Expanding a Self Storage Business
There are three areas that the owner of an existing self storage facility needs to focus on to continue being viable and profitable into the future:
If other facilities are being built in your market, you’ll need to rethink how you do business and gather information about your competition:
- Who are they?
- Where are they located?
- What features do they offer?
- What are their rental rates and occupancy percentage?
Increased competition means increased marketing. Owners today are smarter and willing to spend more money to succeed. When expanding a self storage business, your challenge is not to keep up with your competition, but to stay ahead of them.
- Send your manager into the marketplace on a regular basis to meet potential customers
- Remain aware of how changing building codes affect your expansion plans
- Stay on top of changing demographics and customer profiles — neighborhoods change and the people who live there do too
- Pay attention to trends such as owners selling condominiums to customers rather than leasing them and communities becoming more demanding about building materials and zoning
Self Storage Facility Management
As new technology continues to emerge, customers expect more services and quicker responses to their needs. You may need to consider additional facility management services to meet competitive pressures, including:
- Adding management help
- Extending your hours
- Adding a call center service to take calls after hours or when your manager is busy
- Installing a kiosk so customers can make payments or check unit availabilities at any hour of the day or night
- If you have multiple facilities, hiring a professional management service to handle responsibilities such as paperwork and provide reports on a regular basis.