The TEAM at Storage Investment Management, Inc. has but one GOAL for your
self storage facility. That GOAL is to increase the profitability of your self
storage project. Many companies profess to achieve the GOAL, but few actually act to
attain it.
With over one million square feet of self storage space under current
management, and with over two million square feet of self storage experience, the
TEAM will not only provide a game plan, but most
importantly, will implement the plan.
The plan has evolved from SIMI’s time and experience in the Self Storage business.
First and foremost SIMI will automate the property with Self Service Storage
Software. With the TEAM’s Home Office Software,
the property will immediately provide accurate, concise reporting to both you the
Owner as well as the TEAM. By automating the
property, the immediate result will be the elimination of shrinkage. This typically
leads to an immediate 3%-5% increase in gross revenues.
Facility automation allows for the tracking and charging of late fees for
delinquent tenants. Not only are the amount of late fees collected monitored and
tracked, but also the amount of fees both charged, and more importantly, waived or
forgiven.
This tracking allows for immediate feedback to on-site personnel and ultimately
improves the amount of fees collected. Automation also allows the implementation of
supply and demand pricing as well as a multi-tiered pricing strategy. Think of it,
the hotel business has been using this pricing technique successfully for years!
Both short term and long term plans are developed for the enhancement of the
property’s retail curb appeal. Attention is given to many areas, including the
access, landscaping, signage, office design and layout, general cleanliness and the
like.
The TEAM’s main emphasis will be to provide
the potential rental customer with a good first impression of your property. This
effort will increase the competitive posture of your property. Short term and long
term budget requirements are analyzed and presented to you the Owner for final
approval, in the form of an operating budget including both capital and operating
expenses.
SIMI will immediately strive to reduce routine expenditures. Because SIMI passes
through to the property our volume discount on items such as insurance, yellow page
advertising and the like, both immediate and long term reductions in expenses can be
attained. The TEAM will evaluate items such as
trash removal, snowplowing and the like to determine the likelihood for reduction.
Again, any reduction in expenses pass through directly to the property and you the
Owner.
Evaluation of move-in and security/performance deposit costs will be accomplished
immediately. By changing to the anniversary method of renting space a 3%-4% increase
in average occupancy can be attained. Replacing any move-in deposits with a one time
Administrative Fee, at the time of new rental, changes an on-going deposit liability
into an income line item. Both these techniques further increase the property’s
competitive posture, in that move-in costs to potential tenants are reduced.
The SIMI TEAM will increase the retail sales at
the property. Sale of retail items such as padlocks, boxes, packing materials and the
administration of the Bob Bader Customer Goods Insurance program will add to the
bottom line.
The TEAM will monitor and adjust, as required
and allowed, the unit mix at a property. Most modern self storage construction
techniques allow for easy adjustment of various unit sizes. As facility turnover and
demand allows, units not in high demand will be adjusted in size to make units that
are in demand. These adjustments lead to a higher average occupancy during the course
of a year, and hence to an improved bottom line.
The SIMI TEAM will motivate and train the
on-site sales staff. Constant monitoring of performance, through the Mystery Shopper
program, coupled with feedback, including comparison to other SIMI managed
facilities, allows the on-site staff to sell the best 5X10 “nothing” in town.
Monthly evaluation and comparison of site performance to all aspects of the plan,
insures a constant striving for improvement. Ultimately, including the on-site
personnel in the budgetary process provides the on-site personnel with some control
over their destiny. Since all on-site personnel receive monthly bonuses by attaining
or exceeding the monthly budgeted income, the on-site staff also have some control
over their paycheck. These monthly facility comparisons couple with SIMI bi-annual
reviews, provide for on-going growth and challenges to the on-site staff.
Few management companies are willing to provide the hands on, uncompromising
dedication to improving the bottom line at your facility. Look at the
results and if you still have doubts about our abilities
contact our REFERENCES and ask them about their
results. |
