Creating and opening your own storage unit business can bring in tens of thousands of dollars if done correctly. Unfortunately, a lot of business owners do not know how to properly open a storage unit business and wind up having a lot of issues concerning rental agreements and problems with renters. There are three things you need to consider when opening your own storage unit business to ensure that not only are you protecting your own assets, but you are also keeping your customers happy and protected as well.
Storage units are often broken into, and this can make you held liable for lost items and broken merchandise. Because of this, you need to consider what type of security you are going to use. For many, they invest in security cameras, but this might not be enough, especially if you’ve had instances of burglary in the past or live in a high-crime area. In this case, you might want to hire a security guard who can patrol the grounds and keep it fully protected.
You need to be incredibly detailed in any and all rental agreements that you have. You do not want to be caught in a scenario where a tenant does not pay and you’re unable to get rid of their items or auction them off. It might help to get a lawyer involved when writing up one of these agreements, especially if you’re afraid that a customer might find a loop hole that they will be able to use against you. Make sure that everyone who rents a storage unit signs this agreement.
Keeping up with the maintenance of the storage facility can be a real issue, especially if you own multiple properties. There are many property management companies that will be more than willing to assist you in keeping the facility well-maintained. This not only includes helping the tenants, but keeping the property cleaned and pruned if vegetation is involved. These companies can be well worth the money if they provide enough services that are needed by your business.
You will be surprised at how much money a storage unit business can bring in if it is run in the correct manner. Make sure to implement good security and have the right agreement for all tenants so that not only are they protected, but you are as well. You also need to consider hiring a property management company or at least have someone who can be there on call if there is a problem with a tenant or to have the vegetation on the property maintained and trimmed back to make the property look better.