Anyone have any insight to managing a self storage facility (over 30k SF)?
What’s the typical day to day work that’s required to self manage the spaces/software used if doing it yourself? Who gives you pricing guidance on what the units should rent for?
Why not hire a 3rd party management like Public Storage to deal with everything for 4.5% of gross rent?
Any pros and cons? Thanks!
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Public storage is only going to manage if you’re over like 40-45k SF. They actually charge/make more than their management fee as they keep a large portion of the tenant insurance. At 30K SF you may be able to set manage. Check out easy storage solutions. A lot of facilities have moved to managing without a manager due to covid and it works pretty well - albeit, it will depend on if your market accepts not having a manager on site. As far as setting rates, the third party management companies do revenue management, but if you self management, you would ideally reset rates daily, but really do it weekly or monthly and comp your competitors.
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