Property Management Company Overview
Self Storage Advisors is a fully integrated self-storage property management and development company, SSA principals own interest in and/or manage over 400,000 NRSF of self storage properties in Texas representing over 4,500 units.
We offer professional services to owners and investors in the self-storage industry including operations, management, marketing, training, human resources, financial accounting and reporting, technology and construction management. The company also has extensive experience in successful lease-up, re- imaging and expansion of self-storage properties. We offer turnkey self storage property and asset management services.
Self Storage Advisors company officers have been involved in the self storage business since 1985 and have been active members of the Texas Self Storage Association and the national Self Storage Association industry trade groups since that time.
Julie Farrar, CEO / President, currently oversees all management company operations. She has been an active owner/operator in the self-storage industry for over 25 years and has been directly involved in all phases of development, construction, management and marketing efforts for a variety of different properties in diverse markets, representing a wide variety of construction materials, layouts and styles. She also serves as a self-storage consultant, and speaker, and regularly contributes editorially to the self-storage industry resource magazine, www.SelfStorageGuide.com.
Company Support Staff
Qualified administrative personnel are located at the home office headquarters in Tyler, Texas. In addition, field management teams, with significant individual self-storage experience, actively oversee properties within a 500 mile radius of our headquarters. We offer services to clients within the following states: Arkansas, Louisiana, Oklahoma, Tennessee and Texas.
Outline of Services
• Locating Quality Employees • Hiring Employees
• Employment Agreements
• Initial Training
• Ongoing Employee Education • Performance Management
• T ax Reporting
• Separation Management
Review & Reward Performance Program
Each facility is managed with a site-specific Review & Reward Performance Program designed to motivate management teams to achieve excellence and reach financial goals.
• Develop and implement ongoing marketing programs
• Enhance curb appeal, property appearance, and telephone sales techniques • Assess and create yellow page, internet and other advertising programs
• Improve product sales and create additional profit centers
• Implement and ensure critical adherence to site specific store policies and procedures • Create and monitor efficient store reporting
• Improve and ensure maintenance of overall property condition
• Address and improve store functionality and organization
• Audit files and reconcile with property reports • Emergency plan review and implementation • Collections
• Auction and lien process management
• Facility layout and design
• Credit Card Processing & Banking
• Accounts Payable
• Inventory Control
• T ax Reporting
• Daily, Monthly, Quarterly, Annual Reporting • Distributions to Investors
Outline of Fees
Complete Asset Management
Includes the full scope of services outlined in the management contract including complete direction of personnel, marketing, management and administration.
• Base Management Fee: 6% of Gross Monthly Revenues (subject to a monthly minimum), plus • Site visits @ $150.00 per day plus expenses
Management Start-Up Costs
Whether opening up a brand new store or assuming management for an existing property, our company makes a significant initial investment of time and expertise to ensure your success. We offer all the necessary components to secure a good beginning for a self-storage start up. Our plans cover the initial hiring and training of managers and include critical Policies and Procedures for operations. We help with initial decisions such as the purchase of forms and necessary office equipment. We provide data setup and initial training on software programs. Serving as dealers for a variety of self-storage management software programs, side/vertical lift gates and video security products, we can provide preferred pricing on products to clients. We also offer yellow page / internet ad consulting and “grand opening” marketing plans.
*$7,500.00 Initial Cost *(Multi-site simultaneous start-ups & existing property assumptions may be less)
We offer expertise on a wide variety of self-storage issues to qualified clients. Services include employee training, software consulting, auditing, management, marketing and store operation review. Consulting rates apply for telephone consultations as well as office visits.
$75.00-$150.00/hour plus expenses
Expert Witness and Expert Consulting Fees
Expert witness and expert consulting services are billed on an hourly basis with a retainer equal to $500.00 required in advance along with signed Letter Agreement of Services (to be applied to final billing). All third party expenses are passed through to the client without additional service charges.
Review and Research $125.00 Consultation $150.00 Deposition $175.00 Trial: $200.00
Additional Services Offered
Other services not generally included in the management agreement may be contracted per hour or by separate agreement, such as:
- Preparation of quarterly tax reports such as Forms 941 and 940, W-2’s, and other payroll related reporting.
- Interaction with property tax authorities and/or assessment service providers.
- Initial set up and administration of any employee retirement programs.
- Consultation with CPA’s for the preparation of Franchise Tax Returns and Partnership (orownership entity) Tax Returns
- Consultation with legal counsel
- Cost Segregation Studies
Sample Reports Reviewed Daily
Our company recognizes the importance of daily monitoring store activity and the overall performance at each of the self storage sites it manages. This requirement creates an off-site backup of records for the owner.
- Site Summaries: Daily, Weekly, Monthly, Quarterly and Annually
- Daily Validated Bank Deposit Reports and Credit Card Batch Summaries
- Trial Balance: Daily, Weekly, Monthly, Quarterly and Annually
- Daily Transaction Logs
- Daily Rental Activity
- Daily Square Footage Rental Analysis
- Daily Vacancy Statistics
- Daily Copies of Leases
- Daily Gate Activity Report
- Daily Email Report
110 N. College Ave. • Suite 307•Tyler, TX 75702 www.TheSelfStorageAdvisors.com 888.406.5111
Monthly Reports to Owners
A summary of all operations is sent to owners monthly via email and / or via regular mail. The monthly report to owners generally includes the following:
Executive summary of store operations:
• Net gains/loss in physical occupancy
• Overall actual billing revenue increase/decrease
• Current economic occupancy
• Overview of pertinent market, store or operational conditions
- QuickBooks Reports including: o StatementofCashFlowso MonthlyBalanceSheet
- Explanation of unique accounts payable
- Overview of new or renewing advertising or other contracts
- Payroll and required reportingField report from Area Manager:• Summary of Facility Review completed during bi-monthly site visits • Report of ongoing manager education / training
• Overview of store operations, personnel, policies and procedures
• Property condition and maintenance needs• Significant market conditionsMonthly Site Summary
Provided by individual store property management software, this report addresses overall store statistics and reflects comprehensive monthly data regarding deposits, credits, charges, sales, liabilities, accounts receivable, billings, etc.
Monthly Distributions to Owners
A general analysis of profitability will be projected and agreed upon between owner and the management company as part of the initial management contract. The following items will be predetermined and will be reassessed periodically as needed:
- Availability and amount of monthly owner distributions
- Method of distribution (check, wire or automatic deposit)
- Required maintenance reserves110 N. College Ave. • Suite 307•Tyler, TX 75702 www.TheSelfStorageAdvisors.com 888.406.5111