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. – less–ZoomInfo