In this video, White Label Storage Co-Founder Peter Smyth breaks down how to utilize ECRI to improve your profitability without tanking customer satisfaction.
The walkthrough utilizes a spreadsheet template, which you can download here to start running your own ECRI program and optimizing rents.
Existing Customer Rate Increases (ECRI) is a fundamental part of revenue management for self-storage facilities. This process enables owners and operators to move tenants from low promotion rates to pro forma rates that bring in more revenue.
ECRI works because the psychology of customers changes once they rent a self-storage unit. Tenants depend on the storage they’ve purchased, and they’re more willing to tolerate rent increases if it means they can keep their assets in place.
But there are limits. If you’re reckless with your rent increases you can create unhappy customers, jumpstart customer churn, and even spark a negative review cycle. To be effective, ECRI needs to be deployed strategically.
