Tips for Hiring a Management Company
What should you ask a management company?
Hiring a company to run your property is a big step. Most management companies will require complete control over every aspect of the day-to-day operations. If you are willing to trust your valued asset to such a company, there are some specific questions that you should ask.
- How long has the company been in business and what is its experience in operating self storage properties?
- How many properties do they manage and where?
- What is the company’s track record?
- How often do its representatives visit each property?
- How is the company staffed? Who runs the day-to-day operations? What are his/her qualifications?
- When maintenance is required, who does it and who will authorize it?
- What fee will you be charged and how is it calculated?
- Does the company prepare an annual budget?
- What kind of monthly/annual reporting can you expect?
- What is the company’s philosophy? Do they have an owner mentality? Will they manage your investment with a goal of maximizing returns?
- Is the company a full service self storage specialist that provides both management and sales if your ultimate goal is to sell your property?
Finally, why should you hire this company instead of another management company?