Increasing Self-Storage RevenueHere are five things you can do to boost earnings and ultimately achieve greater success Click To Tweet
Are you a self-storage owner looking to increase your revenue? You can take multiple avenues to maximize your income from marketing to expansion. Here are five things you can do to boost earnings and ultimately achieve greater success:
- Know that full occupancy does not mean you are generating the highest revenue possible. If you do not raise rents over time, you will be leaving a lot of profit on the table. Keep your rates competitive and consider offering specials for new tenants to get to full occupancy if you aren’t already there.
- Establish onsite training. Getting people into your facility is key, but you won’t keep them if your employees lack professionalism. Make sure that your managers are trained well and are of high quality. They should be great at customer service and sales. There are many educational opportunities out there for self-storage managers to be all that they can be.
- Update your website and social media pages. Make sure that you have spent time and resources on solid SEO work. When someone does a search for self-storage online, you should be easily found. If you don’t have any social media pages, start by creating a Facebook page and look into advertising options. A social media presence will put you in front of interested tenants in your area. It is also a great way to highlight open units, new upgrades and discounts. Having an online presence will help you in establishing your brand and connect with your community.
- There are simple ways to upgrade your facilities, and they will cost you very little. Start by keeping the office clean and tidy. Make sure that the landscaping is neat and clean, add flowers for a splash of color and restripe the parking lot, and make sure all of the exterior lights are working. Remember, clients want to feel safe and know their belongings are being protected. These actions will put you on the right path. You are selling your facility; therefore, make sure it is presentable and something you would want to keep your things in.
- If you have reached full occupancy, and you have already raised your rents, but you are looking for ways to grow and improve your cash flow, consider expanding. Start by researching lenders who know the self-storage industry and can provide you with guidance on how to finance your expansion.
If you have spent years building your business and are looking for a way to increase revenue, consider some of the suggestions above. Each of these tips will move you in a positive direction for growth and profitability.