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Are you tired of running your self-storage facility around the clock?

Do you want to create more resources and time so you can concentrate on expanding your business?

It's time you considered third-party self-storage management! With this system, you can outsource your facility's management, cut expenses associated with administration, enhance customer service, and streamline your operations.

What, then, does the whole concept entail?

Third-party self-storage management is contracting out a self-storage facility's operation to a third-party self-storage manager. In other words, you hire a professional organization to handle every aspect of management rather than managing the facility yourself. This could cover everything from regular business operations and customer support to advertising and financial management.

One of the most notable perks of 3rd party self-storage management is the lower administrative expenses. Your third-party self-storage manager will manage:

  • Staff hiring
  • Training
  • Payroll
  • Benefits

So, your business can then focus on its key mandates, further propelling your productivity.

You also get to benefit from enhanced customer service. The skills and expertise of specialized management firms enable them to deliver first-rate customer service, boosting tenant satisfaction and retention. These management companies can efficiently handle inquiries and complaints from tenants, ensuring smooth workflow at your workplace. They can also add value for renters through extra services like online bill payment or 24-hour call center access for emergencies. This, in turn, can reduce tenant turnover by ensuring that tenants feel heard and their needs are being met.

Owners can also leverage the specialized tools, resources, knowledge, and experience of 3rd party managers to improve facility management. These management firms often have years of experience in the field and access to evidence-based practices and cutting-edge technology that may be used to enhance the facility's operation. Finding this skillset and experience internally can always be a challenge.

Maximizing occupancy rates is one important area where these management firms can deliver a major impact.

They can, for instance, examine industry trends and consumer preferences to choose the best pricing and marketing tactics. Additionally, they can offer current information on demand and supply, enabling the owner to decide on pricing and unit availability. Management firms can also assist owners in boosting revenue and lowering costs. They can pinpoint places where you can cut costs without sacrificing the facility's quality, like HVAC or lighting systems.

According to recent data, the self-storage industry is experiencing substantial growth, with a projected market size of $145.23 Billion globally by 2028. It's becoming clear that third-party management companies have a significant role in its success.

Self-Storage Management Companies

Self-storage management companies can be broadly categorized into full-service and third-party management companies.

Full-service management companies

These companies offer a full suite of solutions, including facility development, site procurement, construction management, branding and advertising, operations management, staffing, and financial reporting. These businesses can manage all facets of the operations of the self-storage facility because they often have substantial resources and experience. These businesses are often in charge of all elements of facility management and typically have their own employees. Although individuals who prefer to be less hands-on with their facility may benefit from this management style, it can also be more expensive.

Third-Party management companies

Third-party management companies manage self-storage facilities but do not own them. These businesses collaborate with facility owners to offer marketing, facility upkeep, and customer support services. Third-party management firms collaborate with the facility's owner to highlight areas where they can add value and offer specialized services to improve the performance of the self-storage facility. 

Third-party management firms have been growing in popularity in the last few years in the self-storage sector. Owners are turning to these management organizations for specialized expertise and resources as they strive to maximize the performance of their facilities and remain competitive in a crowded market.

Top Self-Storage Management Companies.

It can be challenging to pick the ideal self-storage management company, especially with many available options. Whether you're searching for full-service management or third-party management, picking a business that can fulfill your unique demands and goals is critical. While assessing potential organizations, it's critical to consider a few things to simplify the process.

While assessing potential organizations, it's critical to consider a few things to simplify the process.

Track Record

It's crucial to look for a firm with a successful track record. To do this, look through internet reviews, case studies, and other facility owners' testimonials. You should also take into account the company's standing within the sector. Search for businesses that are reputable and well-established in the self-storage industry.

Marketing Strategy

The company's marketing strategy is also another vital consideration. Effective marketing will be integral in growing your business and drawing in new clients. Choose a business with a coherent marketing strategy incorporating social media, online advertising, and SEO. To optimally track success and make necessary modifications, opt for a company that regularly reports on marketing performance.

Level of Expertise & Experience

Take note of the degree of experience and expertise of prospective self-storage management companies. Seek out providers well-versed in the sector and can offer insightful analysis of trends and best practices. Also, consider firms that provide consulting services to assist you in streamlining processes at your facility and boosting profitability.

You'll also want to look at aspects such as:

  • Licensure
  • Associated fees
  • Emergency-response strategies
  • Level and reliability of automation

Top Self-Storage Management Companies

One of the top self-storage management companies we have identified in the industry is the Self Storage Consulting Group.

The company is headquartered out of Mesa, Arizona, and services facilities spread across the United States, with a proven success history.

They offer a comprehensive package that includes, among other services, management, feasibility studies, design and build, and joint ventures, to help facilities maximize their profitability and expand their operations.

Here is our additional list of self-storage companies to look for:

  • Argus Professional Storage Management
  • CubeSmart
  • StoragePRO
  • National Storage Affiliates Trust
  • Extra Space Storage
  • Life Storage Inc.
  • Absolute Storage Management Inc.
  • West Coast Self-Storage
  • Public Storage Inc.
  • Storage Asset Management

Self-Storage Management Fees.

Understanding the basic price structures when selecting a self-storage management company is important.

Third-party storage management companies typically base their pricing on their services. The most prevalent price structure is a percentage of gross revenue, which typically falls between 5% and 7%. However, the minimum monthly self-storage management fees might be between $1,500 and $3,000 per property. Start-up costs per property might range from $3,000 to $7,500. 

Some companies, however, may charge a separate percentage of the tenant insurance revenue on top of the management fee. This charge is typically a percentage of the facility's overall insurance revenue. Also, some self-storage management companies could charge extra for particular services like marketing or consulting.

When assessing self-storage management firms, consider the caliber of services offered and the pricing structure. Some management firms could have lower fees yet offer services of inferior quality. To ensure a company can offer the services you require, remember to critically assess its experience, reputation, and performance history.

It's important to remember that costs might differ greatly across management companies. Depending on the facility's unique requirements, some companies may give flexible price structures or discounts for multiple locations. It's essential to understand the fee schedule and any additional costs or special offers from any management firm.

In essence, selecting the best self-storage management firm necessitates careful consideration of several aspects, including the firm's fee structure, experience, reputation, and track record. By assessing these variables and comparing them across various management organizations, you can find a partner who can assist you in achieving your objectives and succeeding in the self-storage market.

Self-Storage Management Software.

essential for owners and operators of self-storage facilities.

These software solutions present a wide range of features and functionalities that can automate several essential operations that accompany maintaining a self-storage facility, keeping you in line with emerging tech trends in the industry.

One outstanding feature of self-storage management software is the capability to manage reservations and bookings. Facility operators can easily manage occupancy rates and tweak pricing to maximize revenue with a self-storage booking system. Additionally, these software programs frequently have customer relationship management (CRM) functions that let operators track leads and sales and quickly connect with tenants and potential customers.

Self-storage management software can also aid in marketing initiatives. Several solutions include digital marketing tools, custom websites, and integrations with well-known listing websites like SpareFoot and StorageFront. This enables business owners to draw in more leads and turn them into paying clients.

Self-storage management software can also help with the following:

  • Payment processing
  • Inventory management and
  • Reporting

When implementing this software, first assess the software management software cost and ensure it aligns with your budget. While some solutions may be expensive yet offer more sophisticated capabilities, others may be cheaper but offer minimal functionality. It's also crucial to study several self-storage manager software reviews to understand how each product functions in practical situations. Your business will be well ahead of the curve, whichever option you choose.

Do you operate or manage a self-storage business?

If so, you know how important it is to maximize your advertising efforts. 

That's where Adverank comes in.

Contact us today at sales@adverank.com or schedule a demo to hear how our marketing team can leverage PPC to grow your self-storage business.