How to Boost Self-Storage Revenue with Technology

The self storage industry has witnessed remarkable growth in recent years, especially in response to the seismic shifts brought about by the pandemic. Notably, in 2022, there were 970,000 more people utilizing self-storage facilities than in 2020. This surge is intrinsically linked to a slew of societal changes, including the rise in home mobility, the need for dedicated home offices and remote learning spaces, and the accumulation of personal belongings due to an unexpected influx of cash in 2020. In addition to a growing number of baby boomers and Gen Xers adopting self-storage space, the unprecedented increase in self-storage customers has attracted a significant number of millennials.

Catering to this tech-savvy customer base entails the incorporation of cutting-edge technology into your self-storage facility. By doing so, you can provide a seamless, secure, and streamlined customer experience. Furthermore, integrating technology into your operations can prove to be mutually beneficial. Not only does it enhance customer satisfaction, but it also empowers you to generate ancillary income and glean valuable insights from data analytics, which can be leveraged to optimize your revenue-generating strategies.

Types of Self-Storage Technology to Offer

Remote Access Control: The implementation of remote access control technology is a game-changer. It eliminates the need for physical keys, leading to a convenient experience for your customers. Services like RemoteLock allow you to choose the access method that works best for you, including key cards, fobs, and mobile. This not only enhances security but also provides seamless access for your customers, encouraging them to frequent their storage unit more readily.

Key Sharing: Key sharing technology is another innovative feature to consider. It allows customers to securely share access credentials with trusted friends and family without the hassle of copying or physically handing over keys. Moreover, this technology offers customers the flexibility to revoke access at their discretion, providing an additional layer of security and control.

Other Ways to Implement Self-Storage Technology

Electronic Document Signing: In the modern era, paper-based documentation is becoming a thing of the past. Embrace technology by offering electronic document signing options. This feature eliminates the need for physical paperwork and allows customers to sign lease agreements electronically, even from remote locations, streamlining the rental process and reducing administrative burdens.

Insurance Integration: An often-overlooked avenue for revenue generation is insurance integration. Offer comprehensive insurance packages to your customers to safeguard their stored belongings. Collaborating with insurance providers can also open the door to revenue-sharing opportunities for your self-storage facility.

Autopay Services: Simplify the rental payment process by integrating autopay services with your management system. By doing so, you facilitate hassle-free rent payments, reduce administrative overhead, and ensure that payments are received promptly.

Effective Communication Tools: In the digital age, communication is key. Utilize technology to enhance communication with your customers. Implement features like automated text alerts, email notifications, and mobile apps to keep renters informed, engaged, and satisfied with your service.

Utilize Reporting for Revenue Generation

Adjust Rates According to Occupancy: Leveraging advanced reporting tools, take stock of the number of vacancies at your property. When occupancy is low, it may be beneficial to lower rates to encourage more customers to choose your self-storage facility. Conversely, when occupancy is high, you can increase rates as your supply of units is outnumbered by the amount of demand for the units. In all, it’s good practice to set fair prices for your units based on availability, market average,

Market Analysis: Stay ahead of the competition by conducting a detailed analysis of market. By determining the competitive rental rates for your units, you can strategically adjust your pricing during peak seasons, such as college move-out or winter, ensuring that your self-storage facility maximizes revenue while offering competitive rates. Alternative to performing this manually, consider utilizing software that can help you adjust prices in real-time alongside the market.

Conclusion

The self storage industry is undergoing a dynamic transformation, driven by the integration of advanced technology. As the demographic of self-storage customers continues to evolve, it’s crucial to meet their expectations for a seamless, secure, and convenient storage experience. By embracing technology for remote access, electronic documentation, insurance integration, autopay services, and effective communication, you create a modern and customer-centric self-storage environment that resonates with today’s consumers.

Additionally, using data insights to refine your pricing strategy and unlock ancillary income sources is essential for maintaining a competitive edge and profitability in this ever-evolving market. Your self storage business can flourish by staying attuned to the needs and preferences of the modern consumer and leveraging technology to deliver on those expectations. In this way, you can bolster your self-storage revenue while offering a state-of-the-art service that keeps customers coming back for more.