All Forum Posts by: Peter Lee

Our prop management company doesn't have mandatory tenant insurance in place and we are looking to implement this as all our surrounding competition has this.  Curious to what kind of income those of you have sell insurance get.  Any other opinions on pros cons appreciated.

Trying to get this added to our umbrella policy but noone will provide this as a stand alone item. We did manage to get the customer goods liability to $1MM which was advised upon by our prop management company.  Anyone have thoughts? 

Thanks everyone for their thoughts!  Very helpful and leaning towards the staggered approach where each group gets brought to market in one step.

Hi Zach yes we do.  I'm sure when we let her know she will definitely prefer the all at once method!  We will have a discussion with the management and on site to get a feel on what the best route is.  Either way the management company is incentivized to see rents go up as it increases their fees.

@Charles Kao I think that method is a pretty good one.  I also like the idea of just getting it over with and will give both consideration.  The other possibility is we test raising 1/4 of the rents and tenant loss is minimal, maybe we just go ahead with the rest.  Thanks for your thoughts.

@Zach Quick about 50% rent increase which would bring it to market.  Letter sounds like a good idea.

Oh also to give more insight, the self storage facility is in one of the more affluent cities in LA County.  Quite a few tenants who have been there several years.

@Zach Quick thanks for your advice.  In your past experience, what kind of tenant loss could be generally expected?  TIA

Yes we have a pretty seasoned self-storage management company in place but curious as to what others might do in the same spot.  First time being involved w self-storage for us.

Just acquired a very underperforming self-storage facility in Los Angeles area.  Rents are way below market.  On average 40-50% below market.  What's the best way to bring things up?  All at once?  In increments?  And is there a good communication strategy to tenants?  Any thoughts welcome.  Thanks in advance.