Hello, this is Jim ross. Thanks again for joining me for the self storage show. Uh, this episode this stem from kind of earlier episode I talked about with insurance, and I showed the video inscribed about I got one site, unfortunately, burned down to the ground and dealing with all of that.
Yeah, it was insane. Kind of jumping off of that talking about insurance again. Uh, this time I want to get into really just having a having the managers buy into the product and buy into the program itself. Um, yeah, i've done it for a number of years and quite frankly, it seems, get some managers. They're cool, all on board.
You get some other managers. It's kind of a tougher sell. And when I say so, that's it. Because, you know, that's when there is a manager there talking with new customers coming in that are renting.
They're kind of uncomfortable in selling that that product, okay, and it really kind of kind of guns down to. Are they bought into the program?
Okay. Are they just thinking owner or whatever the company is just they're just greedy. They're just trying to squeeze out smaller dollars from the that that customer or did they see it's actually benefit for the customer and the company?
Are they involved in the process? You know, are they getting bonus off of the more insurance penetration they get? Are they getting boldest off those premiums that they're receiving?
So i'm kind of buying into it that way. And kind of the bottom line is do they believe in the product itself? Okay, I want to show a video that kind of talks about this, uh, not picking on public storage.
This'll this'll is a video about former employees talking, talking crap about public storage and their insurance product, but not specifically talking about them. But just again, kind of using as a springboard talking about insurance as a whole, a sfar as buying into the product itself from the manager point of view and is the product good can. So anyway, just show you this video is three minutes, so it's really quick, but it helps. Helps me kind of show what i'm talking about. Pull it out way go make a big screen to you about what happened when one man storage locker was broken into and we expose how even with insurance you might be out of luck tonight.
Former insiders reveal why they pressure people to buy that insurance and who got paid. As a result, julie watts is back with the story you will only see on k p I x five.
We owe you ever run to the locker republic storage? You've probably heard that line for these two former employees. It's all too familiar, of course, other their employees to learn the script.
Don talkfest and jim causes spent a decade managing public storage properties and say they were consistently pressured to sell insurance, and you needed a bit up there at least 90% on the insurance.
Otherwise, you're going to be retaliated against, and that can include losing your job. And in undercover visits to several public storage locations, you use the orange your insurance program.
We found employees offered insurance without fail. Well, you're not required to buy the insurance sold here, and police are quick to make it look very attractive.
We found they rarely let you know you could use your own insurance unless you asked, and when you do, they give you this q and a that makes their insurance look much better but tenants we spoke with say the policy was worthless for them.
Indisputable. Despite a ransacked unit, photographic evidence and a police report citing burglary, john curtin's insurance claim was denied because he didn't have a lot of books cut off. Our investigation found that there were no signs or forcible entry into your union.
Deborah amber's was also denied her missing law, replaced with a new one on lee. Public storage could open and I could not get in.
But the presence of a different lock wasn't enough to prove theft, and we found scores of similar complaints. Public storage denied a request for an interview, but in a statement said insurance coverage restored items is 100% voluntary, and there is no requirement to show a group of insurance in order to run a storage unit.
No, the company's own website states. Insurance for your story items is required. According to the script we obtained, employees must say all of our customers are required to have some form of insurance and in repeated undercover visits, so all our customers are required insurance dating back to 2010.
Insurance is required. That's what we heard from every employee theo company also says there are no quotas or any other financial incentives for property managers offering the insurance products and on a gym. Agree with that, they say, is property managers.
They didn't profit from pushing insurance. Their regional managers did. Their bonuses were out of this world. We obtained internal emails that seemed to confirm their managers did have incentive to push them to sell in 2012, the company's cfo explained, the real money is made in 10 insurance and in 2011 executives clearly stated bonus plans for regional managers include insurance penetration.
That's right around the time. Don and jim say the pressure to sell got to them. I hated it, hated it, they say, when they stop pushing the product, their insurance sales dropped in. The company fired on, claiming he'd stolen money from the till, a claim he denies.
Jim quit soon after. Some embarrassed that you know that i, I personally was have to force people to do something that they didn't want. Despite evidence that seems to substantiate their claims, public storage says those former employees were simply not credible and have no knowledge of the facts underlying the claims they have made.
Julie wants cake x five. All right, so, yeah, that video is kind of showcased. Some items i'm talking about here is first off.
Is the product good? Okay. And it's very, very, very important that the managers know that and believe in it, you know, having talked to the representative from the insurance company so they could talk about the history. Okay, when someone's broken into, you know, what's what's your history of paying out? You know, how much are you fighting it?
You know, that kind of stuff. Be transparent with that so they can believe in the product that they won't. They are selling.
Okay, so that's that's huge is just having that transparency of, you know, what is it? House situation. Go when something does happen.
You know, my my facility in my units is that because we're being taken care of? Are they getting the runaround under? Is it is it?
Are they being open to paying out? You know, what kind of proof do they have to show all that kind of stuff? So it just educate them better, quite frankly, than what they are than what i've seen.
That that's really what it comes down to so they can buy into the program. They understand. It's it's a benefit for the customer and for themselves.
And again, there is a cells aspect to this. So, yeah, there should be a percentage of commission that the company should share.
It is my belief that should be shared with the manager. That's the front line that's selling it. So everybody wins. That's the whole point s. Oh, yeah.
Hopefully again, not picking on public. Yeah. Not that they care about little old me, but yeah, not picking on you just want oh, just want to showcase.
You know, this video. It just kind of illustrate some points that i'm trying to get across here, so yeah, you haven't done it yet.
You know, call your insurance company that maybe you've had for a long time. Maybe you haven't talked to your rep in the year.
I don't know. Give him a call. Have this kind of conversation on you. Have a scheduled time. You can all sit down and just have a 10 minute conversation that comes to your values where you stand, how it works with your customer relations. When there is a claim.
All that kind of stuff. Just being transparent cause more transparent you are. The more that man who's gonna buy into it and everyone's gonna everyone's gonna win.
Okay, that's the point here. So, again, thanks so much for being a part of this tuning in. We'll see you again. Next time, take care to
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