Hiring a Management Company
Ask the Right Questions
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?
- Why should you hire this company instead of another management company?