I oversee the management of several storage facilities, and was wondering if anyone had a bonus program already set up to be emailed?

I would like to get something that is quick and easy, but beneficial to both myself and my managers.

email address is caf@bridgetonproperties.com

Thank you for any help.

Christine

Chrisitne - I sent you a bonus program.

I would really like to take a look at this as well.

Thanks!
james (at) bridgestorage (dot) com

Could you possibly share the highlights of your bonus program if it is too lengthy to include as a post? Seems like others are interested and many could benefit.

Could you please send me a copy of your incentive program. I have been using $5 for every signed lease but would like to freshen my program.

Thanks

Hers is my bonus program - it is based entirely on CASH IN THE BANK from each segment of the business

hope it copies into this screen

SELF STORAGE
BONUS SYSTEM & REPORT FORM MONTH OF _____________________

Benchmark $'s Over Base $'s Over Base $'s Over Base
Base Amount Rate Rate Rate
UMOVE GROSS
$8117/month
$1873/week
BASE:
$7,500/month

$__________ 7% of $1 to $2000 over base

$ over ______

$Bonus________ 9% of $2001 to $4000 over base

$ over ______

$Bonus________ 11% of $4001+ over base

$ over ______

$Bonus________
PRODUCT SALES
$4678/year
$390/month
BASE:
$400

$__________ 20% of $1 to $500 over base

$ over ______

$Bonus________ 25% of $501-$1000 over base

$ over ______

$Bonus________ 30% of $1001+ over base

$ over ______

$Bonus________
VIP STORAGE
$4500/month
BASE:
$3,500/month

$__________ 7% of $1 to $2000 over base

$ over ______

$Bonus________ 9% of $2001 to $4000 over base

$ over ______

$Bonus________ 11% of $4000+ over base


$ over ______

$Bonus________





Information herein is certified correct by the undersigned.



__________________________________________________--

wp. Bonusform. Rev. 9/2000

Our corporate office gives the Manager & Assistant $5 per rental. Part time employees get $1 per rental.
The last company I worked for gave me (Manager) $10 per rental & didn't give any other employees a rental bonus. However, they did let me choose an additional bonus plan that would change each month (% of disc locks sold, $ for % of collections on past due accounts, etc.) All employees were mystery shopped & had the potential of earning an extra $100-200 per month for score of 80% or higher.

Where does your "base" amount come from?

I receive an annual bonus based on NOI at year end. It works out like a profit sharing plan from my perspective. I earn money based on the yearly sales/profits.

I'm sorry I don't have the NOI formula handy to share at the moment; but it is substantial and very appreciated!

I used to make a percentage based on the gross income, but this method is so much better.

I love this concept from the vantage point that if I see we're filling up and I suggest a rent increase, the owners will look at my numbers and projections and give me their okay. Of course my husband who works in data base programming helps with this part, but so far (11+ years) we've always been right on with the projections we've made.

Each market is so unique so ours doesn't compare with another project in a more metropolitan area that one of the partners is involved in. The owners allow me, (the one in the trenches) to take the pulse of our customers and let them know how things stand in our area instead of dictating unilateral, uninformed decisions.

The owners are also very amiable to listening to me when I suggest appropriate timing for such tasks. We had worked up some numbers just at the beginning of the 'financial crisis' hitting the news.

I submitted those numbers but asked to delay the timing as I think we can increase a bit more in a couple more months and recoup any perceived losses from the delay, plus increase our overall income. (Hope I'm right.)

By giving me the annual percentage; it works in my favor to look at the overall picture and determine what I think the market will bare. I can in effect 'write my own bonus check' in this manner. Every dollar I collect adds to my annual bonus. Which is not to say we don't waive an occasional late fee or give someone a discount who's fallen on hard times.

On that front, we donate to lots of organizations or fire victims etc. throughout the year. The partners are very generous to our community on many fronts.

Our owners are very generous to me in many other aspects as well. I am blessed to not be 'just a manager' but someone who runs a business autonomously for them. I wish there was an award in the industry for the Self Storage Boss(es) of the Year! I could write an effusive letter for my guys.

To the owners out there reading; when you get a good employee make them part of the process. Trust in each other and make the business a shared proposition. It can't hurt with the right people in place because ultimately it is a symbiotic relationship, you do depend on each other for the desired profitable bottom line.

Hi Ya'all!

Yes I'm in Florida but originally from PA. Couldn't resist!
As for the bonus program, when I first put this question out there, the response was overwhelming. So many of you emailed me and asked that once I had something, to please let them know and pass it on. I have since created that bonus program and it has been in practice for 8 months. The work I get from my managers is exhilirating. They all make sure they get their items to me on time. And most importantly, you can tell they are trying to reach the goals. I have had to make a few adjustments, especially since the storage industry is not thriving the way it had, but overall I am very pleased with the results. If anyone wants a copy of my bonus program please email me at caf@bridgetonproperties.com and I will get it to you very quickly. I believe in compensating those managers that do a great job for all of us owners, operators, and managers!
Have a great day!!!

__________________
Christine Francis
Director of Operations
Bridgeton Properties