Depending on the area you live in, competition in the self-storage business can be (aggressive)
Everyone is looking for ideas to grab a larger market share in their territory.
Here are some ideas put together for you. These ideas are relationship-based ideas to retain and increase your tenant base. Please use the ideas that will fit into your scenario and I would like to hear other ideas if you are kind enough to share.
Even in business, employers and business owners are having to adjust to how people function now. What if you took those concepts and added them to your sales/marketing plan. It is cheaper to get more referrals from a happy customer/client than to a brand new customer that has no ties to you or your business.
Everyone is looking for ideas to grab a larger market share in their territory.
Here are some ideas put together for you. These ideas are relationship-based ideas to retain and increase your tenant base. Please use the ideas that will fit into your scenario and I would like to hear other ideas if you are kind enough to share.
- The tenants you currently have. If your current tenants are happy with the service you provide. What would be the cost of sending your tenants a large postcard 3 to 4 times a year, offering just local information that could be simple like a new school, community group, township plans, or recommended restaurants? You want to have some value other than just being a self-storage facility. *Now every few postcards, do not feel bad about asking your tenants if they may have friends, family, or co-workers that may be in need of a Self-Storage unit. Sometimes people have the best intentions. If they are not reminded from time to time, they may not remember your request for help.
- Does every business in your area know about your facility? What if you took several contractors, ie plumber, roofer, a mover, etc., and offered them space, at cost, and with each referral they send to you, offer them credit back? Now you have a sales force, that is in touch with multiple people a week.
- Your past tenants. Provided that everyone separated on good terms. Reach out every now and then. Thank them for being a tenant and you hope that if they need storage unit in the future, they will remember your facility. Also, ask them if they know of anyone looking for storage (Humm the neighbor that can not fit their car into the garage because of everything else). You would be appreciative of the referral.
- Reduced Rents Vs Concessions. a) The idea of Reduced Rents is a simple idea to get units filled. The flip side of the coin is once you have agreed to accept a reduced rent, provided justifies how long will it take to get those units back up to market rates? b) By offering concessions, one month free, use of a truck, discount/free certain amount of supplies, etc. With concessions, once the market says you can put them aside, your rents should be in line with the market, avoiding trying to figure out how much you can increase rents a year without losing a potentially good tenant.
- The fifth one I will hold off on until the current pandemic is over.
Even in business, employers and business owners are having to adjust to how people function now. What if you took those concepts and added them to your sales/marketing plan. It is cheaper to get more referrals from a happy customer/client than to a brand new customer that has no ties to you or your business.
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