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What Does a Storage Management Company Do

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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.

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									            Cutting Edge Management
http://www.cuttingedgeselfstorage.com
Have you ever speculated what a storage
management company does? Or better yet, what
this self storage property management company
should be doing?
If you are asking this question while reading this
article, then it is safe to tell you probably possess
a storage management company or are
considering purchasing self storage property
management company. Essentially speaking, the
array of service differs quite a little bit from
company to another company, depending on who
you deal with. On the other hand, there are some
fundamentals that are necessary and essential
irrespective of your reason for wanting or needing
professional self storage management. You will
discover the answers in this article on what you
should anticipate from a self storage management
company.
Here are the Basics
Accounting Services:
• Reporting

The basic of reporting includes monthly
accounting reports that involve expense and
income statement, a balance sheet, rent-roll,
general ledger, a copy of the bank statement, and
expense ledger. There are other several reports
that you may need or want depending on the type
of ownership and property. For example, with a
property relating self storage, you may want to
add some items mentioned above or a copy of the
daily deposit report or the audit.
•Narrative Report

Narrative report is the monthly narrative summary
of exclusions in the expenses and income,
budget, or any uncommon goings-on in your self
storage property. It is advised that this narrative
report must be prepared by the self storage
manager in charge for your storage business.
•Collections or Accounts Receivable (AR)

Collections or accounts receivable refer to rent
collection or other payments owed. This task is
normally considered an accounting task. In self
storage property management you will need a
storage management company that has a system
of responsibilities and a clearly defined process
when it comes to collection. The process of
collecting include who will do what in the
collection process, what will be done and when
will it be done.
•Payments or Accounts Payable (AP)

After the storage management company have
collected you payment, you will require them to
shell out the bills. The process of payments is also
similar to the process exercised in the process of
collecting – the who, what and when. You may
want to describe for the accounting employee the
information on payment of your expenditures,
including how much and when to pay to you,
including     other     information    like  capital
improvements, reserves for taxes, and insurance.
•Lease Processing

This function is usually a group work, with a
specific routing or a definite pattern to a number of
employees within the self storage company,
including the property manager and accounts
receivable department. Every department has a
detailed items and function they are looking for.
On the other hand, one staff normally inputs the
rent details into the computer. This particular
stage of the process is very important, as a
missed dollar amount or date could lead to
serious consequences down the road. A process
and detail that involves several layers of
employees checking the input process is vital.

								
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