Less Stress, More Money in Self Storage, Part 8

December 19, 2011 § Leave a comment

Just like the stock market, self storage operators thrive on certainty. “Covering all the bases” in your relationship with your tenants is an important consideration. Through this process, you know that if you get into a dispute with a tenant, you will more than likely prevail.

How do you do this? One way is by having a strong and understandable self storage agreement.

By strong, I mean being sure that the agreement contains all of the appropriate language to protect your business in the event of a default. For example, does your agreement cover the lien process adequately? Can you evict a tenant for a breach of the agreement without undue delay? Obviously, you should consult an attorney to be sure your agreement is complete and up to date.

By understandable, is your agreement written in such a way that both you and your tenant understand it? Oftentimes, contracts contain “legalese” to protect you but at the same time fails to convey this fact in an understandable way.

In my view, contracts that are plainly written are less liable to result in disputes because all parties know where they stand and can act accordingly. On the other hand, contracts that are ambiguous and not understandable often result in disputes — and stressful litigation.

Consider having your storage agreement reviewed periodically to be sure it continues to be complete and up to date. At the same time, consider having it redrafted in plain language so that it is easy to understand.

Having a storage agreement that is complete and understandable means less stress and more money in self storage.

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