When we talk with property owners, we are often asked, “How do I know when it is time to work with a property management company?” The answer really lies in the pain or issues the owner or manager is facing. Below are 8 signs that, when present, may signal that it is time to call Progressive Realty Partners.
1: You Have Below Average Occupancy Rates:
Asking around about occupancy rates will get you lies, lies and more lies. You might as well just guess. A property management company will have a good lay of the land as far as occupancy in your area. They generally have access to more data than you can get your hands on yourself, and that data is not subject to obfuscation or exaggeration. Having reliable occupancy numbers can arm you with the info you need to properly price your space, which is a key to profitability.
2: You Have a High Occupancy, But Aren’t Making Money:
If you have high occupancy rates, but aren’t turning a profit, something else is in play. A property management company can help you understand where the proverbial “hole in the bucket” is, then help you plug it so revenue can make it down to the bottom line.
3: You are closing fewer and fewer leads:
The reality of lead generation and nurturing is that the greater the number of leads that come in, the less care and attention each usually gets. This is especially true in an industry like storage, when the front desk person or site manager may not have a vested interest in getting occupancy from 86% to 87%.
4: Your Property Has Theft Issues:
If you are having trouble with theft or vandalism, it may be a sign that security measures for your property are not up to snuff. Many owners take a patchwork approach to site security, only taking action after theft to plug hole after hole. A property management company can help you set up a comprehensive, secure system from the start.
5: You Have Trouble Meeting Month-End Closing Deadlines:
Closing the month-end on time is a critical piece of a properly managed self-storage property. A property management company can set up the accounting procedures that will allow you to consistently and easily close the month end books on time, every time.
6: You Have High Site Management Turnover:
If you have high management turnover at a given location, either the site is the issue or your hiring practices may need some fine-tuning. Perhaps your site doesn’t feel safe for your employee, has an overly stressful work environment or abnormally disrespectful customers. Whatever the issue, the knowledge and experience that professional property management brings to the table will help you understand and solve turnover issues as quickly as possible.
7: You Feel Like You Are Paying Top Dollar for Facilities Improvements:
If you go it alone, and lack the buying power that a property management company brings to the table, you are going to over pay for your facilities improvements. No matter how shrewd a buyer you are, it is tough to get better prices than your competitor who buys in bulk.
8: Your Energy Costs Are Out of Control:
One job of a property management company is to track utility expenses and, when something looks out of line, investigate and address the cause. If your property management company is looking at 200 energy usage profiles from properties like yours, they will know right away if your facility is excessively burning energy, or is right in line with the competition.