The Self Storage industry is a niche within the real estate industry that is retail in nature and more management intensive than it looks.  Having a property that is priced right and hits the ground running every day is essential.  Generating a couple of additional rentals per month more than makes up the cost you pay for focused, industry specific, professional management.  Having the systems in place, and the hard nosed discipline to meet the expectations will also insure your expenses are kept to a minimum, and operating income is maximized.

Services are now available for select properties.  For the greater of $1,500 or 5% of gross revenues per month, you can improve the returns and the safety of your self storage investment by joining the team that has been producing self storage success since 1986. 

Getting Started - Site Review & Market Study

In taking responsibility for the success of a new property, we begin by taking an assessment of what is.  We have the experience and perspective built into our start up process that will help you discover the pitfalls inherent in the asset and within your current operation, and quantify the solutions.   As well, we can help you appreciate and capitalize on the opportunities that the market and your site may provide.  There are many business points that are applicable to all self storage stores, but as there is little brand name recognition in the industry, more than most retail operations, self storage is a local business.  As such, there are several factors that must be reviewed and considered at the beginning.

The Site – Visibility, Curb Appeal, Access, Destination Recognition, Trade Area, Environmental, Topography, Wetlands, and all of the relevant factors which contribute to or mitigate the success of a self storage project.

The Improvements – Unit Mix, Signage, Building Components, Site Layout, and the Features & Finishes that will provide you the best return on your investment for that specific project.

Business Opportunities – Recommendations on RV, Boat, and Outside Long and Short Term Parking, Mailboxes, Retail Sales, Truck & Car Rentals, PUD, POD & other options which may or may not add to your bottom line.  Beyond our general opinions, specific feasibility studies and business plans for these alternative sources of revenue are done on a fee basis.

The Competition – An assessment of the quantity and quality of the self storage competition in your trade area, and their impact on the supply & demand in your trade area.

Pricing – Each unit type is an individual product.  Getting it priced right is critical; however, it is only the beginning.  Just as the prices for breakfast cereal, Halloween candy, and school supplies may change, independent of each other; and a can of store brand beans is less than a can of “Big Label” beans, even within the same grocery store; the pricing on your 5x5’s, 10x10’s, inside access, drive up access, climate controlled, upstairs, downstairs, best security, and best convenience units need to be reviewed and updated on a regular basis to maximize the revenue generated by your store.

Demographics -  Not just the numbers, but what the surrounding population, households, income levels, household mobility, employers, businesses, public entities, traffic counts, etc. mean to your business expectations and how best to market your products.

Budget – Review your current budget and operating expectations, and recommend changes based on our review.  Each year, thereafter, we will provide an operating and capital expenditure budget for your approval. Each year, thereafter, we will provide an operating and capital expenditure budget for your approval.

Pricing – Each unit type is an individual product.  Getting it priced right is critical; however, it is only the beginning.  Just as the prices for breakfast cereal, Halloween candy, and school supplies may change, independent of each other; and a can of store brand beans is less than a can of “Big Label” beans, even within the same grocery store; the pricing on your 5x5’s, 10x10’s, inside access, drive up access, climate controlled, upstairs, downstairs, best security, and best convenience units need to be reviewed and updated on a regular basis to maximize the revenue generated by your store.

Demographics - Not just the numbers, but what the surrounding population, households, income levels, household mobility, employers, businesses, public entities, traffic counts, etc. mean to your business expectations and how best to market your products.

Ongoing, Advantage Advisors, LLC will handle:

1)   Your personnel : in terms of hiring, training, evaluating, and if necessary, replacing your staff.   Your most important key to profitability is the person behind the counter and they need to be supported by someone who has not only been there, done that, but did a great job. 

2)   Your pricing: your greatest lever for increasing value.

3)   Your advertising and promotion:  we’ve tried everything once, and will bring that experience to your bottom line with proven, appropriate, results driven advertising and promotions.

4)   Your accounts receivable:  not only are delinquencies a drain on revenue, one of the greatest liabilities you face, as a self storage owner, is wrongful conversion and other legal liabilities associated with getting your rental units back from non-paying customers. Our Delinquent Management System gives the Store Manager the confidence and tools needed to ensure low delinquencies while still allowing you to sleep at night.

5)    Your accounts payable:  within spending limits, Advantage Advisors pays your operating expenses from the daily proceeds of the store. 

6)    Your operating cash management:  each day’s business is reconciled at the close of day and a separate deposit is generated.  The daily operating statements are downloaded to the management office at the close of each day.  Property income is deposited, daily, into a local bank, where the activity of the store is reconciled with the bank deposit.  In addition to regular on line reconciliations, policies and procedures are in place and the store is audited on a regular basis to ensure every dollar that comes across the counter ends up in your bank account.  Disbursements are made for operating expenses and escrows established by lenders and the owner for taxes, capital reserves, insurance, etc.

7)   Your reporting:  a property level profit and loss statement is generated monthly, along with bank and escrow deposit reconciliations and a distribution check or capital requirement statement.  For start up properties, a deposit equal to sixty day of operating expenses is required.  It is reimbursed every thirty days until the property generates sufficient cash flow to cover its operation.  A management review report is generated quarterly.  A balance sheet and full set of books for the entity’s ownership can be maintained on Quick Books Pro, with full disclosure and a one time set up fee.

8)   All of the day to day:  stuff that comes up in operating a truly people oriented retail business.

You have other things to do or you wouldn’t be contemplating adding value to your life and value and safety to your self storage asset by considering a professional manager for your property.  It is critical that you have a management team that can speak with the fiduciary integrity of your company, and to the goals of your team.  We pride ourselves in attending to the smallest details while keeping our perspective broad enough to provide timely reporting and meaningful communication.

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