“There is only one thing that makes a dream impossible to achieve: the fear of failure.”
- Paulo Coelho
Fear, in our industry, is as common as a lock on a storage unit door. All too often, we come across owners or managers who are basically afraid to change with technology. There is still a preponderance of stores in the market that do not know how to set rental rates or interact with a prospective customer on the Internet. Statistics have proven that when a person is shopping, they will quickly move onto the next source if they can not find information for which they are searching.
I cannot tell you how many times I have been at a conference presenting on revenue management when a store owner or manager will tell me they are not increasing rental rates. When I inquiry as to why, I usually get a statement such as “Welmy manager told me that our customers do not like them and they will move out, so I do not want to upset anyone and we simple do not do them”. It is not the customers but the manager/owner who is fearful of the unknown.
Recently, at a state conference, I ran into an owner who I had met a year ago and he came up to thank me. I asked why and he said that he was so sure that making tenant insurance a requirement of his lease would drive his current customers out the door and make it impossible for them to rent to new tenants. He continued to say that they rolled out the program to their existing customers and to all new tenants. They did have a few that squawked a little but they explained it was for the customer’s peace of mind to ensure that their “treasures” would be covered should something occur. He proceeded to tell me his company is at 87% penetration on new rentals! He said I am not sure what took me so long to do this and I replied that it was your fear of the unknown.
In our industry things are constantly evolving, we must not let fear stand in our way of success.