YOU HAVE THE QUESTIONS
WE HAVE THE ANSWERS
Do you have daily, weekly, monthly, quarterly, and bi-annual checklists to track all the other activities aside from sales, customer service, cleaning bathrooms and standard daily tidying up and record keeping?
Yes, we have all of those checklists, but what we have found over time is having those systems built-in, and having the employee plan it during the day works best to ensure it gets done. We provide every employee with a planner to be used during the day to accomplish their tasks. Using a planner helps the staff personally and professionally. They learn how to build better habits and take responsibility for their day, doing the right thing at the right time. We also use mystery shoppers to be our “eyes” when we can’t be on site.
Do you have daily weekly or other duration types of reports that site managers must submit for accountability and tracking? How do you verify their accuracy or truthfulness?
We do. Staff must have demand ready each Monday and report on the property operations overall. We have our partner call before this meeting, so we are well in tune with the progress of the property and whether we are on track with the goals for the month. Each week, they are to report on the operations and project progress for that week. We can quickly identify if they are not truthful, and we have very specific conversations with the individual, then move forward. If we see the behavior again, then it is not the type of person who fits with our values, and we would let them go, with counsel from our HR team. We try to hire and fire towards our values. It's not perfect, but nothing ever is.
Essentially, how do you audit the managers and track the accomplishments associated with established goals?
A combination of consistent conversations, meticulous attention to the numbers, tracking demand, and reviewing key reports on a weekly basis.
What kind of marketing goals do you set for a facility that is essentially always 97% occupied? Slow season we went down to between 91% and 93%. That is physical occupancy not economic.
Marketing in storage is like throwing grass seed on the lawn. It takes a long time to see results. If we are 97% occupied, we need to look at where our demand is. We would look at customers who need rate increases and see if they pay or cycle out. Based on the demand we have collected, we know that we can replace those customers with higher paying customers- (inches not miles), so a consistent marketing strategy is the same whether a site is 10% or 90% full. Other than reducing PPC costs, the revenue management strategy changes with occupancy, not marketing.
Do you have a bonus structure for employees? What is it comprised of?
Yes. We have 4-5 metrics that we bonus on. Each metric gets a part of the bonus, so most stores get something each month. It is comprised of rental goals, insurance goals, retail sales, and one matrix we change on a constant basis. Right now, it is online reviews. They can get part or all.
Assuming we sign an agreement when you come to visit or soon thereafter, what would be your timeline for starting?
We want to go a little slowly with you guys and set the stage for success for both of us. We respect that this is a big decision and is going to be hard to let go. We have questions about the transition process, as well.
Do you wait a specific amount of time between initiating the onboarding of new properties so that each receives its due attention?
What does a third party management company do?
A third party management company is the right step to increase your chances for continuing success. To be blunt, we handle it all for you. From marketing, revenue management, training, financial reporting, staff training, legal, software, and everything else you can think of!
What are the benefits of a smaller management company vs a REIT or larger management companies?
Atomic is a smaller management company and we want to keep it that way. We like to work one on one with our clients. There is no "red tape" so typcially everything moves faster, and we are able to make adjustments as we go.
Will you develop a site for me?
Yes, we love great partners. We can work through development, construction, unit mix, and everything else to get you started.
When should I look for a self storage management company?
We like to get involved as soon as possible. We have years of experence and would love to help with unit mix, office layout and all the other aspects of site ownership.
Can I sell you my store?
Yes. We cannot think of a better win win situation for the parties involved. Our investment strategy is to work with people who we like and want to build quality asssts with.
What is your fee structure?
Atomic bases our fee on a fix amount of $2500 and or a percentage of gross revenue. Typically when we put our systems in place, a site can make that back within a few months. All of our revenue management, training portals, Human Resources, and accounting are included in that amount.
Is my site too small for third party management?
This is a great question. The size of the site does not matter as much as your goals and how we can help you accomplish them. Reach out to us and we can explain this further.