Preparing Your Storage Operation for What Comes Next

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…

Cyberattacks Against Self Storage Are on the Rise. Here’s How to Stop Them

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…

Benefits of Automation for Your Self Storage Facility

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…

​​​​Leveraging Security Technology to Enhance the Customer Experience: Part One

Customer experience is currently one of the most popular topics in self storage, so it’s no surprise that facilities are facing increased expectations to differentiate themselves. In a recent study conducted by Deloitte, companies that considered themselves customer-centric were 60% more profitable than companies that were not focused on the customer. As facilities continue to focus more on acquiring new business through an improved customer experience, owners and operators need to adapt quickly to keep up to avoid losing potential revenue. In this three-part series, we will explore the opportunities…

Five Digital Marketing Tools Every Self Storage Facility Needs

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…

How to Set Competitive Self Storage Rates

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…

Self Storage and Zoning Woes: How Planning to Appease Could Make All the Difference

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…

Pitfalls of a Database: Why Good Data Management Matters for Your Self-Storage Operation

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…

Your Due Diligence

So, you want to buy a storage facility? Before you get to negotiations, you want to ensure you have done your due diligence or audit of the property. Inspecting the property is critical and will determine if you’ve struck gold or need a very large pitcher for the lemon in which you just invested. The following is a list of things to consider when buying a storage facility. INSPECT what you EXPECT.  Complete a detailed walkaround to make sure your expectations are confirmed. Are units occupied? Do you see or detect…

Pitfalls of a Database: Why Good Data Management Matters for Your Self Storage Operation (Part One)

As a self storage owner or operator, much of your ability to make the right decisions hinges on your data quality. If your database contains outdated, inaccurate or incomplete data, you will lack visibility to the information you need to reduce costs, retain tenants and grow your business. With technology quickly becoming a determining factor in self storage success, effective data management plays an even more significant role in your operation’s bottom line. But what is data management? And how can you improve data management to achieve better outcomes for…