Are you a self storage owner looking to increase your revenue? You can take multiple avenues to maximize your income from marketing to expansion.
Raise your rents. 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 income on the table. Keep your rates competitive and consider offering specials for new tenants to increase your 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. Provide your managers with high-quality training so they are 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. Ensure that you have spent time and resources on solid SEO work. When someone conducts a search for self storage online, you should be easily found. If you don’t have social media, 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.
Upgrade your facility. There are simple, budget-friendly ways to upgrade your facility, and make it stand out. Start by keeping the office clean and tidy. Landscaping should be neat and clean, and 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 being protected. You are selling your facility; therefore, make sure it is presentable and a place where you would want to store your things in.
Consider expansion. If you have reached full occupancy and you have already raised your rents, it may be time to consider expanding. The idea is to continuously grow and improve your cash flow. 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 self storage business and are looking for opportunities to increase revenue, consider some of the suggestions above. Each of these tips will move you in a positive direction for growth and profitability.
Pros and Cons of Self Storage SBA Loans vs. Traditional Loans
Decide wisely between SBA and traditional loans for your self-storage business. SBA offers lower down payments, but traditional loans provide lender reliability. Make informed investment choices for your storage facility.