Are you getting the most out of your facility?
Every self-storage operator aims to maximize profitability. First, the success of a facility depends upon its renters. So, how can you find and maintain reliable renters? Sometimes the simplest things can make the biggest difference. There are some easy ways to increase profits at your self-storage facility. For example, you can introduce a few value-adds to your business model. As a result, you’ll soon see a difference to your bottom-line.
1. Offer Moving Day Essentials
Turn your office into a one-stop-shop. Think about it: your tenants are busy packing their belongings to store in your facility. This is not an easy task for anyone. Wouldn’t it be nice to offer some essentials in your office? For example, have miscellaneous items available for them to grab at the counter. You can offer boxes, packing materials, tape, snacks, drinks and sunscreen. Also, you could offer free WiFi and have a beverage bar right in the office. Renters will appreciate the convenience. And your business will profit.
2. Implement Value Pricing
Although it’s tempting to offer blanket rate for your units, think twice. For example, do you offer units that are near an entrance? Are there any easily accessible units? How many of your units are well-lit in the evenings? Which ones are shaded during the day? Renters will be willing to pay a premium for these optimal spots. Why not capitalize on your more convenient and highly-sought after units? By increasing the rate for a few cherry-picked units, you will create a competitive feel, and your business will benefit.
