There are several avenues available to you if you want to grow your self-storage business. Here are just a few to keep in mind.
Raise Your Rates, But Don’t Overdo It
While having maximum occupancy is excellent, it also means that you can’t increase your revenue unless you raise your rates. You need to be careful when you do this, though. Bringing your rates too high will scare away potential clients or lose your existing customers. The key is to slowly bring up your rates to stay competitive and don’t assume that your long-time customers will stick around if you raise their rent too much higher.
Update Your Web Presence
Your website and social media pages are more important than ever right now, so keep them updated. Most of your new clients will learn about you via a Google search, and Google will leave you in the dust if your site and Facebook accounts go longer than a few days without updates. In addition, social media is a great way to show off your facilities and any new amenities you’ve installed.
Upkeep Is Crucial
Updating your facilities doesn’t always mean installing new amenities or expanding the storage units you have on-site. In most cases, it’s as simple as keeping things tidy indoors and staying on top of your landscaping. Have your employees sweep and mop the floors regularly, and hire a groundskeeper to take care of mowing the lawn outside and shoveling the sidewalks in the winter. Appearances are more important than you think in the storage industry, so you want to make sure that your primary location always looks its best.
Expand to a New Location
If you’re already at full occupancy and you’ve raised your rents as high as you can without being unfair to your customers, it might be time to expand to a new location. Look for affordable real estate in prime locations and research lenders nearby who know the self-storage industry. Also, don’t be too hasty when it comes to expanding. It takes a lot of money to get a new location established, and you don’t want to sink your business when you want it to grow.