Common Self Storage Regulations and How Property Management Enforces Them
Enforcing self storage regulations can help your store managers perform their daily tasks more effectively, enhancing your facility’s overall operation efficiency. Policy enforcement by a self storage property management professional enables managers to offer quality customer service and improve tenant experiences. The Storage Mall will keep your employees and tenants compliant with necessary regulations to promote your business’s security, financial stability, and growth. Here are some common self storage policies and how we enforce them:
Lien Rights and Late Fees Regulations
At The Storage Mall, we enforce lien policies to protect your self storage business from unexpected financial losses due to rent delinquency. This is when your tenants fail to pay the agreed rent even after extending the payment deadline. Lien regulations allow you to claim and auction the tenant’s items to recover the unpaid rent. Our team will take time to understand your state’s self storage lien laws to guide you appropriately. We will develop an enforcement procedure aligning with your state’s laws that outlines the waiting periods, tenant notification process, and auction protocols.
A self storage property management team communicates with tenants to notify them of overdue rent balances and upcoming deadlines. Discouraging them from delaying or failing to pay rent helps protect your business from revenue loss. Communications with tenants, from initial rental agreements to rent reminders, should include information about your facility’s late fee terms. A reasonable grace period assists tenants if they face unexpected challenges paying fees on time.
Staff Compliance Expectations
Management companies can train new store managers to keep them updated with your business’s standard operating procedures (SOPs). Managers are trained on SOPs like customer service, security protocols, and emergency procedures. Some management companies recruit professional managers with industry experience to meet these expectations. They also promote staff compliance by setting proper uniform standards, which can boost your business’s professionalism and reputation. Employees who follow uniform standards maintain consistency, helping build customer trust and your brand identity.
The Storage Mall conducts staff planning and scheduling to assign the right store managers to the right daily tasks in your facility. This helps your staff stay organized, execute tasks better, and adequately train new employees on SOPs. Implementing employee timekeeping policies helps monitor their work hours and tasks. This enables us to align staff schedules with peak seasons or daily use times, meeting your self storage unit’s operational requirements. Properly managing your staff’s work hours promotes accountability, operational excellence, consistent customer service, and a positive work environment.
Finance Maintenance Services
Management companies track your business’s income and expenses and reconcile rent reports with deposit records. This helps you evaluate revenue flow and adjust tenant rent, marketing budgets, or other operational costs. We can highlight leading and lagging performance indicators to suggest changes that help improve unit occupancy and tenant retention. Monthly progress reports enable you to evaluate implemented financial policies and make adjustments.
Hire a Self Storage Property Management Company
The Storage Mall helps keep your self storage facility in optimum condition through consistent finance maintenance, tenant communications, and management practices. We also promote financial transparency through accurate annual budgeting, auditing, and revenue management reporting. Contact us today to learn more about professional third-party property management services for your self storage business.