Self-storage facilities are typically managed by a property manager or management company. The manager is responsible for the day-to-day operations of the facility, including:
Rent collection: Collecting rent from tenants and ensuring that all payments are up to date.
Maintenance and repairs: Scheduling and coordinating maintenance and repairs for the facility, including the buildings, grounds, and equipment.
Marketing and leasing: Advertising the facility to attract new tenants and showing units to prospective tenants.
Security: Ensuring the facility is secure and that all tenants have proper access to their units.
Bookkeeping: Maintaining accurate financial records, including income and expenses, and providing regular financial reports to the owner.
Customer service: Handling customer complaints and concerns, and working to resolve any issues that may arise. The management company should have a team of professionals, including customer service, accountants and maintenance people. The management company’s goal is to make sure that the facility is running smoothly, the units are rented, and the financials are in order.
Additionally, most self-storage facilities use software to help with the management of the facility, from tracking unit rentals and payments to sending automated reminders to customers about upcoming payments and renewals. Some self-storage facilities are owned and operated by the same entity, and in these cases, the owner is responsible for the management of the property.
It’s important to keep in mind that the management company’s fees for their services are usually included in the rental rate. Investors should be aware of the management fees when investing in a self-storage facility and factor them into their calculations of the potential return on investment.