How to substantially reduce the number of delinquent tenants
About the Author
Wayne has worked in sales for a large portion of his life, and joined the StorMan family in 2007. Wayne frequently travels between both our New Zealand and United States offices and works in sales for both of these regions.
You can get in touch with Wayne via our Contact page.
Related Posts
- 2010 Wellington Conference & Tradeshow
- A positive economy for 2011?
- Agency Opportunity
- Banking Blues - Part 1
- Banking Blues - Part 2
- Cap Rates 101
- Country Blues
- Critical Activities
- Ever seen the movie Pulp Fiction?
- Ezidebit payment solutions for Self Storage
- Give your Banker something to smile about
- Happy New Year, StorManites
- How can a small facility make and save money?
- How a customer saved over $1,300/month on merchant services fees!
- How a free salad in Storage Land could lead to 95% occupancy
- How to substantially reduce the number of delinquent tenants
- Important information for ADVAM users
- It's official - Banks want to lend you money again!
- Less than a minute
- Making it rich in lean times
- Merry Christmas from Collins Westlink Consulting
- Options in Property Transactions
- Property Development - Key Points to Consider
- Rate lag -What it is and how to avoid it
- Recession tactics
- Season's Greetings from Collins Westlink Consulting
- Streamline and Enhance your Productivity
- Tax Issues of High Income Earners in Single Income Households
- Tax Planning Tips for Property Investors
- The banks & 2012
- The Credit Crisis
- The Taxing Issues of Subdivision
- The vicious retail cycle
- What must your business have in common with a business that sells gourmet burgers?
- Why free salads are important to your business?
- Yield and the yield-breakeven point
Question: What is more profitable than a storage business with sophisticated management software and state of the art access control?
Answer: A storage business, even (especially) one with a small turnover, where these systems can talk to each other.
Let me explain by relating the following (true) anecdote to you...
When I visited this particular site on Monday morning the new owner introduced me to his lovely Manager. His Manager explained all of the systems, checks, and procedures they have in place to make the business profitable. I decided the Manager's systems had some possible gaps, but it seemed from the way they were speaking with me that these gaps were not a problem. To be honest, I was struggling to find a reason to recommend StorMan. And I said as much. Then the new owner, as if to escort me back to my car, stepped outside and I followed him.
Out of earshot of his Manager the new owner explained that this small business sold $150,000 worth of storage per annum. He said that over the past 12 months the bad debts incurred by the business from delinquent tenants was $26,000.00!!! Then he asked me what I suggested he do.
This changed things considerably. It became palpable that, although the Manager was very lovely and probably great with the majority of the company's honest customers, their checks and systems were not actually working. And I could see why. These systems relied heavily on the goodwill of staff and customers. The fact was, only the staff had the ability to stop delinquent tenants from entering the premises. Whilst they did their best, the evident gaps were worth at least $26,000.00 of the annual turnover.
My recommendation was that the new owner purchase StorMan and a compatible access control system immediately. That way, the numbers of delinquent tenants are substantially reduced, and those that are left are locked out at the gate and simply referred to my new customer's competition.
Regards,
Wayne (VP Sales and Marketing, StorMan USA).
Leave your comments & feedback on this post...