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.

So you’ve decided to get into the self-storage business by developing your own Self Storage Facility.  Well the first step should be to locate a viable parcel of ground to develop.  However, many investors find that determining an adeqate site is a little more difficult than they imagined, and perhaps, should be done with the aid of an independent third party. Why? Because a feasibility study, conducted by a professional, will provide an in-depth analysis of the location to determine if it is viabie for Self-Storage. Read the rest of this entry »

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    Dear Scott,

    “We bought our first facility, a 687 unit 68,000 S.F. property, out of a distress situation, with great cash flow already in place, for $2.5 million dollars. We rehabbed it and used your techniques to maximize the income and minimize expenses, and have had a blast doing it. Our positive monthly cash flow is now $22,000 per month, and the property is currently worth $3.8 million dollars. We are currently looking at 3 more facilities. It was good to see you in Vegas!”

    Kris McGee, Steamboat Springs, CO


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