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15 Aug 2022

How Remote Self-Storage Management is Changing the Industry

Tess Toth

Director of Sales and Marketing at Copper Storage Management

Over the past decade, the self-storage industry has grown significantly, becoming a solution for many moving, storing, or preserving their valuables. From large REITs to suburban facilities, we have seen an increase in these assets worldwide. Additionally, the pandemic has caused many to shift to a mobile lifestyle increasing the need for self-storage all over the country.

On the flip side, more and more people are expanding into self-storage ownership as a smart investment. Whether you own three or thirty facilities, how you manage your facility is critical to your success and bottom line. Today, the concept of remote management is not only considered by owners and operators, it is becoming the norm.

If you already own a property or are in the process of ownership, your to-do list will be long. Marketing, operations, and maintenance are top of mind and it's crucial to understand how these elements effect your business. Management services, particularly ones that handle the day-in and day-out of your business, like website maintenance, rate increases, and bookkeeping are available. The question is which remote management companies outweigh the others.

How does remote management work?

Today, we can purchase almost anything online. Just like booking a hotel room or buying a car, renting a self-storage unit can be contactless. If you take out the middle man or on-site manager, tenants can reserve, rent, pay, and upgrade their units online or over the phone.

Traditionally, owners have hired a manager to oversee day-to-day tasks such as greeting customers, renting units, and collecting payments. With a full-time manager on your payroll, NOI is slim because of the expenses, insurance, and benefits associated with full-time employees. According to Ziprecruiter.com, the average annual salary for a full-time self-storage manager is $31,552.00 or $15 an hour. This number doesn't account for turnover, absences, and loss of revenue due to the manager not charging late fees. Rolling the cost of an on-site manager into a remote management system can increase your NOI and value substantially.

What does Copper Storage Management offer?

The Copper Storage Management model incorporates best practices for customer service, marketing, rate management, cost control, and streamlined operations utilizing automation processes. Getting started is simple. Once you begin construction or purchase a facility, you must implement a management plan. Below are the services we handle to ensure you and your tenants are set up for success.

Online rentals - First, you can rent online in basically minutes. Second, you sign a lease and we’ll give you a gate code that immediately allows you to enter your unit. You will receive a welcome box with the unit lock and keys along with a notecard on how to pay. You can also rent by phone if needed.

Lease signing – Using our website, you will find a few simple steps to sign your lease. If you are signing over the phone, a Property Manager can text and email you a link to the online lease. Once received, the Property Manager walks them through the signing process and answers any questions. Once you provide an electronic signature and submit the lease, the Property Manager provides the unit number and gate code. You are then good to move in!

Operations Center – A true differentiator, Copper Storage Management has an in-house operations center that can assist with questions, concerns and needs 7 days a week, 12 hours a day. Our representatives are trained to provide your tenants with unmatched customer service.

No more hassle – Gone are the days of hiring someone to sit at the front desk and check-in guests. We handle all services through our operations center. This is great news considering the labor market is at an all-time low.

Low-cost solution – As we’ve mentioned, remote management saves your bottom line and increases your return on investment while maintaining customer satisfaction. In addition to the obvious decrease in personnel costs by eliminating a manager at each facility, we also reduce the overhead and office administration costs for a facility and often can rent the office out to another tenant for additional revenue. Our pricing model is set by the number of units you own per store.

How the numbers work

Let’s explore how one of Copper Storage Management’s client’s increased NOI with remote management. Located in Joplin, Missouri, the facility employed a full-time manager for roughly $40,000 a year. By converting to remote management in April of 2022, the facility has already saved an estimated $15,000 per year. “Since I started working with Copper Storage Management, I have been able to grow my portfolio faster than I ever thought possible. I can rest easy knowing my facilities are well taken care of and focus my efforts on acquiring more.”

Remote management is the future, but it is also becoming the way of the present for self-storage, and working with a management company with decades of experience in the industry is essential. If you are an owner or operator looking for more detail on Copper Storage Management's services, visit our website - copperstoragemanagement.com

Sources – https://www.ziprecruiter.com/