By RecNation
As your RV and boat storage facility grows, you might find yourself wondering whether hiring a property manager is the right move. This decision can significantly impact your business’s operations, profitability and long-term success. Let’s explore the pros and cons to help you make an informed choice.
The Benefits of Hiring a Property Manager
1. Professional Expertise & Knowledge
If you own an RV and boat storage facility, it’s best to find a manager who specializes in that type of facility rather than a hybrid with self-storage. Property managers bring specialized knowledge in facility operations, tenant relations, marketing and industry best practices as it pertains to RV and boat storage facilities. Finding a property manager with more facilities under management will provide invaluable experience that can help optimize your facility’s performance and avoid common pitfalls.
2. Time Management
A property manager handles day-to-day operations, freeing up your time to focus on business strategy and growth opportunities. This includes managing tenant inquiries, maintenance schedules, overdue tenants, lease agreements, marketing, financials and more.
3. Enhanced Customer Service
Professional management ensures consistent, high-quality customer service. They can handle tenant communications, resolve disputes, and maintain regular office hours for better accessibility.
4. Improved Maintenance
Property managers implement preventive maintenance programs and quickly address repairs, helping preserve your facility’s value and prevent costly issues down the line.
Potential Drawbacks to Consider
1. Additional Costs
Hiring a property manager represents a significant expense. If you hire an individual manager, you’ll have to factor in their salary. If you hire a management company, you’ll have to factor in their management fee, which typically ranges from 5-10% of your gross revenue. Most managers do not pay for property related expenses such as facility repairs, maintenance, marketing, etc., so it’s best to discuss with them what’s included in management and property responsibilities.
2. Less Direct Control
Delegating management responsibilities means surrendering some control over daily operations. This can be challenging for hands-on owners who prefer direct oversight. Discuss with the property manager about how involved you will be when making decisions and with requests.
When Does a Property Manager Make Sense?
Consider hiring a property manager if:
- Your facility has grown beyond your ability to manage it effectively;
- You’re operating multiple locations;
- You want to scale your business but lack the time for daily operations;
- You’re not local to your facility; or
- You prefer focusing on business strategy rather than day-to-day management
When You Might Want to Self-Manage
Self-management might be better if:
- Your facility is relatively small or new;
- You have the time and expertise to handle daily operations;
- You’re working to establish systems and processes; and
- Your profit margins are tight
The decision to hire a property manager depends on your specific circumstances, business goals and resources. While it represents an investment, professional management can lead to improved operations, more professionalism, better tenant satisfaction and increased profitability. Carefully weigh the pros and cons, consider your long-term objectives and make the choice that best aligns with your business strategy.
A property manager can be a valuable asset for larger facilities or owners looking to scale, but may not be necessary for smaller operations or those just starting out. The key is to assess your specific needs and make a decision that supports your business objectives while maintaining financial viability.
As the largest owner and operator of RV and boat storage facilities in the United States, RecNation Storage manages 70 properties nationwide. The company’s Third Party Management service delivers professional customer service and operational excellence, leveraging extensive experience and proven systems to maximize your facility’s potential. Whether you operate a single location or multiple properties, RecNation’s dedicated team provides comprehensive management solutions tailored to your needs.
