Structuring An Effective Self Storage Management Company

A self storage property management company should have the following key roles to ensure the success of the business:

1. General Manager - Responsible for overseeing the day-to-day operations of the self-storage facility, managing the team, and ensuring that the facility meets or exceeds revenue and occupancy goals.

2. Sales Manager - Responsible for developing and executing the sales strategy, training the sales team, and driving revenue growth through effective sales and marketing tactics.

3. Operations Manager - Responsible for managing the maintenance and upkeep of the facility, ensuring that it is safe and secure, and managing the logistics of the storage units.

4. Marketing Manager - Responsible for developing and executing the marketing strategy, managing the online presence, and driving new customer acquisition.

5. Customer Service Manager - Responsible for ensuring that the facility provides excellent customer service, addressing customer concerns, and handling complaints.

Key Hires:

To ensure that the self storage property management company consistently achieves positive key performance indicators (KPIs) like revenue, collections, net rentals, and price per sq foot, the following key hires are crucial:

1. Experienced Property Manager - The general manager must have a strong background in self storage operations and sales management, with a proven track record of driving revenue growth and increasing occupancy rates.

2. Sales Team Members - The sales team should consist of experienced sales representatives who are knowledgeable about the self-storage industry and can effectively communicate the value of the company's offerings to potential customers.

3. Maintenance Staff - The operations manager must hire experienced maintenance staff who can ensure that the facility is clean, secure, and in good condition, which can help increase customer satisfaction and retention.

4. Digital Marketing Specialist - The marketing manager should hire a digital marketing specialist who can develop and execute an effective online marketing strategy to drive new customer acquisition and increase online visibility.

5. Customer Service Representatives - The customer service manager should hire experienced customer service representatives who can provide excellent customer service, handle customer complaints, and address customer concerns, which can help increase customer satisfaction and retention.

Key Performance Indicators:

To consistently achieve positive key performance indicators (KPIs) like revenue, collections, net rentals, and price per sq foot, the team should monitor and optimize the following metrics:

1. Occupancy Rate - A high occupancy rate indicates that the self-storage facility is in demand, which can lead to increased revenue and collections.

2. Monthly Revenue - Monthly revenue is a key indicator of the company's overall financial health and is essential for achieving long-term profitability.

3. Net Rentals - Net rentals refer to the total number of rentals minus the number of vacated units. A high net rental rate indicates that the self-storage facility is retaining customers, which can lead to increased revenue and collections.

4. Price Per Sq Foot - Price per sq foot is an essential metric for determining the company's pricing strategy and profitability. A higher price per sq foot can lead to increased revenue and profitability, but it must be balanced with customer demand and market competition.

5. Collection Rate - The collection rate refers to the percentage of revenue collected from customers, and a high collection rate indicates that the company is effectively managing its accounts receivables and cash flow.

As you can see, there are many areas of a self storage facility to focus on and with the right team in place, you can effectively operate your self storage facility with the confidence that the cashflow will increase over both the short and long term. Contact Diamond Self Storage Management to take advantage of the structure, professionalism and experience needed to push your facility well into the next generation.