick, don’t forget that the self storage business is always changing, and so are the management techniques. There are hundreds of opportunities for continued education, and allowing your manager to expand their knowledge will only make them better at their job. Treat your manager to seminars, webinars, speakers, or a training sessions on a regular basis. Not only will the expense help your employees, but it will have a direct (and positive) effect on your business; helping it run smoother. And although it may seem like a costly expense, remember that with employees, you get what you pay for and your manager is the central piece holding your business together.

From the outside looking in, the self storage business can often look intimidating. Especially in an economy where it’s difficult for anyone to get a loan, particularly first time property owners. However, there are steps that you can take to make getting into the self storage business easier and less stressful.

First of all, it’s important to understand why banks are so selective when it comes to self storage borrowing. Not only is it a property loan, but the self storage industry is unique from most other property ownerships. In fact, it’s more of a retail business – meaning you not only have to known how to be a successful landlord, you have to know how to run a sustainable retail business. And if you have little or no experience in either field, banks and credit unions are often hesitant to cough up the loan.

How to Gain Credit

Before heading into the loan office, it’s a good idea to build up your credit. Whether it be business or personal, having a good track record will only help your chances at getting approved. If you’re working under a company name, be sure to register with the three credit bureaus. It will put you on the map with creditors and allow banks to check your Small Business Credit Risk Score. Another way to earn a high credit score is to open up a checking account or credit card in your business name. And if you’re operating under your personal accounts, make sure your debts are paid up and any previous property loans are in order.

Next, get to work on your paperwork. Your loan application is one of the most important steps when purchasing your very own self storage facility. Make is shine by highlighting all of your assets. Have you owned property before? Worked in retail? Show the bank your skills and why you’ll be great in the self storage business. On the other hand, though, make sure the skills you’re listing are worth bragging about. Selling retail in college for a few months isn’t exactly going to impress a possible investor.

Finally, utilize your resources. Do you currently own properties? What collateral do you have to offer?Having a sufficient amount of insurance is sure to help any lender feel at ease when handing you a check. Another helpful resources is hiring an experienced manager. Bringing in an employee who is well-versed in the business will prove to the bank or credit union you’ve done your research and are serious about the loan and the self storage industry.