From Storage Units to Junkyards: The Risks of Vehicle Storage
Review and summary of recent blog entry discussing the challenges and considerations of offering vehicle storage in self-storage facilities.
Unveiling the Multi-layered Challenges of Offering Vehicle Storage
Offering a form of vehicle storage has become a beneficial strategy in the self-storage industry. Yet, as Oblinger highlights in his recent blog entry on Inside Self Storage, this method presents unique challenges and considerations. From local restrictions and specific rental agreements to careful insurance policies, it's clear that storing cars, boats, and RVs is a stark departure from conventional property storage strategies.
Oblinger emphasizes the importance of a well-considered rental agreement suitable for the complexities of vehicle storage. Regarding risk mitigation, Oblinger highlights the necessity of obtaining precise details for any vehicle, from make and model to license and identification numbers, supporting any potential future need for foreclosure and sale.
To ensure a smooth vehicle storage experience, Oblinger further suggests stipulating specific tenant rules concerning fuel, vehicular condition, and the prohibition of unauthorized vehicle storage. He also reminded operators about the knotty insurance dealing, emphasizing the tenant's need for sufficient coverage and the operator's right to request proof.
In cases of tenant default, offering vehicle storage still predicts legal hurdles, varying based on each state's self-storage lien laws. Oblinger suggests towing the car instead of attempting to sell it to circumnavigate the bureaucratic maze.
Oblinger's key message throughout: realize the intricacies of offering vehicle storage before diving headfirst into this potentially fruitful avenue. For the original story, [Click Here]
🔒📚 Hi! I'm Eric Manning, a self-storage operations wizard and lifelong learner. 🗝️ My articles blend industry know-how with a dash of humor and wisdom. Whether you're a storage newbie or a pro, join me as we explore the world of storage, one witty insight at a time! 📦😊🔑
Executive Summary: This article reviews insights from Ashley Oblinger's discussion about the complexities and considerations of offering vehicle storage in self-storage facilities, including the unique challenges regarding rental agreements, insurance, and legal implications in the case of defaults.
