What does a third-party management company do and what is the cost?
We are a full-service asset management company with the experience and expertise to maximize every aspect of your facility. From sales and marketing to revenue management, facility management, accounting/reporting, vendor management and risk management. We hesitate to quote specific costs due to each facility being different, but standard fee-based third property management typically ranges from 5-7% of revenue.
Why should I consider Cubix Asset Management for third-party management?
We are an innovative boutique self-storage asset management company with more than 50 years of experience developing, owning, operating, or managing over 400 self-storage facilities.
We are more than a property management company. We provide an ownership perspective for all aspects of asset management. This means that we look out for the long-term profitability and stability of your business which entails balancing high-quality customer service, taking great care of the team, smart capital investing, and maximizing long-term profit margins. In order to deliver outstanding customer service, we recruit and support great managers while being a positive force in our local communities. Also, we are a founding member of the Storelocal Co-op, which is owned by independent self-storage operators dedicated to bringing the best practices, technology, and services to its members.
What type of reports do you provide?
We provide several in-depth reports in order to provide you a detailed understanding of your facility. Depending on your needs, we also offer a white glove service, including all partnership distributions, accounting and tax preparation.
A sample of our monthly reports include:
- Investor Summary
- Balance Sheet
- Profit and Loss
- Statement of Cash Flows
- Occupancy Overview
- Management Summary
How will you handle marketing for my facility?
Marketing for a self-storage facility has evolved immensely over the past 10 years. We use a comprehensive approach to drive the maximum amount of traffic to your facility, all while providing the ability for potential customers to rent units online.
A sample of our marketing services include:
- Development and management of a first-class website
- Powerful internet marketing
- Mobile optimized
- Organic local search engine optimization
- Integrated cloud-based facility management software
- Engaging social media management
- Pay per click and display ads
- Find/Search for storage
- Reserve storage online
- Contactless online eRentals
- Paperless contracts for renting, insurance, addendum’s, auto-pay, military waiver, etc.
- Promotions including discounts and coupons
How do you ensure rental rates are competitive?
We monitor all of our unit pricing in real time with the support of technology, market studies and proprietary data. We have a proven track record of optimizing rental rates and occupancy in order to provide maximum returns. You will be provided with monthly reports clearly establishing a snapshot of your facility and tangible results.
What costs will I incur transitioning to new third-party management and how long will it take?
Transition time to new third-party management can vary depending on a few factors (new development vs existing facility, technology, etc.) however most transitions are complete within 30-90 days following execution of a third-part property management contract.
Will I need to change my brand/signage?
No. The self-storage business is market-based and does not benefit significantly from using a larger scale branding system and the cost associated with transitioning to a new brand. We will continue to grow your existing brand and market presence online and in the community.
Will the existing staff be given an opportunity to continue managing the facility on site?
Yes. After an initial evaluation, existing managers and staff members will be provided the first opportunity to continue managing the facility. Unlike many third-property management companies, we do not transfer our managers from various facilities within our portfolio. We believe the on-site staff is crucial and a significant asset to your facility.
How can we work together?
We specialize in all stages of the self-storage development and operation cycle. This means whether you have a piece of property you are looking to develop, or are an existing facility owner, we will work closely with you to find the best structure to meet your needs. Our most common deal structures are either a joint-venture or a fee-based third-party manager.