What Does a Storage Management Company Do


Published on

http://www.cuttingedgeselfstorage.com - Cutting Edge Self Storage Management's corporate office is located at the base of the Wasatch Mountains in beautiful Midvale, Utah. In February of 2000, Stephan and Tammy Ross formed Cutting Edge in an attempt to increase the quality of 3rd party management and increase the professionalism of which facilities were being managed. We accomplish this by using the latest technology available to streamline operations and control managment to enable us to make timely and knowledgeable decisions regarding any property we manage. With over 50 years of collective experience, Cutting Edge has become one of the fastest growing management companies within the self-storage industry.

In January of 2006 Stephan decided it was time to start developing facilities with ownership so in April Cutting Edge Development, LLC was formed. Cutting Edge Development is your complete turnkey source for the entire spectrum of self storage facility development or acquistions expertise. We use proprietary metrics to evaluate acquisition possibilities or possible development sites that not only iinclude a detailed feasibility evaluation, but also all the intangibles that over 50 years of collective experience in all phases of the self storage industry provides. Call us today to schedule a free 1 hour consultation.

Published in: Business, Technology
  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

What Does a Storage Management Company Do

  1. 1. Cutting Edge Managementhttp://www.cuttingedgeselfstorage.com
  2. 2. Have you ever speculated what a storagemanagement company does? Or better yet, whatthis self storage property management companyshould be doing?
  3. 3. If you are asking this question while reading thisarticle, then it is safe to tell you probably possessa storage management company or areconsidering purchasing self storage propertymanagement company. Essentially speaking, thearray of service differs quite a little bit fromcompany to another company, depending on whoyou deal with. On the other hand, there are somefundamentals that are necessary and essentialirrespective of your reason for wanting or needingprofessional self storage management. You willdiscover the answers in this article on what youshould anticipate from a self storage managementcompany.
  4. 4. Here are the BasicsAccounting Services:
  5. 5. • ReportingThe basic of reporting includes monthlyaccounting reports that involve expense andincome statement, a balance sheet, rent-roll,general ledger, a copy of the bank statement, andexpense ledger. There are other several reportsthat you may need or want depending on the typeof ownership and property. For example, with aproperty relating self storage, you may want toadd some items mentioned above or a copy of thedaily deposit report or the audit.
  6. 6. •Narrative ReportNarrative report is the monthly narrative summaryof exclusions in the expenses and income,budget, or any uncommon goings-on in your selfstorage property. It is advised that this narrativereport must be prepared by the self storagemanager in charge for your storage business.
  7. 7. •Collections or Accounts Receivable (AR)Collections or accounts receivable refer to rentcollection or other payments owed. This task isnormally considered an accounting task. In selfstorage property management you will need astorage management company that has a systemof responsibilities and a clearly defined processwhen it comes to collection. The process ofcollecting include who will do what in thecollection process, what will be done and whenwill it be done.
  8. 8. •Payments or Accounts Payable (AP)After the storage management company havecollected you payment, you will require them toshell out the bills. The process of payments is alsosimilar to the process exercised in the process ofcollecting – the who, what and when. You maywant to describe for the accounting employee theinformation on payment of your expenditures,including how much and when to pay to you,including other information like capitalimprovements, reserves for taxes, and insurance.
  9. 9. •Lease ProcessingThis function is usually a group work, with aspecific routing or a definite pattern to a number ofemployees within the self storage company,including the property manager and accountsreceivable department. Every department has adetailed items and function they are looking for.On the other hand, one staff normally inputs therent details into the computer. This particularstage of the process is very important, as amissed dollar amount or date could lead toserious consequences down the road. A processand detail that involves several layers ofemployees checking the input process is vital.