The self-storage industry in the United States is currently worth $22 billion. So if you’re looking for your next investment, this is the perfect way to secure a stream of income.
However, the competition is fierce. There are more than 48,000 self-storage facilities across America.
To secure a steady stream of clients, you need to know everything there is to know about running a self-storage business efficiently. You’re in the right place!
Read on to find out everything you need to know about successful self-storage management.
Keep a Record of Your Self-Storage Facilities
Keeping tabs on your self-storage investments will make it much easier to assess which ones are doing well. This is why it is important to keep a record of every facility that you have invested in.
You should include:
- The name of the facility
- The number of units available there and how many are occupied
- The prices charged for storage
- How much you have invested
- Contact details for the staff running the facility
This will help you keep tabs on what is (or isn’t) working at each self-storage facility you invest in.
Focus on Delivering Quality
If you want to make a profit on your self-storage investment then your storage facilities need to be as full as possible. Delivering high-quality service will earn you good reviews and means that existing customers come back.
Some important things that affect the quality of your service include:
- The type of security you offer
- Whether or not you offer 24-hour service
- Having an on-site manager
- The upkeep of each storage unit
Businesses that offer a variety of storage unit sizes can also bring in more customers. So you might want to consider a site with larger units for storing vehicles or boats. That way you can appeal to a range of customers.
Employ Great Staff to Help With Self-Storage Management
Your staff on the ground are the face of your business and play a big role in self-storage management. This is why it is important to employ people who can deliver the goods if you want to make big money in self-storage.
Having friendly, knowledgeable staff on-site will improve the customer service that you offer. It also means that if you as the business owner have any questions, someone will be able to answer them for you quickly.
Think Carefully About Your Pricing
Of course, price and profit are closely linked, so it’s important to think about your pricing strategy carefully. The better the quality of service you offer, the more you can charge.
However, it is also important to look at the demand for your self-storage units to help you determine the price.
If all of your units are full, you can afford to charge more. You may lose a few customers initially, but you will quickly make this loss up through the higher rates that your remaining customers pay.
Make Your Self-Storage Investment a Success
When it comes to self-storage management, delivering a quality service will ensure the best returns on your investment. Starting small and keeping tabs on all your facilities will help you make your self-storage business the best it can be.
To find out more about investing in self-storage, get in touch today. We’re happy to help!