Occupancy depends on many factors, including location, security, management and amenities. Renters have plenty of options to meet their storage needs; no one wants to pay to keep their belongings at a run-down facility. Keeping your facility safe and updated is critical to driving occupancy and revenue.
There is no better time to start exploring how to upgrade your self-storage business than now. Of course, rebuilding or expanding are options, but there are more minor improvements you can make that will drive business in the new year.
Here are our top 5 recommendations to increase the value of your self-storage facility:
Curb appeal rents units. Un-groomed landscaping, chipped paint and rusted fencing are all factors that can influence possible tenants. Enhance the exterior of your facility by installing new fencing—this will give your customers a sense of security. Do your walls and doors have noticeable defects? Adding a fresh coat of paint and replacing old metal siding will show potential renters that you care about your facility and their belongings. Finally, don’t forget to repaint the stripes in your parking lot. Believe it or not, this is one of the first things potential renters see. These small renovations will improve the appearance of your facility and amplify curb appeal.
Security upgrades increase customer satisfaction. New cameras, gates and keypads are excellent options to make sure your customers feel safe and will enhance the value of your self-storage facility. Take security to the next level by adding live video streaming cameras to monitor your business from anywhere. These improvements will add to the appeal of your facility.
Replace old roofs and doors. A typical self-storage facility has highly functional metal roofs. However, aged facilities may start to have roof issues such as leaks and fastener deterioration, especially if it’s a screw-down roof. Roofs are critical to your storage business because leaking can cause damage, resulting in unsatisfied customers and potential reputation issues. Also, replace old, unattractive and poorly functioning doors. These are not only eyesores but also hard for people to open. Customers may be unable to open older roll-up doors; therefore, they may choose to go to a facility they can easily access.
Re-skinning requires minimal construction. These non-structural changes to buildings allow you to update the outside of your facility without inconveniencing tenants. You can also give your office a much-needed facelift. Refresh your office with new paint, carpet and furniture.
Hire the right manager. Your newly hired manager should have self-storage experience, but it’s more important for them to have sales, customer service, and management skills. Hiring the right manager will ultimately increase your sales and allow you to raise the rent as you fill the facility with tenants. It is also a good idea to hire a part-time manager in the event the manager is out of the office. Your manager is often the first interaction potential customers will have with your business. You will want to ensure they are trained to answer any questions about your facility.
No matter your demographic, updating your facility can help attract customers and increase your revenue stream. To learn more 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.
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