Less Stress, More Money in Self Storage, Part 6
November 29, 2011 § Leave a comment
In an article I recently wrote for Inside Self Storage, I discussed the importance of gaining a general knowledge of bankruptcy law prior to receiving your first bankruptcy notice. Learn what your rights are. Understand your obligations. Plot your options. Doing this in advance will reduce anxiety later. And maybe legal fees, too. :0)
This is an axiom true of all laws related to self storage. Knowing the ground rules that go along with your business entity is essential. Ditto, your local, state and federal tax laws and regulations. Understanding building codes, public safety rules and work related regulations are equally important.
Of particular importance are the laws that permit self storage operators to enforce their self storage liens following default. These are essentially gifts given by state legislatures to operators allowing them to bypass the courts to evict a tenant and recover some monies through the auction process.
It is ESSENTIAL that every operator have a good working knowledge of their jurisdiction’s lien law. Get a copy of it. Learn it. Do not delegate this task solely to someone else in the office. This way you can avoid surprise later.
Understanding the laws that affect your business will mean less stress and more money in self storage.