Your Mini Storage Building: Leveraging your storage facility

For the month of July 2009, in our weekly blogs, we are looking at the mini storage business and offering information and tips along with helpful links to more in depth information about the topics.

In the Week 1 blog, Your Mini Storage Building: Buying tips, we discussed buying tips. In the Week2 blog, Your Mini Storage Building: Marketing tips for new owners, we discussed marketing tips. This week we are discussing how to leverage your existing storage site. Perhaps you’ve bought your mini storage and been in business for awhile now, but suddenly are seeing a drop in customer retention…is sit the economy or is it just that you’ve hit a plateau and are having trouble deciding what to do next? There are a few tricks you can try to make the jump towards reaching further.  Don’t wait for your mini storage facility to flatline….instead; focus on how to help it to reach it’s potential. 

Do some research and find out

  • What improvements should you make to your mini storage facility and which are not really needed?
    Look at your options, list all of the many different improvements you can make , and then prioritize them and price them out. Which can be done quickly and inexpensively, which can be done with the least amount of monetary output. There are many options, just decide which are important to your clients…perhaps a mini quiz emailed to each client asking what improvements they would like to see would help you in prioritizing before acting. Once you have prioritized, ensure that you step back and look at the list and reprioritize when and if necessary.
  • Is there a good time to raise rents, and if so, how much should you raise it by and how often should you raise it?
    Has it been awhile since you raised your rents? Hopefully, you will first have ensured a clause in your signed contracts that allows you to raise rents. Decide how much of an increase and then give written notice between 6-8 weeks before that you will be raising rents and by how much. Ensure the notice states that failure to respond within the specified time period means that they must vacate their rented space within the date specified. Give notice again before the next monthly payment is made. This will ensure that there is no confusion or miscommunication.
  • How can you increase your occupancy and how can you keep your client numbers up?
    The number one way to increase occupancy and keep numbers up through customer satisfaction is to ensure that your site is neat and tidy and has eye appeal. Ensure that the grounds are tidy and clean, that the doors and trim is kept bright and immaculate – try painting the doors to brighten them. Ensure your customer service and problem resolution standards are well thought out and known by all employees.  

In addition to researching, check out the Self Storage Association in your area for sound strategies and advice on the leveraging of your existing mini-storage facility.  Watch Week 4: Your Mini Storage Building: Costly mistakes and budget tips.

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