Some of the most common questions about partnering with Extra Space Storage are below.
If you have additional questions, please contact us at (866) 447-6522.
First and foremost, owners should look for a third-party management company that consistently delivers performance results. Nearly all third-party management companies will boast they reduce hassle, will increase occupancy or can run the facility better than the owner. Self-storage is a resilient asset-type with consistent performance: owners need to look at the larger equation to find a company whose vision and values align with their short and long-term objectives. Occupancy is only one component of the equation, owners need to look at the sophistication of the third-party management company’s operations - strength of online presence, ability to drive rates to achieve optimal occupancy, field personnel availability, skills, and training, and corporate support.
When selecting a third-party management company, it is critical that the owner really understands how a management company operates. Talk to others currently being managed by them, visit their corporate offices, call their call center, etc. a good management company will have a proven proprietary system in place so they are not experimenting with your facility. Also look at the management company operational footprint. The right management company should currently operate in your area within a short drive from your facility.
We work with owners at a variety of different property life cycle stages. Whether you are new to the industry, wanting to expand, or simply scaling back and looking for someone to take care of your property—we work closely with the owner to discuss all options to find the best outcome to maximize profits. Owners that are interested in hiring a third-party management company need to determine what are the highest and best uses of their time. While there may be many qualitative factors that make a third-party management company attractive, owners need to make their decision on quantitative results and who has the ability to manage their site best.
We are interested in managing existing and development properties. If you have a development property, it is preferable to become involved in the process at least 60 days before the facility opens. This way, we can serve as an operational consultant to advise about unit mix, signage, marketing, technology, etc.
Every third-party management company has a different philosophy. We know what works and, more importantly, what doesn’t—That being said, we are not the cheapest management company but we are the best at what we do. Some owners prefer a hands-on approach. We have found that our most successful partners benefit from a hands-off approach—we manage the details while simultaneously keeping owners aware of all pertinent and important information. Depending on the owner’s preferences, a third-party management company may not fit their personal management philosophy.
An owner should look at several areas when shopping for a management company. First and foremost, finding a reputable management company with a track record of successful partnerships is very important. Second, it is important that the management company provides you with replicated results—do they have a program in place to consistently deliver. Third, does the management company have a local presence? Our system works in large part due to our operational personnel and their proximity to facilities. Looking to see where the management company operates is a good indicator of the management company fit. Lastly, find a company that is not only confident in their brand and value offering but that is willing to invest in the partnership.
Typically, we don’t manage properties smaller than 400 units. From an operational perspective, the property must be within an existing footprint where we operate. It is possible to add facilities outside our existing footprint, but to operate effectively we would need to add multiple facilities in a new market. If your property is less than 400 units and in an existing operating area, we can discuss the potential of managing your property. Please see additional information at ‘Our Platform.’
The typical transition takes between 30-60 days. However, we have made exceptions in certain situations. It is usually best to make the transition at the beginning of the month. Our transition team works closely with the owner to integrate smoothly.
Successful partnerships are an integral part of our success. Extra Space Storage continues to lead the self-storage management industry largely due to our relationship-based model. A large number of our 2000 properties are joint venture operated or managed. Given the scope of our operation, and our experience operating in 40 states, Washington D.C., and Puerto Rico, we are the self-storage management authority. Once a property is integrated, there is no distinction made between wholly owned properties or a joint venture or managed property; consequently, all third-party owners benefit from the unrivaled Extra Space Storage brand.
We are happy to make a custom budget for your facility to demonstrate what your costs would be. We can also give you a projection of occupancy, discounts, and revenues under our management platform. Using results from comparable Extra Space Storage properties, we can accurately forecast your cost and potential cost savings.
Set-up costs are charged to the site on an “as needed” basis and are not the same for every site. Cost may include items such as office supplies, cleaning supplies, banners, bank supplies, credit card machines, and others. In many cases, the necessary items are already available at the site and new items are not necessary. Breakdowns of set-up costs are provided to the owner.
As part of transitioning your store to Extra Space, certain set-up and branding elements will need to be changed. Set-up costs can vary based on the condition of the property: they typically include computers, phone systems, credit card firewalls, exterior signage and interior branding elements.
Extra Space Storage handles all accounting for your property. We are happy to provide you with sample financials to demonstrate what is provided to third-party owners. Accounting reports can be emailed per your request. Owner distributions are typically done by ACH to the owner’s preferred bank account unless otherwise requested.
Yes, our HR department will post positions a few weeks before the integration date. The current site staff will be sent a link to apply for the positions.