Why do I need professional management?
The motivation varies but the need is always that the business requires dedicated focus to excel. Additional reasons are increased cash flow even after fees, minimizing exposure to liability issues and other legal problems, transferring personnel responsibility, as well as a very important one - the freeing up of an owner's time to pursue other interests.
What is meant by the term "conversion rate"?
The conversion rate is the ratio of rental contracts written as a percent of rental inquiries. For example, if during the month you receive 60 rental inquiries and write 39 contracts, you have a 65% conversion rate. In the case of very high conversion rates, perhaps your rental rates are too low?
What do you do with this conversion rate number?
We calculate the conversion rate for all sizes in all facilities every Monday morning. If a particular unit has a low conversion rate, the problem is either the pitch or the price or a combination of both. Generally the problem is the price so we discount that unit size to increase the conversion rate. Our conversion rate goal is 65%.
How do you know your managers are handling rental inquiries properly?
The conversion rate generally tells us when a manager has lost her edge. We also use role-playing quite extensively as well as mystery shops.
What would you say are the most important factors in managing a self storage facility?
There are many factors but I would say that most important ones are competent well trained on-site staff, really good customer service and consistently competitive rental rates adjusted for current unit inventory.
What about security?
Obviously an owner needs to do everything he or she can to protect the customers' goods. There are a lot of fancy electronic systems on the market that are very expensive and not infallible. In my opinion 24/7 video security along with entry code access and motion detectors at night provide the most cost effective security.
What is your "territory"?
Unless there are special circumstances, we like to have the facilities we manage within the Northeast or Mid-Atlantic, other areas will be considered.