Increase the Value of Your Self Storage Property with These 5 Tips
Are you actively maximizing the value of your self storage property? Whether the answer is yes or no, there is always more that can be done. Let’s look at your property as a whole to learn value-add methods that work inside and out, throughout your community, and online – all while increasing your NOI.
Property Maintenance: Attract Renters and Save Money
Take a seasonal inventory of your property, units, office space, and exterior to make sure you keep up with necessary maintenance. Regular upkeep may limit emergencies as well as keep your property in tip-top shape. Remember, you are asking customers to trust you with their belongings. One way to build this trust is to have a clean, sturdy, and well-maintained property. Cracked asphalt, gutter problems, dirty hallways, and broken doors will chase away renters.
Curb Appeal: Invite New Renters with Finishing Touches
Maintaining your property is just the first step. Next, add security upgrades and finishing touches that welcome new renters and build trust. Is your office clean, tidy, and well-lit? Do you offer the right mix of security features, including CCTV, adequate lighting, and electronic gates? Those are essential and add value to your property. Your curb appeal extends to your online and community presence, which we’ll discuss next. The majority of your new renters find you online. Make sure you’re ready to greet them with the right first impression, whether they walk through the office door or lease online.
Self Storage Marketing: Meet Renters Online
The fact of the matter is, through business listings and third-party sites like Yelp, Google, and Bing, you have an online presence whether or not you own those pages. Kick off your marketing plan in three steps: content strategy, website, and a start-up digital advertising campaign and budget. Then, maximize your online presence through business listings, social media, and review sites. Why is a comprehensive online presence essential? Incorporating social media and review sites gives you opportunities for earned media, which is what people say about you online such as mentions, shares, reviews, and reposts.
If you’re not already on Facebook and Instagram, start a verified business page that links your website domain with your branded social media account. Take control of your tier-one business listings on Bing, Google, and Yelp to manage brand consistency, accuracy, and relevance. Once you have ownership of any existing or new online pages, you can begin a tailored digital advertising campaign that promotes your property on search engines, social media platforms, and third-party websites like news sources, retail, and entertainment, or wherever your potential tenants spend time online.
Community Involvement: Add Value with Local Connections
Add value by building trust with potential and current customers. One way to do this is make yourself known in your community as a valued partner. Earning trust – and keeping it – is more likely when when customers know how much your business is immersed in community.
Start by partnering with local business leaders to find ways to give back. You could support a local charity, host a staff volunteer day, sponsor a local sports club, or host your own community event. Don’t be shy about your community involvement. Make sure you promote this leadership and activity on your social media pages and website to help get the word out.
Revenue Management: Confident Dial Adjustment
Self Storage revenue management is more than just increasing rates. It takes a comprehensive view of local competition, pricing, and communication strategy to maximize your income potential after reaching stabilization. When coupled with a proven marketing platform, there is effective dial adjustment on every unit and increased NOI. Competition survey, regular rent increases, online vs. street pricing. Give yourself a new occupancy goal: work toward 100 percent, but never actually get there. Once you reach stabilization, you can confidently adjust your occupancy and rate dials and allow them to balance out while also increasing revenue.
Build Value with the Right Marketing Strategy
At G5, we know that the sum is greater than its parts. We partner with self storage owners and operators to build brand awareness, occupancy, trust, and value. If you’re ready to increase value with the right marketing strategy, download our checklist. G5’s Self Storage Marketing Checklist prioritizes marketing activities so that you know where and when to start.