Do you know the demographic breakdown of your self storage facility? According to the Parham Group* over 60% of self storage customers are women. That’s not only a stat worth noting, but also one that may drive your day-to-day business decisions. What does this mean for self storage owners? Keeping your facility safe and updated is critical to driving occupancy, and in turn, revenue.
Occupancy is dependent on many factors including location, security, management and amenities. Renters have plenty of options available to meet their storage needs; however, at the end of the day, neither men nor women want to pay to keep their belongings at a run-down facility.
With a new year upon us, now is the perfect time to start exploring how you can upgrade your self storage business. Rebuilding or expanding are options, but there are smaller improvements you can make that will drive business in the new year.
Here are our top 5 recommendations to increase the value of your self-storage facility in 2017:
Curb Appeal Rents Units
Un-groomed landscaping, chipped paint and rusted fencing are all factors that can influence possible tenants. Enhance the exterior of your facility by installing new fencing—this will give your customers a sense of security. Do your walls and doors have noticeable defects? Adding a fresh coat of paint and replacing old metal siding will show potential renters that you care about your facility and their belongings. Don’t forget to repaint the stripes in your parking lot. Believe it or not, this is one of the first things potential renters see. These small renovations will improve the appearance of your facility and amplify curb appeal.
Security Upgrades Increase Customer Satisfaction
New cameras, gates and keypads are excellent options to make sure your customers feel safe and will enhance the value of your self storage facility. Take security to the next level by adding live video streaming cameras so that you can monitor your business from anywhere. These improvements will add to the appeal of your facility.
Replace Old Roofs and Doors
A typical self storage facility has metal roofs which are highly functional. Older facilities may start to have roof issues such as leaks and fastener deterioration, especially if it’s a screw-down roof. Roofs are extremely important to your storage business because leaking roofs can cause damage, resulting in unsatisfied customers and potential reputation issues. Replace old, unattractive and poor functioning doors. These are not only an eyesore, but they are hard for people to open. Women who go to their units alone may not be able to open older roll up doors; therefore, they may choose to go to a facility that they can easily access.
Re-Skinning Requires Minimal Construction
These non-structural changes to buildings allow you to update the outside of your facility without inconveniencing tenants. You can also give your office a much-needed facelift. Refresh your office with new paint, carpet and furniture in 2017.
Hire the Right Manager
Your newly hired manager should have self storage experience, but, it’s more important for them to have sales, customer service and management skills. Hiring the right manager will ultimately increase your sales and allow you to raise rent as you fill the facility with tenants. It is also a good idea to hire a part time manager in the event the manager is out of the office. Your manager is often the first interaction potential customers will have with your business, you will want to make sure he or she is trained to answer any questions pertaining to your facility.
No matter your demographic, updating your facility can help attract customers and increase your revenue stream. An express loan from Live Oak allows you to improve your facility in the new year with loan amounts up to $350,000, flexible down payment options and funding as few as 10 days. Connect with a loan specialist to learn more about our express loan product.