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Owning a self-storage location can be lucrative since many people need extra or separate space for certain possessions. Like any commercial operation, you do need to stay mindful about how you manage staff, the rates you charge, and the facility itself. In order to maximize the revenue your gain from it, you should follow these tips for improving a self-storage business.
Increase Rates as Needed
As a result of certain variables and the rising costs of upkeep as each year passes, you need to increase the rental rates as needed. You don’t want to be complacent and end up bringing diminishing returns as the cost of maintenance goes up. There are different ways you can approach setting rates. One method is to adjust the pricing based on how much a tenant is storing or how large a tenant’s belongings are. You might also raise prices in periods of the year when you know storage is in high demand. Expect to increase rates annually as well in order to maintain a consistent profit as the cost of running the business goes up.
Train Your Staff Thoroughly
Much of the success that your self-storage business will see is tied to the quality of your customer service. Train your staff thoroughly so that they exude a high level of professionalism that keeps tenants coming back. They should be able to answer questions that people bring them and deal with problems when they arise. Develop a training program that will get your employees to this goal and evaluate its effectiveness afterward so you can make alterations based on what works well and what doesn’t.
Make Physical Upgrades
A final tip for improving a self-storage business is to make physical upgrades to it. Since you want your facility to appear as a reliable and highly safe place where people can leave their possessions without fear, you must maintain it well. If your security system is getting outdated, upgrade it to a modern version. Change out old doors and embrace new technologies like smart locks that only respond to the smartphone of the storage unit user. If you have space for vehicles, you could consider installing hydraulic lifts to allow people to store additional cars within. Hydraulic lifts work to raise up a platform on which a parked car sits. Underneath this platform, you can place another car. These advanced options can attract tenants well.