Since 1996, Sterling has delivered 90+ percent occupancy rates at both our mini-storage facilities, despite severe economic challenges of the 2010+ era. They also did the feasibility study, start-up, and fill-up within one year of our latest project.
Sterling managed six self-storage projects my partners and I acquiried through bankruptcy in the late 1980's. Sterling took 40% non-performing projects and turned them into 95%+ profit centers within one year. Sterling ran the projects for 6 years until we sold them. Sterling not only made us money in all of these projects, they achieved results far beyond our wildest expectations.
I hired Sterling to open our 80T sq. ft. project in Seattle in 1996. They achieved stabilized occupancy within a year, and have since maintained in excess of 90% occupancy even in the most of difficult economic times. We are now expanding and trust Sterling to achieve the same results. We are also developing a new site and will look to Sterling's leadership to achieve RESULTS. I trust Sterling.
Since the inception of Storage King, Sterling Management has been an invaluable asset. Their expertise in the storage industry has been key to the success we have experienced and their diverse and creative way of thinking has helped us through the economic decline.
Iâ€™ve done business with Sterling principals since 1984, and partnered with them on several projects since 1997. Three words say it all: Trustworthy, Smart, Results.
In 1994, my company partnered with Sterling to develop a full-service record storage center, Sterling Records Management, Inc. My partners and I feel that Sterling principals are outstanding business people, and our relationship has proven to be extremely profitable, even beyond our greatest expectations.
I partnered with Sterling to acquire a underperforming project in Port St. Lucie. Sterling had the skill to bring the project into peak performance quickly. We sold the project in 2002 and earned a handsome ROI together.
There are many different types and styles of property management. The differences can range from the types of buildings or facilities being managed to the style of management that is applied. Some companies focus on one niche of property management, while other companies provide all encompassing property management solutions. Listed below are four specialized areas of management.
Self-storage management, also known as mini storage management, consists of running daily operations, implementing business policies and procedures, and determining prices and rates for customers. Hiring and training of employees of the self-storage facility, human resource responsibilities, and accounting are also provided by full service self storage management agencies. Typically, these types of services can help improve the occupancy rate and profitability of a storage business.
Commercial property management has to do with direct management of buildings or land that is used to create a profit or income. This would usually include, but not limited to, office buildings, industrial property, retail stores, and warehouses. Commercial management solutions can vary in degree depending upon the number of tenants in a building or the specific use of the property. Professional services provide plans to fill vacancies, a way to add value to lease contracts, daily maintenance, employee training, and ultimately, a better ROI from the property.
Recreational property management is a niche service designed specifically for management of properties such as resorts, marinas, RV parks, campsites, and more. An example of marina management would include plans to increase boat slip rentals, oversee site amenities, and provide training for excellent customer experience. Business aspects such as accounting, advertising, and human resources can also be a part of a recreational property management service.
Asset management, often associated with the financial industry, but also having a connection with real property, is a process of operating and managing physical assets. A key difference between an asset and a liability is how quickly an item, or property, can be sold. An asset management company may prepare to have the property "ready to sell" and also search for potential buyers in order to profit from a property sale.
While there are many specialized types of property management, they all share a common denominator in that they provide services to oversee properties. They should always have the best interest of the property owner in mind, and the service provider is there to improve the property from a business perspective.
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