Self storage is a booming industry. In the United States, self storage rentals account for $22 billion in revenue each year. If you're looking for tips on how to manage your self storage facility effectively, you've come to the right place.
Self storage management doesn't have to be overwhelming. In this guide, unlock tips on everything from how to market your self storage units to how self storage operators can keep the facility clean and organized. We'll also cover security measures that you can take to protect your property.
4 Things You Need to Manage a Self Storage Facility
Whether you're a seasoned self storage professional or just starting out, managing a self storage facility can be challenging. But with the right tools and knowledge, you can successfully manage your self storage facility and keep your customers happy and coming back for more.
A Strong Rental Agreement
As a self storage operator, you should have a strong contract in place for tenants renting out units. This contract should include details about your rental fees, payment policies, and what happens in the event of a late payment or if the unit becomes overdue.
A Marketing Plan
One of the most important aspects of self storage management is marketing your facility effectively. This means staying up-to-date on trends in the self storage industry, investing in targeted advertising campaigns, and utilizing tools like online listings to reach potential customers.
Effective Management
Another key aspect of self storage management is how you run it. Operational effectiveness is key. Today's technology can help you with that, from your consumer website, which serves as your "online office", to your property management software, and all the integrated services to help manage phone calls, marketing, what you charge for rent, and practically all other operational needs.
It is also important to keep your facility clean and organized at all times. Stay on top of maintenance needs, make sure the facility always looks clean and well cared for, and regularly walk through the entire site to make sure the facility is safe, well-maintained, and attractive.
Security Measures
Beyond keeping your self storage facility clean and organized, it's also important to take steps to protect your property from theft or damage. This includes staffing the facility adequately, whether on-site or remote; installing security cameras and access control at gates and doors; and even adding digital locks or smart access technology.
You can also consider implementing access control measures like the Noke® Smart Entry System from Janus International to give your tenants an easy way to access their unit via Bluetooth, so you can say goodbye to lost keys.
5 Tips for Self Storage Operators
Pay Attention to Customer Feedback
Whether it's positive or negative, customer feedback can be an invaluable resource when managing your self storage business. Be sure to stay attuned to what your customers are saying and make any necessary changes based on their needs and preferences.
Choose Your Facility Management Method
There are a variety of self storage management tools available, and it's important to choose the right one for your facility. Consider factors like efficiency, cost-effectiveness, and ease of use when deciding which method is right for you.
Some tools include:
- Yardi
- storEDGE
- SolarWinds Storage Resource Monitor
- SiteLink Web Edition
- Unit Trac
- Sparefoot
You can also join communities such as the Storelocal membership community, which allow you to maintain your independent store ownership while participating in a larger network that can help you compete with REITs.
Network With Other Self Storage Operators
To stay up-to-date on the latest trends and best practices in self storage management, consider networking with other self storage managers in your area. This can help you gain valuable insights into the industry, connect with potential customers, and find new business opportunities.
Regularly Assess Your Self Storage Business
As your self storage facility continues to grow and change, it's important to regularly assess your business and identify areas that need improvement. This may include evaluating the layout of your facility, ensuring sufficient security measures are in place, and making changes based on customer feedback or requests. By prioritizing self storage management, you can help ensure the success of your self storage business for years to come - and even increase revenue by identifying areas of improvement.
Zero In On Customer Service
One of the most important aspects of self storage management is providing exceptional customer service. This means being responsive to any needs or requests your customers may have, and going above and beyond to ensure their satisfaction.
Whether its reputation management, responding promptly to inquiries, or proactively offering solutions for common issues, great customer service can be the difference between a satisfied customer and a lost one. For self storage owners, managers, and operators to successfully manage their storage businesses, it's crucial to prioritize customer service and focus on providing the best possible experience for your customers at all times.
Join the Storelocal Community
With the right self storage management skills and tools, you can successfully manage your self storage facility, keep your customers satisfied, and grow your business. It's easier than ever when you join the Storelocal community.
Our Storelocal membership organization is a one-of-a-kind network comprised of the industry's sharpest minds. Joining us means having access to this invaluable knowledge and expertise that our members possess, providing you with an understanding of everything from operations to innovations necessary for success in self storage business management.
Frequently Asked Questions
What is a good ROI on self storage?
On average, investors see a profit margin of around 41%. Keep in mind that the ROI for self storage will depend on a number of factors, including your location, facility size, and customer base. However, many self storage owners find that investing in security measures like gated access and digital locks can help reduce theft and damage to stored items, leading to increased revenue over time.
How do you automate a self storage facility?
There are a number of self storage automation tools available, such as digital locks and online billing systems. Additionally, many self storage management platforms offer built-in automation features that allow you to easily manage your facility on the go. Consider working with a self storage software provider to find the right tools for automating your self storage business.
