Thread: When to select a 3rd Party Management Co?

I am beginning the development of a new facility for which I anticipate beginning construction by Jan 2009 and opening it around summer of that year.

I want to use a 3rd party management company and know that they should be involved fairly early in the process. While I will work with a feasible consultant to help design the site plan and unit mix, I am wondering at what point in the development process I should begin interviewing potential mgt companies? and then what should be my goal as to when to have one selected?

jafski:

These are some great questions.

I suggest that you get a FREE copy from the ISS website. Simply go to the url below to request the e-book on the topic of third party management.

http://www.insideselfstorage.com/ebooks/ISS_04_08.html

I also suggest reading Mel Holsinger’s great article in ISS at:

http://www.insideselfstorage.com/articles/self-mini-storage-overview-fee-management.html.

if you have problems downloading the e-book send me a private message or note to my email address chiswell@earthlink.net

MisterJim444

Originally Posted by jafski

I want to use a 3rd party management company and know that they should be involved fairly early in the process. While I will work with a feasible consultant to help design the site plan and unit mix, I am wondering at what point in the development process I should begin interviewing potential mgt companies? and then what should be my goal as to when to have one selected?

Seems like your second question should be answered first - what do you expect the management company to do? That will go a long way in determining when to bring in that sort of help. Some companies are in from the beginning, contributing to the design process, equipment layout, contacting vendors for proposals and, of course, handling the after care once a site is open. Others are more in tune with managing day to day operations once a property is ready for business.

What do you want the management firm to do? How much of the process do you want them to oversee? Even if all you want is operations management, the earlier they are involved in the planning process, the better. Chances are the company will have seen properties similar to yours and will have a good idea of what to expect when its work really begins.

THanks MisterJim,

I just ordered the e-book and am printing Mel's article as we speak.

Also do you and any other readers of this thread give me names of mangement companies who provide that service in NC?

We work for an A-#1 management company. http://www.unitedstorall.com/about_us or call (301) 829-8120 . I would highly recommend them even if I didn't work for them!

Originally Posted by jafski

THanks MisterJim,

I just ordered the e-book and am printing Mel's article as we speak.

Also do you and any other readers of this thread give me names of mangement companies who provide that service in NC?

There is a company called Lampe Management based in Smithfield. Lampe handles a lot of Ample Storage properties. I am not sure if the company takes on independent accounts, but it's in the right state and worth a start.

Beyond that, The Heyward Group is based on Columbia SC but is also an ownership organization and Absolute Storage Management is in Memphis.

Originally Posted by jafski

THanks MisterJim,

I just ordered the e-book and am printing Mel's article as we speak.

Also do you and any other readers of this thread give me names of mangement companies who provide that service in NC?

I'm a little embarrassed for the oversight, but one of the moderators on this forum - Brad North - does management and is just over the NC border in the Georgia.

Yes, I know Brad and intend to consider his company. Thanks for your reply

Thanks Lisa T for the name - I will give them a call.