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STN 58 | Self Storage Management
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How To Manage Your Self-Storage Business

STN 58 | Self Storage Management

 

In this episode, Stacy Rossetti dives deeper into how you can manage your self-storage business. She discusses in detail the four stages of self-storage management, revealing how you can ensure your business is running smoothly and efficiently. She generously shares some technological tools that you can use for self-storage management. Stacy also touches on passive investing, online marketing, onboarding, and more. If you’re ready to take your self-storage business to the next level, tune in and join us for this informative and engaging discussion.

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How To Manage Your Self-Storage Business

I want to quickly go over the four stages, and then we’re going to move on to management stuff. That’s what we’re going to do. There’s a whole module on management in the course as well. When you’re thinking about how to get started in self-storage investing, all you think about is, “How do I find them? How do I fund them?” That’s what they’re thinking, “How do you buy them? How do you know if it’s a good deal? How do you find these things?” Finding them is easy. They’re storage facilities but how do you even know if it’s a good deal? How do you find the money to buy them?

Stage 1: Getting A Facility Under Contract

The truth is all that is stage one. Stage one is getting a facility under contract. When you buy a storage facility, you are buying a business. From a tax perspective, it’s an investment property, which is awesome because you get all those tax benefits but you are buying a retail business. You have to be good at managing your facility. When you buy storage facilities, you become asset managers. That’s what it is. You’re not even a property manager.

When I talk to people, they do not think about the management side but the management portion of owning a facility is the most important part because you have to run a business and understand how to run a business properly. You have to think about how you’re going to increase your income and decrease your expenses. Your NOI is super important but so are your expenses, your mortgage, and stuff. It all flows together. I want to keep that in mind. A lot of people here are thinking, “I want to learn how to find them and fund them,” but what I’m going to teach you is the most important part.

Remember, it looks like this. Stage one is getting your facility under contract. This is what we went over last time. This is what I go over in the second week of every month. What do you need to do to get the facility under contract? This also in the course is modules 1 through 3. There are lots of videos in there if you need some help with this. We’ve got it under contract. This is where we’re going to start our lesson.

Stage 2: The 2 Main Stages Of Funding

Stage two, we’ve got it under contract. The question is, “What do we do?” I talked about this. There are two aspects to stage two. The two main stages are funding. You got it under contract. In commercial real estate, you don’t go and get pre-approved. If you go to your bank and say, “I want to buy a storage facility. What do you think?” then they can pre-approve you but commercial lending is asset-based lending. It’s all based on how much the property is going to be making. Funding happens in stage two. I’m not going to get into funding because we’re not talking about that.

We’re talking about management but the second part of stage two is the onboarding stage. We’re going to talk about onboarding. The goal of onboarding is when I close on this facility, how do I take payments? You’re buying a business. You want to be able to take payments as soon as you close on your facility. Believe me, when I first started, nobody told me. I was so excited I was buying a storage facility. I went to the closing and then did nothing up until the closing. At the closing, the owner gave me need this big stack of manila folders with contracts and stuff. I was like, “Time to get to it.” At the same time, people would call him and they would be like, “You have to call Stacy. She’s the new owner.” They just give my phone number out. It was utter chaos.

We had not done anything to onboard our facility. I don’t want you to go through that. On closing day, I want you to be prepared to get this thing up and going as fast as you possibly can. It took us six months because it does take a couple of months to onboard your facility. It took us a good six months to even get it to where we were managing it normally. If you pre-board it or onboard it before you close, then you’re not as stressed out as you would be otherwise.

Stage 3: Transfer Ownership Stage

You’ve onboarded your facility. You’ve done everything that you possibly could to be ready to take payments on the first week of closing. Stage three is what we call the transfer ownership stage. You are now getting all of your tenants into your software. Transfer ownership means you’re chasing tenants. If you’re buying a facility, and there are no tenants, then this is not going to take that long of a time.

STN 58 | Self Storage Management
Self Storage Management: Transfer ownership means you’re chasing tenants. If you’re buying a facility, and there are no tenants, then this is not going to take that long of a time.

 

Stage 4: Automizing And Systemizing

I have a student. She’s buying a facility in California. There’s no tenant. She still has to onboard everything. She has to do all the onboarding but when they transfer the ownership over, then she has to start marketing and stuff, which brings me to stage four. You’ve transferred the ownership. Another thing, too, is this typically takes 90 to 120 days. Onboarding takes the same amount of time. It takes a long time to onboard. People don’t realize how much work it is to onboard a facility. A lot of people don’t end up doing all of it until after they close.

This stage right here is about 90 to 120 days. That’s the same amount of time that it would take to fund it. If you pay cash, you could close whenever you want but if you’re owner financing, typically, you’re closing in 60 to 90 days but then if you’re going to a bank, especially nowadays, to close in 90 days is hard. I know because we’re funding one of our deals through a bank. They keep pushing the bank out even though they say, “We can close in 30 days or 45 days.”

Give yourself three months minimum at least at this stage because it takes a lot of time and effort to close a facility. Commercial real estate takes a lot of time. The transfer ownership phase as well is typically about 90 to 120 days. You’re getting all of your tenants into your software and trying to get the basics of your software set up. That’s what this is, especially when you have brand-new software. There’s a learning curve to figuring it out. It takes time and effort. Give yourself some time to do this.

After a couple of months of getting everybody into the system and trying to get everything all up and running, you’re like, “Let me start automating and systemizing.” Under this is marketing for tenants. How do you get new tenants? Automating and systems is stage four. You see how these stages go right here. This is the stifle of self-storage investing right here. If you’re going to be buying $10 million facilities, the stages might be a little bit different but it’s the same, honestly.

This is a good outline of it. This is the cycle of investing in self-storage. When you’re in this stage four, you’re working on getting your facility up and running automated. This is where you make it passive income because you’re going to get in there and automate everything. This is stage four. This one to me is the most important stage of all the stages. How passive can you make your facility?

Spend some time here getting this up and running. After a couple of months of getting in there, you’re 90 to 120 days. This is four quarters. This is a year. Storage investing is like, “Slow and steady wins the race.” I’ve had students buy 2 to 3 facilities in a year. Everybody that has bought more than one facility that I’ve talked to has said, “We have bit off way more than we could chew.”

There’s nothing wrong with buying more facilities but if you could get in there, learn these stages, and set the foundations of your business, in year one, you’re buying one. In year two, you could buy two. In year three, you could buy three. In year four, you could buy four. This is how we did it. Slow and steady wins the race. We’re buying one a quarter now. Think about it. If you were buying one a quarter of these, you would have to have your funding down.

What do you think I’m doing? I’m pitching. You can always hop on my pitch. If you want to give me some money, I have a fund. I’m raising money. Go to StacyRossetti.com/fund. I got another deal under contract. We have that down. I can find deals for sure. I’m funding and always raising money. No matter what, you should be always raising money. Onboarding takes 90 days. You close on it in 90 days, and then automate and systematize it in 90 days. You’re like a machine. You’re moving one deal to the next stage. That’s me and my husband. We had a meeting. We were sitting and discussing this.

No matter what, you should always be raising money. Share on X

That’s what we’re doing. Internally, we have one person that solely works on onboarding. That is her job. As soon as we get this under contract, Christie has a system where she’s onboarding that facility and getting everything that she needs to get done. Jim works on transfer ownership. Once we close on that facility, he’s making sure all this gets done. Bonnie, who has been working with us for many years, manages all this. She does stage four. This is the management part. We have virtual assistants that do this. We have our in-house people that are doing this. That’s how it is for us. It’s a machine. We are working very hard to make this machine awesome. Internally, that’s how we look at the stages.

Onboarding: Everything Needed To Take Payments

Let’s dig a little bit deeper into each one of these stages 2, 3, and 4. That’s what we’re going to do. Let’s do stage two. This is the onboarding. Remember, we’re only doing the management part. Onboarding is everything that you need to do to take payments. I need to take payments. What do I need to do? The first thing that you need to do is to get your software set up.

There is a lot of software out there, honestly. You could do demos of software now to get an idea of what’s out there. When I started years ago, there were three pieces of software. That was it. I had SiteLink, storEDGE, and ESS. I did a demo of all three of them. Remember, I did not do the demo of all three of them until after we closed on the facility. In the first month, I’m meeting tenants and driving over. The facility that we bought was twenty minutes away. It wasn’t that big of a deal but that’s what I was doing. I was going over, meeting tenants, and doing all kinds of stuff like this.

We want to eliminate that. We want everything automated from day one. The thing that I tell my students too is, “Train your tenants.” We’re going to get into that in stage three. Train your tenants but you have to set up the systems so that the tenants can be trained because if you do not train your tenants, they’re going to take advantage of you.

Let’s train our tenants. Let’s prepare the systems. You want to do demos of software and familiarize yourself with the software. We use storEDGE. It’s not the cheapest. It’s not the most expensive but out of all the software, it’s the most robust. I’ve done demos of every software out there. When my students start using storEDGE, they complain about it, “Why can’t I do this? What about this and stuff?” It’s a learning curve. It’s a new thing that you have to get to know and stuff.

These new technological tools and apps are a learning curve. It's a new thing that we have to get to know. Share on X

I ask all the people that are doing the demos, “Can’t it do this?” A lot of them are like, “We’re working on that.” It’s always like, “We’re working on that,” but what storEDGE is good at is listening to what owners of facilities need. They implement it. The software is amazing. It’s user-friendly but it’s not the easiest of all of them. It’s not the most basic. There’s a learning curve.

ESS is the most basic, but then there’s Hummingbird and Yardi. I’ve heard a lot about Hummingbird. U-Haul is the cheapest of all of them. There’s storEDGE, ESS, Hummingbird, and U-Haul. Breeze is by Yardi. I’ve done demos of all these. I’ve brought these all. They have all done demos inside of our mastermind as well. Remember that you get what you pay for.

What we think of is, “How can I make this as passive as I possibly can?” That’s our goal. How do we manage thirteen facilities? We’re adding three more facilities to our portfolio. How do we manage all those internally? How can we make those passive? If you’re only going to have 1 or 2 facilities, you could go with ESS or U-Haul. They’re super basic but if you want to create a portfolio, then you need to be looking at super robust software that can manage and do things at corporate levels and things like that. SiteLink is the older software. A lot of bigger facilities use that.

Software: The Backbone Of Your Facility

The reason I’m talking so much about this software is that the software is the backbone of your facility. The software is what’s going to manage 80% of what you do. The truth is that 80% of all storage facility owners only use 20% of what the software offers. No matter which one you pick, I want you to utilize what the software offers because that is what’s going to create passive income, and not only that. That’s what’s going to create the foundation of your business so that you can do it again.

If you have one software for this one and one software for this one, it’s going to be a whole big thing. If you have one software for all of them but you can’t do corporate-level stuff, then I’ve heard and talked to owners over the past few years I’ve been doing this. I see the complaints that a lot of people have. We honestly don’t have a lot of complaints about our software at all.

We’re utilizing everything that storEDGE has to offer. We were complaining for a while because what happened was that Storable is the bigger player in the industry. They own ESS, storEDGE, and SiteLink. First, they bought SiteLink, storEDGE, and then ESS. They own a whole bunch of other stuff. We will get into it. They bought SiteLink but I wasn’t in SiteLink, so I didn’t go through that phase, but then they bought storEDGE. It was a disaster because this huge company came in and bought them.

When I started using storEDGE, there were five people that worked for the company. That was it. All of a sudden, a couple of years later, Storable came and bought storEDGE. We had to go through this growing phase with storEDGE. For 1 good year or maybe even 2years, they were trying to figure out what they were doing. We had to go through that. There were a lot of changes and stuff. Everybody was complaining about it. That’s why a lot of software started to be created, honestly. It’s because people were annoyed with that whole process but we stuck with storEDGE.

We became data testers for them. They will call Pete to say, “We’re going to roll this thing out. Can you test it for us and see if it works?” We stuck with them. They’re still updating the storEDGE software but it is super powerful. We don’t have any complaints to storEDGE at all but it is a learning curve to learn. Pick your software, whichever one you want to do. I’m hearing a lot about Hummingbird and U-Haul but the one thing that I don’t like about them is that they do not have a lot of revenue management stuff. They don’t have a lot of stuff that storEDGE offers.

We will get into revenue management in stage four. The first thing is to pick your software. When you pick your software, you’re going to have to set up your merchant account. It’s a pain in the butt to set up a merchant account, honestly. You could pick whichever merchant account. In storEDGE, you have to use theirs. We meet our bookkeeper every Friday and go through our stuff. We were going through our merchant account invoices and cleaning them up in Quickbooks and stuff.

I don’t know if they’re going to charge new people but for us, they’re charging a 2.1% interest, which is good because I use Stride for all my purchases on courses and stuff. They’re charging me a 2.9% interest. storEDGE has a good merchant account rate. I like that. Make sure that you’re asking these questions too. Setting up a merchant account is a super important thing because credit card fees are a huge thing.

Another thing that I’ve noticed with ESS too is that the merchant account that they make you use does a lot of extra fees, hidden fees, and things like this as well. What I’m saying is to get your demo on your software. When you’re talking to them, also talk to them about how the merchant account works. Can you pick your own or not? What are their fees? Do they have hidden fees? Is it a percentage? The merchant account is a very important aspect.

On top of that, you have to get all of this murk on getting this done so that you can take payments in the first week that you close. They might say, “You have to own the facility,” but there’s a lot of stuff that you can do beforehand like filling out the applications, getting it ready, and all this stuff. You fill out the applications, forms, and stuff. It takes time for them to do all this. You have this sooner rather than later.

You have to think about your phone system also. How are you going to answer your phones? Are you going to have them call your phone? Are you going to set up a phone with Grasshopper? Are you going to use the phone that they provide through the company? How do you set that up? You have to think through, “If I have this one account, maybe I can use my voice or I can use theirs but if I’m going to start getting all these other companies, how should I set my phone system up?”

We use Grasshopper. We have 23 lines on Grasshopper. Phones, as you grow, get very complicated. Thinking about it ahead of time is super important. That’s software stuff, getting stuff ready to go. You need to get on Google Maps, which is onboarding and then management. Trying to figure out how to do this, setting up an account, and setting everything up take time. This is not easy. Trying to figure out the whole thing with Google is crazy with their way of doing stuff. If anybody has ever put a business on Google Maps, it is not easy to put it on, especially nowadays due to fraud and all this stuff.

Thinking about things such as phones ahead of time is super important. Share on X

Another thing is your insurance for the facility itself if there’s a fire or something like that. It’s hazard insurance. You need to get close because when you close on this property, you need to have insurance. A lot of times, with lending, you have to do that or whatever it is. If you have owner finance, the owner has to be named the beneficiary. There’s a lot to insurance. Getting a quote for insurance is not something that takes 24 hours. It could take 1 week to 2 weeks. It takes a long time to get insurance quotes. You want to get a whole bunch of quotes because if you get one, you’re going to be freaking out. Insurance is so expensive a lot of times. You’re like, “Is that normal?”

Here in Florida, you have to get flood insurance. You have to get that too. In some areas, you have to get certain insurance and stuff. This also takes time. This is something not with onboarding but it could be done beforehand to prepare which is the mailbox. Does your facility have a mailbox? Google Maps might send a postcard to you. Google Maps or Google Business Profile is changing it up. They might be changing the way they do this.

That’s how we have done it on all of them pretty much. Google sends you a postcard with the code. You go into your profile and then put the code in it. You have to go through and finish your profile. You need to have a mailbox there. Most storage facilities do not have mailboxes. The only reason that we ever have a mailbox at any of our facilities is that we have to put this postcard up.

A mailbox is important. We have one facility where we had to put the mailbox up. They had never had a mailbox before. We had to go to the post office and say, “We need to put a mailbox up. Where do we put this thing up?” They were like, “Put it here.” It has a drive. Our facility is over here, and there’s a huge drive. They wanted us to put this mailbox right where the guy could come in, put the mail in, and go.

We got the postcard. We got it on Google Maps. We already had to put this mailbox up at least three times because it’s in this weird turn where people keep hitting it, and then it gets knocked down. It’s so annoying. We decided to take the mailbox down. We also have no mailbox at our storage facility. We’re like, “We don’t even need it there. We got the card. That’s it.” We forwarded all the mail to our mailing address. You have to have it to get onto Google Maps for the most part.

Onboarding

There are 50 things honestly with onboarding. We have a checklist inside our coaching program where there are 50 different things. You can get that checklist if you buy the Deal Analyzer. If you buy the Deal Analyzer, there’s a checklist that comes inside the Deal Analyzer called the Onboarding Checklist. If you want to get that checklist, I highly recommend that you check out the Deal Analyzer. You can go to the website StacyRossetti.com and see it.

There are 50 different things that you have to do for the onboarding process. I can’t remember all of them but this is the main stuff. The main stuff is getting your software set up and getting that going. There is stage two. We need to be able to take payments. That’s where we’re at. Let’s move on to stage three. Stage three is to transfer ownership. We have our software set up. We own the facility but we don’t have our tenants inside the software. We have to get our tenants into the software. You have to have a list of tenants. storEDGE will give you a spreadsheet and say, “Fill the spreadsheet out.” It’s this massive spreadsheet. There are so many columns. You have to fill it out. It’s so annoying.

If you buy a facility where they don’t have any software, then you are going to be filling this spreadsheet out. It’s going to take forever. If there’s already software there, then you could always export it, send it over, clean it up, and stuff like this. In every facility we have ever bought, nobody has ever had software. You need to have your tenants in a spreadsheet that you can send over to the software because they will do the first import for you and set up the very basics. You have to have all that information. If you’re buying an income-producing property that already has software, then it might be a little bit easier than if you’re buying a mismanaged facility that does not have software.

For instance, we bought a facility. It was 135 doors. He did not have the software. Bonnie is getting good at this but she’s sitting there and putting all this information into the spreadsheet for us. That’s the onboarding section. She’s sitting there doing all this for us so that we can give it to storEDGE and import it. You have to get your tenants into the software because when you own the facility, your tenants have to start their accounts and go in. You know how it is. It’s now online.

They have to go in, fill out their profile, and get into the system. On top of that, they also have to add the payment method. It doesn’t matter which software you have. The payment method does not transfer over. You’re going to have to get every tenant to log into their account, set their profile up, and put their payment information in, which is not easy at all.

On top of that, you have to get them to sign your new contract. That’s in the onboarding section. You have to get the contract from an attorney that understands self-storage law in your state or you can join your self-storage association and get the contract from them. You have to pay $200 to get that. Most self-storage associations will give you the contract for free for joining the association. You want to get the one that’s for your state.

Over time, we got the Georgia Self Storage Association contract. We have used it now for years, updated it, and sent it to our attorney. They have updated it and stuff like this as well. The newer tenants are always signing the newest contract for every state where we have a facility. We started by getting it from a self-storage association. Now we know we should give it to our attorney. We will take this, give it to the attorney, and have them check it to make sure it’s okay, which I highly recommend.

It is part of the onboarding process because you’re going to have to give that contract to your software. They will import it into the software for you and set up all the fills and stuff but they can’t set your contract up until you have your fee structure set up. You have to know what your fees are going to be. If they’re late, what day is it late on? How much are they going to be charged? If they have to overlock, how much are they going to be charged? If you have to do an auction process, how do you get charged? Are you doing deposits or not?

You have to do all this. You have to know the fee structure because when you give it to your software company, they’re going to have to put this into the contract as a fill, “I agree.” We do clicks of initials for every fee, “I understand this.” You can set that up in your software. You do all those initials by every fee that you have. One time, they will come in and set up the basics for your software.

I don’t know if every software does that honestly but I know storEDGE does this for sure. I’m assuming that the other ones help you a little bit. You’re setting up your fee. You’re getting your tenants into the system. You’re getting them to start the account, add their payment information, and sign the contract. You have to set your fee structure up so that they can have a contract can sign.

You cannot do most of this until the day of closing. When you’re closing, you need to be on top of it, especially if you’re closing at the end of the month. We typically try to close toward the end of the month. That means that we need to be on top of it so that we can start taking payments for that month immediately. That’s how we are. That’s transfer ownership.

Another part of transfer ownership is that you have to notify the tenants that you are the new owner. On top of that, we get the owners to notify them that they’re selling the property and that we’re the new owner. The tenants get notified twice by us. What’s important is that if you’re going to raise rates immediately, then you need to put that into your letter, “Our rate changes are immediate.” We rip the Band-Aid. That’s what we do.

STN 58 | Self Storage Management
Self Storage Management: If you’re going to raise rates immediately, then you need to rip the band-aid and put that into your letter, “Our rate changes are immediate.”

 

You have to have your new rate structure in the letter of notification, letting the tenants know that you’re the new owners. You also have to have it in the fee structure here so that you can get the contract signed. That’s the basics. There’s way more to this. I’m giving you the basics but the software itself does everything like your communication with the tenant. We do all communication through email and text messages. Typically, we have that all set and ready to go when we’re closing on the facility.

We send an email to notify them as well if we have their email address. A lot of times, we don’t have the email address. Think about how you’re going to communicate with the software. I don’t know if all of them do, honestly. I don’t know if even ESS records your calls but storEDGE records all your calls. You have to have that all set up. You have to have your email communication for all your fee structures set up. Could you imagine? You have to have emails for every single one of the charges you’re going to do. You have to have emails and texts set up. You have to set all that up for your fee structures.

They set up the basics for you, simple emails and stuff. You can go into the software. They have templates set up. You pick which ones, and then you can modify those templates, put your logo, and all this stuff but all that takes time and energy. In this stage, you’re chasing tenants to get them to get into your system. You have to be able to chase them by letters, emails, text messages, and phone calls. All that has to be set up beforehand so that you can do that when you close on the facility.

That’s the basics in stage three. Remember, this is 90 to 120 days. You’re getting the basics set up, “I need to get the tenants in the system and get the emails done, letting them know they need to pay me and stuff.” That’s stage three. After a couple of months of chasing tenants, you get into stage four, which is automation. There are two parts to this. One of them is marketing. In the first three months, you’re like, “I have to get in there.”

Honestly, this is all software. There’s nothing about getting a boots-on-the-ground person set up, which is onboarding if you’re going to hire them, or a phone person to answer your phones. This is at the facility. I’m only talking about software, which lists all this stuff out in the Onboarding Checklist in the Deal Analyzer. You’re at the facility. You have to get your signs set up. You have to get your phone person and your boots on the ground if you need that and all this stuff. We’re not even getting into that. We haven’t gotten to that yet but know that there are two parts as well. It’s the software and then it’s also the line in person. How are you going to manage the facility itself in person?

Here, you have stage four, which is marketing because in stage three, you’re thinking about it but you’re not doing a lot of marketing for tenants. You start in stage three but you do it in stage four. The first thing you’re going to do is get SpareFoot set up. SpareFoot is the thorn in your side. SpareFoot is super expensive but you have to do it in the beginning. You get this set up so you can bring tenants in while you’re trying to get the entire thing set up.

Online Marketing For Tenants

Your ultimate goal is to not use SpareFoot. Your ultimate goal is online marketing for tenants. This is like, “How do you get tenants in?” Gone are the days when you could put a sign in the front yard and be like, “Here’s our storage facility. If I put up a sign, they will come.” It doesn’t work like that. You have to be marketing. You have to learn how to put yourself out onto the online world. If you’re not on Google Maps and you’re not doing Google Ads, then you’re being missed for the most part.

Online marketing for tenants is very important. This is all getting online. It doesn’t matter how small or big your facility is. You have to be marketing online to find tenants because there’s way too much competition out there. If you are not doing something to put yourself in front of people, then you are missing out. That’s part one. The second part is software. This is where you’re getting in and doing inside your software revenue management and dynamic pricing.

STN 58 | Self Storage Management
Self Storage Management: It doesn’t matter how small or how big your facility is. With everything getting online, you have to put yourself in front of people and market online to find tenants.

 

If you are not doing dynamic pricing and revenue management, then you are not managing your facility properly. You don’t need to be doing this manually. A lot of people do this manually because they don’t know how to utilize the software. If you get software that can do this like storEDGE, you can manage this automatically. That means that when you’re 80% full, your units are this much. If you’re at 85%, 90%, 95%, or 98%, it’s this much. There’s one left. It’s super expensive. It goes back down. If you start getting vacancies, then your prices start dropping. This is all automated in your software.

You have to do your auctions and your mail house. Can your software do this? This is a lot of work. People don’t realize how much work auction processes are but if you can do an online auction through your software, then why would you not do that? You don’t need to be going and doing live auctions anymore. Everything can be automated. Your mail house is when you notify tenants that you’re the new owner. Any type of letter that needs to go out for rate changes, new ownership, or whatever it is, your software can manage that itself. You have to pay for it to go out. If you pay somebody else to do it, you might as well have it all set up. Do it and click, and then you’re done.

On top of that, you need to get into your fee structure, unit mixes, communication, emails, and texts. You have the basics set up in stage three but let’s get in and fine-tune this so this can be truly automated. That’s where you spend a couple of months figuring the software out and utilizing the software to the best of its ability so that you can make this as passive as you possibly could make it.

You have to do some work. It’s not 100% passive but still, you want to make it as passive as you can. You do that by online marketing for tenants. Automate that and then all of your software internally. That is all the three stages of onboarding, transfer ownership, and automation. Hopefully, you have a better idea now of management, how it works, and what you should be focusing on.

We will be doing some 101 stuff as well. I’m going to hop onto my pitch, which is for the Self-Storage Fund of America. Make sure you go to StacyRossetti.com/fund if you want to be a passive investor. You’re seeing this and you’re like, “That’s way too much work. Let me give Stacy her money. She will manage it for me.” That’s the fun that I’m going to do. I appreciate your time. I will see you in the next session. Take care.

 

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