Third-party management can be the best solution for self storage professionals.
Whether a facility is in development or has been open for years, owners often find it liberating to have someone else handle day-to-day responsibilities such as obtaining tenants, holding auctions, implementing rate increases, maintaining operations and managing employees. Developers in particular have much to gain from third-party management as it allows them to use their time more discerningly, focusing on development responsibilities instead of time-consuming operational tasks.
In addition, owners can benefit from greater reach in finding employees. Third-party managment companies handle hiring and training employees and can boost recruitment and retention by offering benefits that accompany employment with a large business.
A third-party management platform offers lower costs and increased revenues. Group insurance rates and a national call center reduce expenses as well. Owners can benefit from an increase in occupancy and higher rates and revenues by utilizing extensive available data afforded to you by your third-party managment company. Extra Space Storage, for example, has information on more than 1,400 properties. With such large volume of data, marketing decisions are fine-tuned and pay-per-click (PPC) dollars are allocated for maximum advantage.
For owners who join the Extra Space Storage platform, maintaining an effective company website is also no longer a concern. The in-house web optimization and SEO teams work together to enhance the online user experience, offer helpful content and increase conversions. In addition, extensive tests are performed to ensure these funds garner proper results.
About the Author
Eric Bishop-Berry is a senior manager, Third-Party Management at Extra Space Storage.