OpenTech Alliance, the PropTech leader in self storage, is proud to announce the sizeable expansion of its agreement to provide Auction Review Services (ARS) to Extra Space Storage (EXR), the largest self storage operator in the world. This extension of the partnership follows the remarkable overnight growth of the REIT’s portfolio by 50%, with the addition of over 1,000 new sites through the acquisition of and merger with Life Storage.
With the help of its OpenTech Strategic Account and Auction Review Services teams, Extra Space successfully added over 1,000 new self storage sites in record time to ARS – a comprehensive add-on service for StorageTreasures customers to prevent and protect them from lien law liability related to online storage auction sales.
Auction Review Service Helps Self Storage REIT Execute Lien Enforcement Without Error
OpenTech has proven to be an invaluable partner to support the REIT’s lien enforcement practices since July 2017, ensuring compliance with state laws across its regionally diverse portfolio and safeguarding against wrongful sales. “We operate storage properties in over 43 states and it’s imperative we follow every state’s laws,” stated Lynnmarie Montanez, Manager of Operations at Extra Space Storage. “The Auction Review Service helps us achieve that goal.” With operations in over 100 of the largest markets in the US, the requirements for the REIT to execute lien enforcement perfectly are extensive and varied — OpenTech’s ARS service now streamlines that process seamlessly for 1,895 facilities in its portfolio.
“OpenTech has been a great partner and helps us save District Managers’ time,” stated Montanez. “The ARS team offers proactive communication and expert support across all levels of our organization. They are a team we can really trust for easy and effortless collaboration.”
Extra Space explains the customer experience provided by OpenTech’s ARS team has been a key factor in their success with the service: “The Customer Experience is critical to our brand promise. We make sure that our customers are cared for, appreciated and well informed,” shared Montanez. “We offer that to our customers and OpenTech offers that to us.”
Extra Space Expands Online Storage Auctions Services to Minimize Disruption During Rapid Growth
The service helps Extra Space keep its lien files free from error and storage auctions in compliance, reflecting positively on the brand promise upheld by the REIT.
As part of the expanded partnership, OpenTech successfully onboarded over 1,000 additional sites onto the ARS platform with minimal operational disruptions for the REIT. The seamless transition process, coupled with constant communication and support from OpenTech, underscored the efficiency and reliability of the partnership.
Reflecting on the experience, Montanez remarked, “Extra Space grew by 50% in one day with the merger of Life Storage. The support we received during that transition was exemplary. OpenTech ensured that our standards were upheld, even amidst the large volume of auctions that ensued, or the challenges posed by such rapid growth.”
When asked about recommending the ARS program to other operators, Montanez affirmed, “We highly recommend this program to other operators. It has been extremely helpful to us and will continue to be as we expand into new markets.” For more information about OpenTech Alliance, its managed brand StorageTreasures and its complementary storage Auction Review Service, visit www.opentechalliance.com or contact the company today.
About StorageTreasures
With more than 70,000 auctions per month, StorageTreasures.com is the internet’s leading storage auction information portal and is managed by Phoenix-based self storage technology solutions leader OpenTech Alliance. Founded in 2010, StorageTreasures offers the most comprehensive self storage auction platform available on the internet. In addition to storage auction hunters, the site serves auctioneers, appraisers, pickers, yard sale buyers, self storage customers and facility owners throughout the US and Canada. OpenTech Alliance, Inc. owns a majority of StorageTreasures, LLC and manages StorageTreasures.com.
StorageTreasures.com represents 19,000+ facilities and more than 1 million registered Auction Buyers. To date, it has completed more than 3 million self storage lien sales. www.storagetreasures.com
