Is your facility a Perfect 10?
10 Essentials to make your self storage facility a Perfect 10
Blog Management

How sexy is your self storage facility?

If your self storage facility was in a bar, would you buy it a drink? Would it be the hot girl in the red dress or the plain Jane sitting at the end of the bar, nursing a beer? If you have to rate your self storage facility, what you rate it? What would your customers rate it? What about your employees?

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Blog

Top 4 Self Storage Unit Pricing Mistakes You Must Avoid

How much should I charge for my self storage units?

This is a question that I get asked most often.  Even once owners settle on their self storage unit pricing, they still need to increase rates on a regular basis.  I have been helping owners set self storage rates and raise self storage rates for years and here are the top 4 mistakes that I see when it comes to pricing self storage units.

 

Mistake 1: Keeping Up with the “Joneses”

When I discuss self storage unit pricing with most storage owners, they talk about price shopping their competition and little else.  If you are just keeping up with your competition and not digging into the supply, demand, customer needs and other data, you are losing money.

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Audits

2 Types of Self Storage Audits

The audit process depends on what type of audit you choose.  I offer two types of self storage audits:

  1. Facility audit
  2. Operational audit

Audits are best done when management doesn’t know ahead of time. I coordinate with the owner to pick the best day to perform an audit before going onsite, to the facility. Here is a quick summary of each type of audit. A detailed overview can be found here.

Facility Audit

When I perform a facility audit, I am looking for certain key things:

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Audits

What should I expect during a self storage audit?

“Audit” is a scary word. I am hesitant to even use it because it makes me feel like the IRS coming to get you. I promise, I’m not scary, but I am thorough. So what should you expect during a self storage audit?

I use audits as a tool to find the errors in your business and fix them.

The point of an audit is to make the manager’s job easier and to give the owner a sense of comfort that his multi-million dollar investment is being run properly.

An audit isn’t about beating managers over the head for little mistakes. It isn’t about telling managers how to do their job. It isn’t about coming into a business as the all-knowing diva and pouncing all over their hard work.

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Audits

Why do I need a Self Storage Audit?

Your self-storage facility is making money, your manager is nice and has been with you for years, your financial statements always look strong, so why do you need a self storage audit?

An operational audit is a deeper dive into your processes. In 100% of audits that I perform, I find ways to make the company run better.

Sometimes these are little tweaks, but sometimes they are massive overhauls. I once found an owner an extra $4,000/month!

Here are 5 reasons why your business needs a self storage audit:

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Audits

Top 5 Mistakes found in a Self Storage Audit

To make sure your business is financially sound, you should have a random facility audit performed on a regular basis, ideally quarterly. Self Storage Audits should be performed by someone outside of daily management, either a professional consultant or an owner. Letting your manager audit her own work is the same as letting a student grade her own test. What are the chances she’d get less than an A+?

When I perform a self storage audit, here are the top 5 mistakes I find:

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Training

How to rent more storage units

Rent more storage units

What do you do if you need to rent more storage units? How do you get more move-ins?

Let say a self storage business owner, we’ll call him, “John,” built a self storage facility, thinking that it would fill up within a year. Two years later, he was stuck at 45% occupancy. His manager and weekend employee were nice enough, and the phone rang every time he was in the office, but John wasn’t seeing the results he wanted.

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Training

Transition to Sitelink Web Edition

sitelink

Moving from SiteLink Stand Alone Edition to SiteLink Web Edition™ will give you many more features and benefits, but it is a decision that should be made carefully—This is what I learned converting my last customer from Stand Alone to Web Edition.

The first step is to download SiteLink’s Web Version and let your manager spend some time playing with the program to make sure she is comfortable. It is very similar to the Stand Alone edition, but a few features are in different places. You need the program downloaded on your computer before you can convert anyway, so it’s smart to get some practice in. There are training videos available in the program to ease the learning curve.

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Audits Training

Top 6 takeaways from 2015 ISS World Expo

ISS Photo

This was my first year to attend the Inside Self Storage World Expo in Vegas, and I couldn’t believe how much valuable information they packed into two days. Maybe you weren’t one of the 2,800 self storage folks who made the trip out to Vegas, so let me give you the cliff’s notes. Here are my top 6 takeaways from the conference, and each one of these could be a game-changer for your self storage business. If you want assistance implementing any of these ideas into your facility, contact me today so we can get started improving your business.

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Accounting Training

Revenue Management – Step 3: Rate increases

Self Storage Rates

Few things worry a self storage owner more than rate increases. You worked so hard to get the tenants to sign the lease and move their stuff into your facility, and now you are worried that there will be mass exodus the second the rate increases hit their mailboxes. Did you know that most rate increases only yield a 1% move-out?

Most owners worry about the mass exodus that never happens, and while they are worrying, they aren’t increasing rates, which means they’re losing money. How much money can you afford to lose before you finally decide to increase rates?

Here are some tips if you are ready to increase your rates.

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