Category: Best Practices

Absolute Storage Management (Absolute), a leading third-party management company for self-storage facilities in the United States, announced operating results for the three months ended June 30, 2022. 2022 Highlights for Three Months Ended June 30, 2022: Increased same-store revenue by 17.7% vs. the same period in 2021. Acquired twelve (12) management contracts: nine (9) operating facilities, some from previous REIT management, two (2) facilities at the completion of construction and one (1) property as a result of receivership. 2022 Highlights for Six Months Ended June 30, 2022: Increased same-store revenue…

Researchers predict the global cloud computing market size will be worth more than $1,630 billion by 2030. As of 2019, approximately 94% of companies used cloud computing within its operations. This estimate includes usage among small and medium-sized businesses. There are cloud computing services available for businesses of any size. What Is Cloud Computing? In a nutshell, the term “cloud computing” refers to the process of accessing data or software programs over the internet instead of using a server or computer located on your premises. The cloud enables total access…

With yet another summer leasing season underway, the self storage industry is off to a solid start. A recent report from Storable showed that operators started leasing season in May with record high rental rates, with an average monthly unit price of $111.31 per square foot. Rates continued to rise through June reaching $115.88 per month average for all unit types. Operators started the leasing season with record high occupancy as well. The report found a healthy rate of churn through May and June, suggesting that tenant demand is holding…

Since the pandemic started, self storage operators have been under increased threat from cyberattacks. Storage operators are not alone. All small and medium-sized businesses have endured increased sophistication and frequency of cyberattacks over the last couple years. But as an industry, self storage has been a latecomer to the digital landscape when compared to other sectors like retail. The rush to move to contactless operations and offer online rentals had many storage owners dealing with a level of risk and exposure to cyberthreats that they weren’t quite prepared for. For…

Automation, once thought to be something out of a sci-fi movie, is becoming an integral part of our everyday lives, and self storage is certainly not excluded. Over the last few years these technologies have skyrocketed. First, they were implemented out of temporary necessity during the pandemic, but the convenience and effectiveness they provide have made them here to stay. When thinking through what automations you should use at your facility, think about pain points you are having and how an automated system could solve them. Collections Take collections for…

With online commerce becoming an ever-growing necessity, having a presence online for your self storage facility is non-negotiable anymore. Don’t lose sleep over your digital marketing efforts. You can make sure your self storage facility is reaching your customers effectively with these five digital marketing tools. 1. Website A website is the place customers often visit more frequently than a physical location because it’s a fast, easy and constantly open digital store front. It’s a place for your customer to get to know your self storage facility and the products…

One of the keys to success in the self storage industry is setting your rental rates competitively. So, what does it mean exactly to have competitive rates? Pricing your self storage units competitively means that you strategically set the rental rates relative to the competition in your market. Competitive pricing occurs in industries where the products being sold are pretty similar to each other like toothpaste, gasoline and, of course, self storage units. To many customers, a storage unit is a storage unit. That means if you offer a 5×5…

While self storage may be the current darling of pandemic-wary investors and REITs, a growing number of townships, municipalities and cities are less affectionate. Push back from zoning commissions is nothing a seasoned developer hasn’t encountered and should rarely come as a surprise. Your team’s initial research should include past zoning objections and expected areas of opposition. Some of the most common complaints can be answered in the earliest phases of planning, as explored below. Self storage facilities gained a bad reputation for being unsightly, often described as large, windowless…

In self storage, your ability to make the right decisions is dependent on your data quality. If your database contains outdated, inaccurate, or incomplete data, you’ll lack visibility to the information you need to reduce costs, retain tenants and grow your business. The Business Benefits of Effective Data Management Despite the risks, poor data management continues to be a widespread problem in self storage. On average, Experian reports that 33% of organizations‘ existing customer and prospect data is inaccurate. With the right data management strategy, your self storage operation can…