Maintenance and renovations can be overwhelming to think about for self-storage owner-operators. So, it may not surprise you that only 10% of organizations are estimated to do all their routine asset and equipment maintenance themselves. Whether you’re in that group or part of the roughly 90% who rely on third-party providers for at least some or all their work, there are effective strategies to revitalize your facility without overspending. And springtime is a great time to start. Read on for 4 ways to make it easier on yourself when tackling renovations, repairs and other regular maintenance.
1. Keep a ChecklistAs spring and summertime quickly approach, what type of maintenance are you considering? Having a maintenance checklist and calendar can be the most effective approach. At Janus International Group, we provide an in-depth checklist for maintaining your property this spring and beyond, providing weekly, monthly, seasonal and annual timeframes.
Whether you’re doing it yourself or hiring professionals like the R3 (Restore. Rebuild. Replace.) Division at Janus, you’ll want to focus on inspecting, repairing or replacing these items:
Your checklist should also vary by the region you’re in. For example, if you’re in a Florida coastal region, salt can deteriorate your paint faster, so you’ll want to increase the frequency of your rust inspections to every quarter instead of seasonally. The same goes for northern states with lots of snow. When the snow melts, water runs off your buildings, which requires more frequent inspections.
2. Explore Adding More Units
If you’ve been wanting to add more of a certain unit size but have the typical expansion constraints, you might feel stuck. But there are proven avenues you can take to add unit sizes. For instance, if you have a wait list for smaller units, a unit remix allows you to take a larger set and convert it into smaller units or vice versa. The R3 Division at Janus specializes in these unit remixes to give you more spaces to rent for more revenue.
3. Pay for Renovations with Tax Benefits
Cost segregation allows owner-operators to accelerate the depreciation on their property, creating tax advantages so you can complete renovations or improvements to your self-storage facility now rather than later. In fact, 60% of qualifying improvements, like replacing doors, can be appreciated immediately.
And our R3 team is experienced in helping self-storage facilities put this strategy to use for major savings, taking the extra cash from tax incentives and reinvesting it into the business through facility renovations that will draw more tenants.
4. Ask About Portables
If you’re considering adding portables, there are questions you’ll want to ask when interviewing manufacturers/suppliers.
The Mark of a Well-Maintained Facility
Formulating a plan to keep up with repairs, renovations and regular maintenance at your self-storage facility is important if you’re going to stay competitive and increase your return on investment. Following these 4 steps makes it far easier, so you can start reaping the benefits of increased occupancy rates and higher revenue.
If you’d like to explore which improvements make sense for your facility or facilities, we’ll provide a complimentary assessment.
Like what you see? Subscribe to our blog so you never miss an update and share this post with a colleague!
About Our Expert
Travis Lawhorne brings 29 years of diverse experience in the self-storage industry to his role as a regional sales manager for the R3 division of Janus International Group. He has served as a management company owner with 45 facilities and 150 team members, self-storage facility owner and operator, and VP of operations. Travis, a veteran of the United States Army, has built a reputation for his accountability and ethical commitment to the self-storage industry.
