The 5th Rule of Thumb – Managing Your Property

Correctly managing your property is going to be critical to your success. You will find that many of the great opportunities out there are because the owners have let the property be managed poorly. Whether that was because they hired a bad manager or didn’t know what they were doing, the property was unable to perform to its fullest potential. Because the property is performing poorly, the sellers are usually willing to part with it at a discount. In order to make sure that you are able to sell the property for a profit down the road, you need to make sure that you are managing the property correctly.

When it comes to having a successful property, it is all about the manager. A bad manager can destroy a property while a good manager can help turn a dud into a successful property. You need to make sure that you hire a good manager and then provide them with good systems so that your self-storage facility can be successful.

If you don’t have systems in place, how will you know if your property is well managed? If you don’t have systems in place, how will you know if you are hitting your goals? If the manager doesn’t have systems to track what is going on, how will they be able to tell you what is going on?

You need to know what your expectations are of your manager before you hire them so that you can create a good experience. If you don’t have any idea how to manage the property, how can you train your manager? You may need to spend some time behind the counter learning the process and developing systems so that you can put a successful system into place. Your manager can do as little or as much as you want them to, but you need to decide before you hire them what that is going to be.

Start creating your standard operating procedures now so that you will know what you want to have happen before you hire a manager. There are a lot of really talented people available in the market. You just need to know what you want before you hire them. As always, happy investing.