Inside Self-Storage

MAR 2019

Inside Self-Storage (ISS) is an information source for industry owners, managers, developers and investors covering news, trends, facility operation, finance, real estate, construction, development, marketing, technology, insurance and legality.

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2016 BOS BOS - eas y to assemble Quick Build containers offer versatility in setting up, or expanding self- stor age or portable stor age or portable stor age facilities age facilities . Product Information • Single or double door swing doors. • Height 83" (7ft). • Width 83" (7ft). • Width can be expanded up to 252" (21ft). • Length 43" to 240" (3ft – 20ft). • Length can be expanded up to 480" (40ft). • Wind and weather tight units with high snow-load capacity. • Numerous accessories available. Quick Build container is economical to transport, and the assembly is quick and easy with no tools required. Strong BOS units are made of galvanized steel, and come safety tested and rated by an external testing agency. For more Information, please visit our website www.boscontainer.com +1 (844) 267-3757 orders@boscontainer.com much, well, then you're paying too much. Find out the market rate for jobs in your area and be careful not to pinch pennies. A great manager will make much more money than he costs you. Loans Your loan payment is also likely one of your largest expenses. Renegotiating the loan isn't an easy task, but it can yield huge savings if you can get a lower monthly payment. Now's a great time to seek refinancing, as lenders are hungry for this asset class. Find one that makes you feel comfortable and can help you through the process. Ofce Supplies Managers can spend too much or too little money in this area if they aren't given proper guidance. Some will purchase pretty covers for their keyboards, fancy hand soaps or silly, overpriced toilet-paper holders when they could purchase a cheaper item that fulfills the same function. Others are too frugal and try to "save money" by not restocking important items like resale locks or ink. This costs more in the end because they must then visit a local store for an emergency buy instead of getting the product from a regular vendor at a lower price. Setting an office supply stock level and a level to restock will give managers direction on what's expected. Regularly evaluating your costs for these items will ensure you get the best prices. This is a great area to give your manager some control. Credit Card Fees Credit card fees can add up quickly if you aren't paying attention. Talk to your processor and understand the other ways you can save. Validating the address-verification system and staying compliant with credit card standards will often reduce your rate. You can also bid out the contract and find a processor that'll charge you less; however, having the processor integrated with your facility-management software may be worth the extra cost. We all want to save money, but we also want great service. Someone once said you can have it good, fast or cheap but not all at the same time. Pinching pennies in every area can end up costing more in the long run. Paying too little to your staff, contractors or service vendors may not be worth the savings. As Norman "Sailor Jerry" Collins said, "Good work ain't cheap, cheap work ain't good." Business owners often tell me they wish someone would give them advice on how to save money, but no one takes the initiative in this area. The financial professionals in your life don't know you need help unless you ask for it. Regularly reviewing expenses should be in someone's job description. Otherwise, it stays on a list and never gets done. Magen Smith is a former self-storage manager turned certified public accountant (CPA). Her company, Magen Smith CPA LLC, helps storage operators understand the financial side of their business. Services include monthly financial management, billpay functions, revenue management and strategy. She also offers a curb-appeal checklist available for download and has created an online revenue-management course complete with checklists, cheat sheets and guides. For more information, e-mail magen@selfstoragecpa.com; visit www.selfstoragecpa.com. March 2019 I ISS 77

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