Being successful at storage property management requires learning as much as possible about the industry and turning that knowledge into action. Here are five things every storage property manager should know:
1. Self-Storage Laws
Various laws apply to the self-storage industry. Some protect customers, while others protect facility owners. These laws also vary from state to state.
Property managers who are familiar with their state’s self-storage laws will know when legal action is necessary and how to go about it. They’ll also know renters’ rights and ensure those rights are never violated, protecting your facility from legal consequences.
For example, if you’re dealing with a tenant who hasn’t paid their rent, you may place a lien — a legal claim — on the contents of their storage unit, depending on how late their payment is. Understanding your state’s self-storage lien laws can help you successfully recoup your losses from a delinquent storage unit without violating your tenant’s rights.
2. How to Resolve Conflicts
Every self-storage property manager deals with a problematic tenant from time to time. Whether the tenant is violating operating hours, harassing other tenants or storing prohibited items, it’s crucial to handle the situation calmly and ensure the conflict doesn’t escalate. Practicing active listening, avoiding defensiveness and remaining positive are essential to resolving the problem quickly and smoothly.
3. The State of the Market
Knowing what’s working and what’s not in the current self-storage market can help your facility stay one step ahead of the competition. How to be a good storage property manager involves noticing new trends in customer preferences and adjusting accordingly. For example, if the demand for climate-controlled storage units is increasing in your market, a property manager may suggest them as a way to increase your facility’s occupancy levels.
4. Industry News
Staying updated on self-storage industry news is crucial to being a good storage property manager. Knowing what’s going on in the industry will help property managers be more prepared to answer customer questions or provide clarification on-demand. They’ll also learn about all the latest storage unit technology and tips and tricks to improve your operations.
5. Leadership Tactics
Good self-storage property managers know how to lead a team. They support their employees and motivate them to do their best work. They also take responsibility for mistakes and work hard to resolve them. What’s more, they bring new ideas and a positive attitude to the team, boosting morale and creating a happy, productive work environment.
6. How to Be Flexible
A self-storage property manager wears many different hats. They may act as a salesperson, maintenance person or customer service representative. A good property manager takes responsibility for the facility and adjusts their responses and actions to whatever need arises.
Property Management Services From Investment Real Estate, LLC
If you’re looking for property management services for your self-storage facility, IRE can help. We have over 75 years of experience managing self-storage facilities, and we know how to find, train and retain the best property managers.
Get in touch with us today to learn more about how our property management services can help your self-storage business.