» Self Storage Business

Rental property management is approached as a business with a business relationship established and maintained by owners, personnel and property managers.  Rental property management falls under many different names and types such as a certified property manager, real estate manager, professional property manager, rental property manager, residential property manager, apartment property manager, and commercial property managers. 

Good rental property management is the only way to properly handle real estate investing.  Any legitimate rental property management group knows it is any great and successful business.  Good rental property management is the only way to properly handle real estate investing.  The key to successful rental property management is to keep your renters in their seat, as they say in the restaurant business.  Rental property management helps rental property landlords locate qualified tenants for their rentals.  A major element in rental property management is the maintenance and repair of the physical property, to not only preserve and enhance the communitys value, but to keep all facilities in the best condition for use by residents and guests. Through the daily tasks of rental property management, your renters are going to be more likely to renew a lease. This is why it is key to find a company that will ensure your clients are well taken care of.

Management practices that preserve affordable housing rental property management is a distinct profession and a difficult task under normal circumstances.  Rental property management also generally includes leasing, collecting rent, keeping records, making repairs, and carrying out preventive maintenance.  One of the keys to success with rental property management is collecting rent in an efficient and timely manner.  Because of years of experience in managing all types of property, most companies can also provide to the owner or investor the type of rental property management that can enhance the value of the property.  Most companies believe that rental property management is a full time business and it deserves their full time attention.  When you find the right rental property management company, owning property in the US or any other country for that matter can and should be both a personally and financially rewarding experience. 

If you are considering a career in real estate trading services or sales, rental property management services, or strata management services, you should know that it would require a license to provide those services. Some business owners would prefer to do it themselves but with so many excellent, reputable companies available nowadays there is no need. Rental property management companies are ideal, whether you run your rental property business yourself or have a management team working with you. Managing rental property has many legal facets every landlord should be knowledgeable about.  With a rental property management service, you save valuable time and energy. Thus allowing you as an owner to spend more time focusing on your other business investments or pursuing other goals, knowing that your rental property management company is taking care of all the daily tasks.

StorageMart US Hwy 1 & 3rd St. Key West, FL 33040

Shopping

Property

Tweet This Post 

When that light bulb goes off you’ve got it, the most brilliant green design ever. If every American household changed a single light bulb to an Energy Star bulb, it would provide enough power to light more than 2.5 million homes, while saving consumers money. Energy Star qualified bulbs and fixtures use one third the energy of traditional models and last up to 10 times longer. Think of what we could save if every office, school, and secret shopping business changed a bulb also.  The less energy we use, the less energy electric utilities must generate, and less demand means fewer greenhouse gas emissions. If homeowners change just one bulb to an Energy Star qualified bulb they will prevent the release of more than 450 pounds of greenhouse gas emissions.

You can joke about how many property managers it takes to change a light bulb, but if all property managers and secret shopping businesses changed the light bulbs at their self storage facility to energy saving bulbs, just think of how much energy the self storage and secret shopping industry can save the United States. Implementing this bright idea will not only save money on utility bills, it also will reduce our dependence of foreign energy sources.
 
Energy Star already put into practice this green design idea in many communities around the country. They call it Change A Light, Change A World and its objective it to promote energy efficiency and conservation in America. The concept is so simple that it is as easy as changing a light bulb, literally.

Where to start with this green design? Start by changing all the light bulbs in your office, secret shopping business and showroom floor. The highest used fixtures in an office are usually above your head, but typically the break room lights, ceiling fan light, and bathroom lights are commonly used as well. Check the display cases and replace those bulbs as well if they are not energy efficient.

Many self storage and secret shopping businesses take pride in being safe and secure. But a huge part in security is having a well lighted facility. Now a storage property should not sacrifice security for a greater green design. However, they don’t have to. Replacing security lighting with energy star light bulbs will allow property managers to continue to promote security while saving energy at the same time. Replace the bulbs in each storage unit too; there are hundred of them, depending on the self storage property size. Secret shopping your competitors will let you know if they are interested in green design. Mention in advertising that your self storage and secret shopping facility is doing their part to help the environment.   

Now changing light bulbs all at once is expensive and wasteful. If an immediate change is out of the question then make it your green design plan to change the lighting to energy star bulbs when the existing bulbs burn out in your secret shopping and self storage business. See if your light bulb vender will swap your unused incandescent light bulbs for energy star light bulbs.

Green design doesn’t have to end at the self storage and secret shopping property. If property managers and secret shopping managers take a pledge to change the light bulbs in their homes to energy star, the campaign will expand to the neighborhoods. Environmental responsibility doesn’t end at the workplace. Taking care of the environment is a 24 hour job. The harder we work at it as a society, the greater the payoffs. 

Nevada Storage Units

BMA Mystery Shops

Rivergate location, 2360 Gallatin Rd, Madison, TN 37115

Tweet This Post 

Recently many major retailers have announced green design plans to save on energy costs while at the same time helping to improve the environment. For good reason, going green seems to be more contagious than bad fashion trends, like baggy jeans and fuzzy snow boots. Whether their motive is for self interest or for altruist reasons, the environment wins either way, which is good.  

Many retailers are finding out that even small changes make huge differences in efficiency. One major retailer found out that if they took out the light bulbs in the break room vending machines at every location, they would save 1 million dollars a year. Kudos to them for thinking outside of the box and finding a simple energy solution. And that is what it takes sometimes to find simple solutions, thinking outside of the box. Just look around your office and notice what is using electricity. For instance, microwaves and coffee makers use constant power to keep the clocks running. But how many people rely on those clocks? Now, one microwave oven and coffee maker uses only milliamps to maintain the time. But if everyone in the self storage industry were to unplug them from the outlet when not in use, we would save mega wattage.

Other larger big house retailers have made it their goal to find major innovative renewable energy resources to run their business more efficiently. Experiments to cut wastes include studying everything from recycling cooking oil to testing wind power. Some retailers’ green design includes building new stores with skylights that bring in natural light. From this they can keep the light switch turned off and the heater on low during the day. Instead of skylights, some retailers are installing solar paneling on the roof. This takes them off the grid and keeps them independent from tradition fossil fuel energy resources. 

The self storage industry needs to join the car pool of other retailers with green design plans. Storage property managers can ask customers to bring back moving boxes and other packaging supplies to the self storage facility where they can be reused or recycled. Most self storage properties have vending machines with continuous lighting. Property managers should steel the idea removing the light bulbs. The beverage companies profit from businesses with vending machines on the business’s energy expense. Where do you think they plug in the machine at; it’s not at their own plant. Each individual self storage unit does not use much energy to power. However, that should not stop property managers from installing solar panels. It still follows the green design by cutting cost and helping the environment. On the other hand, climate control units use a great deal of energy to keep storage at a consistent temperature. If property managers can get them to run by solar power, it would make a world of a difference.

If the self storage industry doesn’t come up with a green design plan, then the government will and that is not always good. So far the government has let many industries search for solutions to improve the environment, but if we are not ahead of the game with a green design plan, it will be mandated.  

Written by Kurt Schellenberger

Storage Concierge is your premier Storage, Storage Unit, Car Storage, RV Storage, Furniture Storage, Boat Storage, Yacht Storage and Self Storage Finder.

Massachusetts Storage Units

Storage Unit

Tweet This Post 

Kids are always told to be there best. Every parent’s dream is to see their children happier and more successful then they have ever been. And this message, be the best in whatever you do, is repeatedly hammered into children’s heads. On the contrary, property management is expected to be the best in their self storage business. That is why most self storage businesses provide extensive training programs. But if property managers were like robots programmed to sell self storage, they would all be at the same skill level. However, property managers are humans and all humans learn and perform differently from each other. Many things contribute to this, like personality and intelligence. But what causes some property management to shine is an inner hunger to be the best combined with the proper tools. Kids are often told to be the best in whatever they do but they do no know how to go about it. Same with property management, they may have the inner hunger, but just lack the direction. Sometimes people get to the point were they feel they reached their limit, except the truth is that there is no limit. They just have trouble jumping that one hurdle bar blocking them from accolades. If they had the right technique, they can clear that hurdle and continue developing.

We all have to start somewhere. Think about it. What do you love to do? Is it sales or property management? These are important questions. Whatever it is, it starts with setting goals, and we all need them. Whether your goal is to be property management or win a hot dog eating contest at a State Fair, goals are what motivate us to do better. Your dream might be to become the best property manager, but you need smaller goals to get there. If you don’t have goals, you’re not going to have dreams. The goals are the achievements along the way to your dream. The self storage industry assigns property managers goals, but these are not personal goals. Those goals are what the self storage business expects from you. Personal goals are what give us that inner fire to beat the industry given goals.  

No one said it is not going to be easy. When we grow up we go through tough growing pains. The pains also exist during our personal growth. The road to becoming the best property management is a bumpy one. At times you may fail, but the trick is to learn from the mistakes.

Don’t be bashful about selecting role models. Role models can be anyone including other property management. If you see a fellow property manager doing something you want to do, analyze him until you figure out how to do it. There are no laws stating on how many role models you can have. Anytime you see someone doing something remarkable to you, study and mimic what they do.

Everyone who is considered the best never achieved that status by doing it alone. Property management needs to surround himself with the right people and staff. Don’t just hire staff that meets the minimum qualification for the job. Hire goal driven staff members. These staff members are self motivated and go beyond the call of duty.

Written by Kurt Schellenberger

Storage Concierge is your premier Storage, Storage Unit, Car Storage, RV Storage, Furniture Storage, Boat Storage, Yacht Storage and Self Storage Finder.

Louisiana Storage Units 

Local Self Storage Units

Tweet This Post 

The primary purpose of the model is to determine if a project meets or exceeds an acceptable or hurdle rate of return for three different types of return. Return on assets, return on equity, internal rate of return, and cash returned to investors are all measured and taken into account.  Targeted hurdle rates for StorageMart acquisitions are 9percent ROA in year five, 9percent ROE in year five, and 20percent IRR. ROA and ROE increase significantly after year five, due to refinancing that is done to pay off investing partners, distribute excess equity, and increase loan leverage (decrease equity). This allows self storage owners and their investors to essentially operate on other people’s money, since they have their initial equity paid back to them.

This method of business analysis can be utilized with a variety of businesses and industries, not just the self storage industry. All businesses typically have the same expenses in varying degrees, such as payroll, insurance, advertising, maintenance, office supplies, and taxes. While every industry will differ in their competitive analysis and means of how income is earned (i.e. retail, food, production, real estate, etc.), it all comes down to a hurdle rate of return that must be met for investors, and an evaluation of the level of risk that the opportunity presents.  It is not rocket science and does not require a college degree (though it would help tremendously). All it requires is knowledge of the industry, the specific market embarked upon, and accurate analysis of critical operating information.

CO Storage Units

Self Storage Article Directory. Visit our Car Storage Section.

Storage Unit

Storage Units

Tweet This Post 

I know most of us that are in the clutches of winter are hunkering down hoping for some warmer weather. Now is a good time of year to think about doing some inside home improvement. Some people think the warmer months are better but for some the cooler or colder weather is perfect for indoor activities. If you are thinking about cleaning, reorganizing and fixing up the attic, the cooler months are perfect. The warmer months are better for basement duties because of the natural coolness in the heat of the summer months. If you find yourself wanting to remodel the inside of your home you can always choose to rent a self storage unit to store those extra items while the house is under construction. Self storage is even available in mobile vaults, which can be placed in a driveway and left on your property while the construction work is being done. This type of mobile storage is becoming even more popular because of the convenience it provides for home remodeling projects.Do not wait for spring to do your spring-cleaning, do some winter cleaning in anticipation of the warmer months ahead. Get the dust out and get ready for some fresh air days.

Written by Natalie Thomas, TQAS agent

Self Storage 

Self Storage Article Directory.   Visit our Self Storage Locations by City Section

Property Management

Tweet This Post 

Over the Christmas holidays I had the opportunity of going out with my family on my Aunt and Uncle’s boat. They called and wanted to see if we would like to go out later in the day for a sunset cruise. We agreed and met them at their beautiful home in Tierra Verde, Florida. They live on the intercoastal waterway, which means their home is on the water and different channels will get you to the Gulf of Mexico. My Aunt does not use boat storage because they have a large dock off of their backyard that has tie-ups and a small boatlift to keep a boat dry. The boat we would be going out on was a 43-foot cabin boat that had 2 bedrooms and 2 bathrooms, kitchen and upper deck. It was huge! We had a great trip and saw lots of dolphins and a colorful sunset. The inside of the boat was laid out so precise. There is not much room to spare on boats so every space is utilized. Boat storage took on a whole new meaning. Every cabinet, every inch of floor had a purpose, even the bathroom and shower were compacted for boat storage. Someone did a nice job of designing and allowing for storage on the boat. Thanks Chris and Jay!

Written by Natalie Thomas, TQAS agent.  

Storage 

Self Storage Article Directory  Visit our Self Storage Section.   

Property Management   

Tweet This Post 

Primary business analysis consists of inputting and manipulating data in a financial model, built specifically for projecting revenue streams and changes in expenses for self storage facilities (could be used for other businesses as well). Before all data is inputted, it must be verified to insure that projections are realistic in all aspects of the model. Key components are the projected expenses, rent up (percent of total units rented per month), occupancy, cost of the business/facility, and financing terms. Projected expenses are formulated by looking at past expenses as well as other facilities that StorageMart owns in nearby markets (if applicable). One expense that is typically always different is insurance, as StorageMart has an extremely low insurance cost. This is due to one of their connections through a primary partner that has many other insured assets. It is important to determine actual expenses—as they are typically fixed—no matter how high or low the occupancy may be. Rent up can be determined by past occupancy trends, with increases due to improved management. This is taken into account if a property is mismanaged, which is often the case. Occupancy is looked at in both the physical sense and economical sense. Often a facility may be 85-90% full physically, based on square footage, but the owner may have neglected to raise rents for storage units rented years ago. This implies that there is often a discrepancy in rental rate; rates for some units could be increased to be brought up to market price. Prices can be raised sometimes as much as 10-20% without dropping occupancy if units are under priced. The demand for self storage is very inelastic, meaning that the customers often have little response to increases in price. The cost of the business or facility being acquired is obviously the main sticking point of any deal. No matter how good a business may appear, there is always a point where it may be too expensive to acquire and still meet an acceptable return to the investors. Financing terms may be flexible to some degree, but lenders also have investors to please. StorageMart benefits greatly from their excellent track record and past relationships in the financing realm.

Written by Brice Bernskoetter

Storage

Self Storage Article Directory. Visit our Furniture Storage Section.

Property Management

Tweet This Post 

As an intern at StorageMart, I recognize that one of the company’s primary objectives is to analyze other operating self storage facilities and businesses for the purpose of possible acquisition. This is in addition to maintaining current operations and continuing development projects in progress. The purpose of an acquisition is to find a worthy vehicle for investors’ funds, in this case a storage facility.  When looking at a possible acquisition of a facility, there is much in-depth and scrutinous analysis that must be performed.

It is typically difficult to get all information needed to accurately model an acquisition in a timely manner. This is due to the vast amount of information that must be processed in a short due diligence period as well as the type of ownership, mom and pop sole proprietorships. The key items needed to evaluate a self storage facility—obtained  from the operator—are the unit mix, rent roll, financial statements (and all actual bills and bank deposits), occupancy history, site plan, and environmental report. Competitive analysis must also be done to fully evaluate the business. This involves mapping competing facilities, obtaining their rental rates and other information about the facility, such as security features, retail products, and other amenities. Competitors should be compared to the targeted acquisition, based on all amenities as well as quality of location based traffic counts, street size, visibility, accessibility, neighborhood quality and demographics.

Written by Brice Bernskoetter

Self Storage

Self Storage Article Directory. Visit our Self Storage Advertising and Marketing Section.

Secret Shopping 

Tweet This Post 

I saw a advertisement for storage that said, We have rats! It definitely was a eye catcher and made me finish reading the ad. But when I finished reading I realized that it was a play on words and that the storage company was saying that they have Pack Rats. That made me feel better that they really did not have a rodent problem and were wanting everyone to know it. Self storage companies count on the fact that people will collect, stash, store or horde items to the point that they will not have room in their dwellings to store all those items. Many calls a day come into our call center that involve one partner or another annoyed at the doll collection, or the civil war memorabilia or the power tools or the crafting items. Self storage is a great way to get extra items out of your home and saving a few arguments. Pack rats need a place to put their items that they collect because then they can get more stuff. Sometimes this can be an issue for some, when the pack rat does not know when to quit. If you or someone you know might need help with a problem with hording, contact a professional, otherwise call your local self storage company to see about getting your items stored.

Written by Natalie Thomas, TQAS agent.

Self Storage

Self Storage Article Directory. Visit our Self Storage Locations by State Section.

Secret Shopping

Tweet This Post