Less Stress, More Money in Self Storage, Part 7
December 12, 2011 § Leave a comment
Now that you have mastered the laws pertaining to self storage, particularly your jurisdiction’s lien law, it is important that you apply them correctly. If you have any confusion at this point, be sure to consult with your attorney.
In applying these laws, it is essential that you pay attention to the details (that is where the devil resides, so to speak). No shortcuts. Meet deadlines. Follow procedures.
This is especially true of your lien law. As I have noted before, the self storage industry has been given a gift. Operators are allowed to enforce their lien without having to go to court (extra-judicially). Saves time. Saves money. At the same time, it is essential that operators follow the lien procedure to the letter, even if they appear fruitless. Why? Because many of those details have been put into place to protect the consumer. Failure to master the details and to make sure they are applied completely each time can result in an expensive and stressful lawsuit.
If you take away only one thing from this post, remember this: if you feel that some detail leading up to an auction has been overlooked, cancel the auction as to any unit involved. Do not proceed.
If you do not have an auction checklist, create one and follow it.
Sometimes, postponing an auction can result in less stress and more money in self storage.