Maximizing Revenue Through Effective Self Storage Property Management Strategies

Self storage facilities cater to various client types, from those looking for seasonal equipment storage to those who need to store business inventory long-term. Inconsistent occupancy rates may make it difficult to increase revenue streams. The Storage Mall manages self storage properties, optimizing operations and increasing profitability. Here are some ways a self storage property management strategy maximizes revenue:

Operational Efficiency

A self storage property management team helps streamline daily operations by automating key business aspects. They may implement automated gate access, billing, notifications, reservation systems, and procedures for vacating properties. This reduces the need for on-site staff and minimizes overhead office expenses. Management teams also track a storage facility’s expenses, noting both leading and lagging trends where performance or financial management can be improved.

Effective Pricing Strategies

Storage unit pricing varies by size and features, but management also evaluates seasonality, demand, and market trends to determine rental rates. Running special discounts during seasonal shifts can target specific types of new customers. A storage facility can run a sale for boat storage in the fall, when people begin to winterize and store their watercraft. Researching and evaluating nearby competitors and their pricing helps your business maintain a competitive pricing structure.

Pricing strategies to increase revenue may also be applied to existing tenants. Our management team can implement rate adjustments for month-to-month tenants as market values increase over time. This enables the facility’s income to grow, even when units are fully occupied.

Customer Experience

Tenants rely on customer service when using a storage unit for the first time. Providing staff with training on sales techniques and customer service helps them turn inquiries into sales. Hiring and retaining knowledgeable, customer-focused employees helps maintain positive customer relationships, promoting tenant retention.

A self storage facility’s on-site features also impact a customer’s experience. Sites with strategically placed surveillance and alarm systems, as well as gated access, help verify the security of a tenant’s items. 24/7 access allows renters to retrieve their belongings at any time, and online payment systems make it easy to make timely payments.

Marketing

Storage businesses can utilize both traditional and digital marketing tools to increase revenue. Traditional marketing tools, such as billboards or newspaper ads, target local residents who may not actively search for storage online. Digital marketing encompasses enhancing SEO and utilizing online ads to increase the visibility of a self-storage facility to potential tenants. Keeping search engine information up to date, such as operating times and phone numbers, supports a facility’s credibility.

Additional Revenue Opportunities

The Storage Mall identifies customer needs and addresses them through tailored solutions. By adding value or convenience for customers, we generate more revenue for the facility. Here are some additional revenue opportunities:

Retail Sales: Storage units are often used by customers moving between residences. By selling key tools, including packing boxes, tape, and padlocks, a storage facility will help improve the customer’s moving experience.
Service Add-Ons: Facilities can offer customized insurance policies that are both affordable and beneficial to tenants. Moving large items often requires a truck, and storage facilities can purchase and rent trucks to customers.
Upselling: New customers may not know what size or type of unit they need, and many facilities offer various options. This creates an opportunity to upsell larger units, climate-controlled units, or units with features like electricity.

Increase Revenue With Self Storage Property Management

If you own or operate a self storage facility, understanding customer needs can help you generate additional revenue. By marketing to local communities and looking for opportunities to improve customer service, products, and experiences, The Storage Mall helps facilities connect with customers, supporting tenant retention. Contact us today to learn more about how we can help improve your storage facility operations.