As we close out the 3^rd quarter of 2012, it’s time to start thinking about your self storage facility’s goals and projections for 2013.  How close were your projections in 2012?  Were you above or below your projections for income, expenses, and NOI?  Was your facility’s move ins, move outs, and net units at an acceptable level?  Do you believe your facility provides the best customer service and amenities in the area?  Are your facility managers fully trained?  All of these items can have a dramatic effect on the financial success of your self storage facility.   In our never ending quest to increase NOI we must consistently review our facility’s expenses.  Here are 6 expense areas you should review on a regular basis:

Well it’s that time of year again. It’s time to get your 2012 budget finalized.   The New Year will be here before you know it.  Now is the perfect time to review your facility’s financial position as we move into 2012.  For some, this will be used only as a metric to gauge your facility’s financial progression or financial regression.  For others, this is imperative for your facility’s financial well-being in regards to a potential sale or refinance. The only way to improve on something is to track everything.  How much did you spend on office supplies this year? How about in 2010?  What were your utility bills this year?  How much did they increase or decrease over 2010?  What percentage of your facility’s total expenses is paid out in utility costs?   Do you still need that yellow page advertisement for 2012?  How many calls did you receive on the yellow page advertisement this year?  It’s imperative that you project your income, expenses, and NOI for the coming year.   Here are some line times you should take into consideration when preparing a budget: