As a self-storage owner, you can take multiple avenues to maximize your income, from marketing to expansion. Here are five things you can do to boost earnings and achieve success:
Rent & Occupancy
Full occupancy does not mean you are generating the highest revenue possible. If you do not raise rents over time, you will leave 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 critical, but you won’t keep them if your employees lack professionalism. Make sure that your managers are trained well and of high quality. They should be great at customer service and sales. There are many educational opportunities for self-storage managers.
An online presence will help you establish your brand and connect with your community. Update your website and social media pages. Ensure you have spent time and resources on solid SEO (search engine optimization). When someone searches for self-storage online, you should be found easily. 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 available units, new upgrades and discounts.
There are simple, low-cost ways to upgrade your facilities. Start by keeping the office clean and tidy. Make sure that the landscaping is neat and clean, add flowers for a splash of color, restripe the parking lot, and ensure all exterior lights are working. Remember, clients want to feel safe and know their belongings are 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 have already raised your rent but 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 guide you 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.
To learn more or to connect with a lender visit https://www.liveoakbank.com/self-storage/
Anna Taylor joined Live Oak Bank in 2013.
She was a dedicated Credit Officer for over a year before joining the Self-Storage team as a Loan Officer. With a background in credit and financial analysis, Anna is committed to helping clients navigate the loan application process. A graduate of the University of North Carolina at Chapel Hill, Anna earned a degree in Advertising and also completed the Minor in Entrepreneurship Program.