Who makes an ideal partner for iStorage?
The ideal partner for iStorage is an individual owner operator or a passive self storage investor who is looking for a boost to their bottom line or is unhappy with their current management system. iStorage will be a partner in your success, not just another management company.
Why should you use a third party management company?
Bringing on iStorage as a partner is a smart business decision! If you are struggling to compete with larger operators, you NEED to hire a management company NOW! iStorage brings the sophisticated marketing, revenue management, maintenance, and financing that you need to compete with larger operators and increase your bottom line.
There are plenty of owners that like to build and develop projects, but not operate them. Others may prefer the cash flow from their investment and bring in a manger to run the daily operations of the facility freeing them up to do anything else.
An additional bonus is that banks love us! If you're looking to refinance, pull cash out, make major improvements, or expand your banker will love the fact that you partnered iStorage as your professional management staff.
What are the drawbacks to using third party management?
Handing over the keys to your property is a tough decision for some owners, but the advantages far outweigh the risks. This loss of control is the number one objection we hear from owners.
iStorage will work with you one on one to make the transition as smooth as possible, addressing any concerns, and begin maximizing your bottom line!
Are there any size, geographic, or other limitations on properties that iStorage will manage?
No, but typically our platform works best on properties over 40,000 SQFT.
How long does a typical onboarding take?
Onboarding can be done very quickly and usually takes approximately 30 days. Exceptions can be made to onboard faster, but we typically would time takeover on the first of any given month.
What costs will I incur transitioning to iStorage?
iStorage charges a 6% management fee plus a monthly call center usage fee. Other miscellaneous costs may include technology upgrades, up front marketing expenses, deferred maintenance costs, office/cleaning supplies, bank supplies, and any termination fees associated with current vendors. These costs vary property by property.
What start-up costs are there?
Start-up costs include a one-time set-up fee which includes all interior branding, brochures, business cards, computers and related equipment to run our proprietary software, expenses related to all travel, hiring, and initial training of employees, and other costs of setting up all management policies and procedures for the property.
What about signage and branding?
All managed locations are branded "iStorage" in order to take advantage of innovative marketing solutions and numerous economies of scale available to all stores on the iStorage management platform. These costs typically range from $5,000 to $25,000.*
(*iStorage may pay some or all of this cost. Call today to for a FREE review of your property)
How will accounting be handled?
iStorage handles all property accounting. We provide the owner with a 12-month annual operating budget which will include projected revenues and expected operating expenses for each facility including any planned capital improvements.
We also provide monthly financial reporting including an income statement, balance sheet, and statement of cash flows.
Will you retain our current staff?
Current staff will be evaluated and given the chance to apply through our HR department.
Who will manage our account?
Once your property is brought onto the iStorage management platform, a dedicated Success Team will be assigned to your property which includes a Regional Manager, District Manager, and District Trainer. You will also be assigned a designated corporate contact who will help address any operational or accounting issues with your Success Team.