Self Storage Receiverships & ORE Foreclosures

Are you an asset manager for a financial institution or investment group?  Are you in the process of filing a receivershipor have you just completed a foreclosure on a self-storage facility?  Do you have FDIC filings and FDICreimbursement requirements?  Cutting Edge Self Storage Management has extensive experience working with financial institutions and investors for the purpose of Receiverships and ORE Foreclosures, our company principals have worked with Citi Bank, First Union (Wells Fargo), T. D. Bank, and the RTC.

Remember, the self storage industry is an industry unto itself.  The self storage industry is not the hospitality industry, office space industry, medical supply industry, or the restaurant industry.  The self storage industry has its own laws, verbiage, nuances, and operational standards.  The importance of hiring a management company that specializes in the self storage industry cannot be overstated.   Do not try to “go at it alone” or “learn on the fly”.  We are here to help you. Contact us at 801.273.1267 for a free consultation.

Click HERE to download a Statement of Our Qualifications

Below is a sample of the services we offer:

OPERATIONS & TRAINING:

THIS IS THE MOST IMPORTANT ASPECT OF SELF STORAGE MANAGEMENT.  IT DOESN’T MATTER IF YOUR SELF STORAGE FACLITY IS THE NEWEST SELF STORAGE FACILITY IN YOUR MARKET, HAS THE BEST LOCATION, HAS THE MOST AMENITITES,THE BEST RATES, OR THE BEST GOOGLE RANKING,  IF YOUR OPERAITONS ARE POOR, THE RESULTS OF YOUR SELF STORAGE INVESTMENT WILL ALSO BE POOR.

  • SITE MANAGER TRAINING: CONSISTS OF SELF STORAGE MANAGEMENT TRAINING IN SALES, MARKETING, FINANCIAL& BUDGET UNDERSTANDING, RENTAL AGREEMENTS, INTERNET AND RELATED TECHNOLOGIES, RATE MANAGEMENT, COLLECTIONS, MAINTENANCE, AND CURB APPEAL.  TRAINING WILL TAKE PLACE ONSITE ALONG WITH REGULARLY SCHEDULED WEBINARS AND VIDEO CONFERENCING.
  • FACILITY POLICY & PROCEDURES
  • DAILY, WEEKLY, & MONTHLY REPORTING
  • SECURITY
  • GOAL SETTING
  • UNDERSTANDING THE COMPETITION

MARKETING:

THIS IS THE SECOND MOST IMPORTANT ASPECT OF SELF STORAGE MANAGEMENT.  THE DAYS OF BUILDING A SELF STORAGE FACILITY,  PUTTING A MANAGER BEHIND THE DESK, AND THEN AUTOMATICALLY STABILIZING IN 24 MONTHS ARE GONE, LONG GONE….YOU MUST HAVE A CONSISTENT AND SOLID MARKETING PLAN TO COMPETE ON A DAY TO DAY BASIS IN YOUR MARKET.

  • INTERNET STRATEGIES: INCLUDING PAY PER CLICK, MAP PLACEMENT,  CRAIGSLIST, SOCIAL MEDIA, AND LOCAL AFFLIATIONS
  • WEBSITE DEVELOPMENT & OPTIMIZATION: YES, YOU NEED A WEBSITE.  WE WILL HELP YOU CREATE AN EFFECTIVE, ATTRACTIVE, AND USER FRIENDLY WEBSITE
  • VIDEO MANAGEMENT:  WE WILL ACTIVELY CREATE YOUTUBE VIDEO CONTENT FOR YOUR WEBSITE AND WORK TO GET VIDEO TESTIMONIALS FOR YOUR EXISTING CUSTOMERS.
  • REPUTATION MANAGEMENT:  WE WILL FOLLOW UP ON WHAT CUSTOMERS ARE SAYING ABOUT YOUR FACILTIY AND WORK TO INCREASE THE NUMBER OF POSTIVE REVIEWS ON ALL RATING/REVIEW WEBSITES SUCH AS: GOOGLE, YELP, MERCHANT CIRCLE, AND CITY SEARCH.  WE WILL ALSO MONTIOR ALL SOCIAL MEDIA SITES SUCH AS FACEBOOK, TWITTER, AND GOOGLE+
  • PROMOTIONAL ITEMS: IMPLEMENT A REFERRAL PROGRAM; CREATE LOCAL BUSINESS ALLIANCES, TENANT PROMOTIONS, FLYERS, AND ADDITIONAL ITEMS AS NEEDED.
  • SIGNAGE:  WE WILL REVIEW ALL SIGNAGE ON AND OFF THE PROPERTY.
  • CHARTIABLE:  CUSTOMERS LIKE THAT BUSINESSES LOOK TO GIVE BACK TO THE COMMUNITY.  WE WILL REVIEW AVAILABLE CHARITIES IN THE AREA.
  • YELLOW PAGES:  YELLOW PAGES ARE INEFFECTIVE IN A NUMBER OF MARKETS.  WE WILL REVIEW THE EXISTING MARKET TO SEE IF THE YELLOW PAGES WOULD BE AN EFFECTIVE MARKETING MEDIUM IN YOUR AREA.  REMEMBER, IF A MARKETING MEDIUM GENERATES MORE RENTALS AND INCOME THEN IT COSTS, YOU SHOULD REVIEW IT.
  • RETURN ON INVESTMENT (ROI): WE WILL TRACK AND REVIEW THE ROI ON EACH MARKETING INVESTMENT TO MAKE SURE YOUR FACILITY IS MAKING A RETURN ON MARKETING CAMPAIGNS.

FINANCIAL:

IT MIGHT SEEM ODD THAT WE CONSIDER THIS THE THIRD MOST IMPORTANT ASPECT OF SELF STORAGE MANAGEMENT.  IF YOU DO NOT HAVE YOUR FACILITY OPERATIONS AND MARKETING PROGRAMS FIRING ON ALL CYLINDERS, THEN YOU WILL NEVER BE ABLE TO ACCRURATELY PREDICT FINANCIAL RESULTS.  FINANCIAL MANAGEMENT WILL CONSIST OF THE FOLLOWING.

  • FDIC & DDA FINANCIALS REQUIREMENTS:WE WILL HELP PREPARE AND COLLECT DOCUMENTS NEEDED FOR FDIC FILINGS.
  • PROJECTIONS: ANNUAL OPERATIONAL PROJECTIONS & BUDGETING
  • P&L MANAGEMENT: ATTAINABLE & REALISTIC  REVENUE, EXPENSE, AND NOI TARGETS
  • REVENUE MANAGEMENT: INCLUDING STREET RATES, EXISTING CUSTOMER RATES, AND SIZE CODE OCCUPANCY ADJUSTEMENTS
  • EXPENSE MANAGEMENT: WE WILL REVIEW ALL EXISTING AND POTENTIAL EXPENSES TO MAKE SURE YOUR FACILITY IS HIRING THE MOST EFFECTIVE VENDORS.
  • DELINQUENCY MANAGEMENT: STRATEGIES AND TACTICS TO REDUCE ANY SELF STORAGE FACILITY’S DELINQUENCIES
  • BOOKEEPING: MONTHLY ACCOUNT RECONCILIATION, CATAGORIZATION, AND FINANCIAL TRACKING
  • MONTHLY REPORTING: WE PROVIDE A COMPREHENSIVE MONTHLY REPORT TO ALL CLIENTS.
  • PROPERTY DISPOSAL: WITH OUR NETWORK OF SELF STORAGE INVESTEMENT AND REAL ESTATE PROFESSIONALS WE WILL HELP LIST AND DISPOSE YOUR SELF STORAGE ASSET.
 

 
 
 
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