SBOA Self-Storage Unlocked Magazine FEB2024

NEW 2024 ENHANCED SBOA PROGRAMS THE POWER OF REVIEWS

TOP 10

REASONS WHY YOUR SELF-STORAGE BUSINESS NEEDS MYSTERY SHOPPING

DRIVING SUCCESS IN YOUR BUSINESS

REMOTE MANAGEMENT VS. TRADITIONAL ON-SITE MANAGEMENT

PROTECTING YOUR INVESTMENT

UNDERSTANDING SELF-STORAGE

A COMPARISON

COMMERCIAL INSURANCE

WHY OPERATORS CANNOT AFFORD

STORAGE FOR ROOKIES GETS A MAKEOVER!

TO OVERLOOK

TECHNOLOGY INVESTMENTS

THE ALL-NEW 4-PART SERIES BEGINS FEB7 2023 Storage Business Owners Alliance

CONTENTS 3... Note from the Editor

4... The All-New Storage for Rookies 6... Storage for Rookies Series Agenda 8... Protecting Your Investment: Understanding Self-Storage Commercial Insurance 9... Where to Find SBOA Webinars 10...Remote Management vs. Traditional On-Site Management in Self Storage: A Comparison 16...Self-Storage Unlocked Webinar 2024 Q1 Schedule 18...The Power of Reviews: Driving Success in Your Storage Facility 20...10 Reasons Why Your Self-Storage Business Needs a Mystery Shopping Service in 2024 23...Find the SBOA on Social Media 24... Why Operators Cannot Afford to Overlook Technology Investments 26... Magazine Sponsors

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NOTE FROM THE EDITOR Dear Esteemed Readers, As we embark on another promising new year, I am thrilled to welcome you to the second issue of Self-Storage Unlocked Magazine, your go-to resource for unlocking the full potential of the self-storage industry.

As the Editor and Marketing Manager, I extend my heartfelt gratitude for your continued enthusiasm and support since our inaugural edition. Your engagement has made our journey more rewarding, and we are excited to build on the momentum as we enter 2024.

In this issue, we have some exciting announcements to share about new programs that we've rolled out to enhance your experience with the Storage Business Owner's Alliance (SBOA). One notable initiative is the SBOA Enhanced Membership program, offering exclusive benefits and discounts designed to elevate your engagement with our community.

SBOA Enhanced Members can enjoy a range of privileges, including exclusive savings from SBOA Vendor Partners, access to FREE Self-Storage Unlocked Webinars, and a substantial 50% discount on standard ticket prices for SBOA Seminars. This includes our refreshed 2024 Storage for Rookies webinar series, tailored to provide a comprehensive educational journey for those new to the self-storage industry (more on the new Storage for Rookies program on the next page).

Moreover, Enhanced Members receive a 10% discount on SBOA Products, ensuring savings on essential offerings such as our Internal Audit and Mystery Shopping programs. We believe in providing tangible value to our members, and these benefits are a testament to our commitment.

As we continue to evolve and grow, we are enthusiastic about the opportunities that lie ahead. Our commitment to delivering high-quality content, insights, and educational resources remains unwavering, and we invite you to explore the wealth of information in this issue of Self-Storage Unlocked Magazine.

Thank you for being an integral part of our community. Your feedback and engagement drive our efforts to continuously improve and provide exceptional value. Here's to a year of growth, learning, and unlocking new possibilities in the self-storage industry.

Warm regards,

Iris Czygan

Iris Czygan SBOA Marketing Manager Editor, Self-Storage Unlocked Magazine Do you have a great idea for our next issue? Feel free to reach out to me by clicking on one of the icons below:

SBOA “Storage for Rookies” Gets a Makeover STORAGEFORROOKIES.COM

LIVE

STORAGE FOR ROOKIES The All-New 4-Part Series Begins February 7 If you are new to the industry, you don’t want to miss this!

Marla Čolić

Adam Karnes

Ian Burnstein

Jessica Johnson

RK Kliebenstein

Brandon Mauer

Grace Totty

www.StorageForRookies.com

Bryan M osser

Introducing the Revamped SBOA Storage For Rookies Program: Navigating the Self-Storage Landscape Confidently with Help from the Experts Embarking on a journey into the self-storage industry can be both exciting and challenging. To guide aspiring entrepreneurs through the intricacies of this dynamic field, the SBOA proudly presents the revamped Storage For Rookies webinar series for 2024. This comprehensive program equips newcomers with the knowledge and tools needed to navigate every stage of the self-storage business journey.

Session 1 - February 7: Getting In

This foundational session covers critical aspects of setting up your self-storage business, from establishing the business and crafting the operating agreement to understanding supply and demand. Topics include underwriting, proformas, due diligence, feasibility studies, and strategies for buying self-storage properties.

Session 2 - February 21: Critical Timelines

Delving into the crucial timelines of the self-storage journey, this session covers everything from the letter of intent to close, vendor selection, hiring and training staff, and planning the grand opening or management takeover.

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Session 3 - March 6: Operations & Marketing

Focused on day-to-day operations, this session explores routine task schedules, digital and community-based marketing strategies, revenue management best practices, and using audits to track performance.

Session 4 - March 27: Scaling & Maximizing Revenue

Guiding participants through the growth phase, this session addresses acquisition strategies, building infrastructure, leveraging technology, and understanding financial benefits like cost segregation.

Standard Ticket Prices and Enhanced Membership Benefits

Standard ticket prices for individual sessions are $75, or participants can opt for the entire series at $200. SBOA Enhanced Members enjoy an exclusive 50% discount on standard ticket prices, making this invaluable series even more accessible for those looking to venture into the self-storage industry.

Special Add-On Session - April 17: Selling Your Storage Business

(Not Included in Series Tickets) This special session explores the process of selling your property and covers critical topics, including preparing for sale, seller financing, listing options, and understanding 1031 Exchange. This ticket is $25 for those who buy the Series ticket or $75 for a one-time General Admission ticket.

Don't miss this unparalleled opportunity to kickstart or advance your self-storage journey. Secure your tickets today and unlock the knowledge to navigate the selfstorage industry with confidence and success. See the following page for the full agenda.

Get Half Off Enhanced Membership AND Half Off on Your Rookies Tickets!

Sign up before January 31 for just $4.99/month!

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Storage for Rookies Series Agenda 2024 Session 1 - February 7 GETTING IN

Session 2 - February 21 CRITICAL TIMELINES

Setting Up the Business, Brand, and Operating Agreement Creating Your Launch Budget, Team, and Resource Allocation Underwriting, Proformas and Due Diligence Understanding Supply and Demand The Importance of Feasibility Studies Creating Your Capital Stack: Finance, Fundraising and More!

How to Buy Self Storage Properties Working with Your Local Municipalities Determining a Management Strategy Understanding Insurance Needs

Session 3 - March 6 OPERATIONS & MARKETING

From Letter of Intent/Purchase & Sale Agreement to Close Joining the State or National SSA: Why You Need to Get Connected!

Building and Site Layout Decisions Vendor Selection Process Planning and Understanding Vendor Production Timelines Hiring and Training New Staff Developing Manuals, Checklists, Audits, etc.

Planning Grand Opening or Management Takeover Developing Your Lease Agreement Ordering Opening Inventory

Session 4 - March 27 SCALING & MAXIMIZING REVENUE

Routine Task Schedule and Reporting Digital and Community Based Marketing Strategies Lease Up to Stabilization Process Liens and Auction Processes Revenue Management Best Practices Reviewing Monthly Financials Reviewing Key KPI’s and Understanding Analytics Routine Property Maintenance Procedures Using Audits & Mystery Shopping to Track Performance How to Properly Use Social Media Channels for Your Business

Acquisition Strategies: Value Add Properties vs. Development Acquisition Checklist: Everything To Do During Takeover Building the Right Infrastructure and When to Outsource Understanding the Right Tech Stack for You Cost Segregation and Other Potential Benefits Utilizing Current Profits for Future Growth Offering Enhanced or New Ancillary Products Understanding the User Experience Understanding Your Data to Drive Better Business Decisions Staying Alert of State Laws and Changes 6

ARE YOU PROTECTED FROM THE UNEXPECTED? SBOA Tenant Insurance (SBOATI) is an insurance product that was created by self storage owners for self storage owners, with tenants in mind. Since its foundation in 2011, SBOATI has taken a leading role in the self storage industry. For the past nine years in a row, we’ve been rated the Best Tenant Insurance by Inside Self Storage.

Owners/Operators: Expect More From Your Tenant Insurance Partner SBOA Tenant Insurance (SBOATI) was the first to offer your tenants $0 deductible on all claims.

We continue to raise the bar with superior customer service, training, regulatory compliance, and marketing support. Find out why over 1,300 facilities including 15 of the ISS Top 50 Operators trust SBOA Tenant Insurance.

Protecting Your Investment: Understanding In the world of business, self-storage facilities have become an indispensable part of the commercial landscape. From retail stores to e-commerce businesses, these facilities offer a secure and cost-effective way to store excess inventory, equipment, and records. However, many business owners often overlook a critical aspect of their self-storage strategy: commercial insurance. While self-storage facilities typically provide insurance options for tenants to protect their belongings, this article delves into a less discussed, but equally important aspect - self-storage commercial insurance that covers the facility itself.

The Importance of Self-Storage Commercial Insurance

Self-storage facilities are not immune to risks and uncertainties. Fire, natural disasters, vandalism, and theft can pose significant threats to these structures and their contents. In addition to these external factors, there are also potential liabilities that the facility owner may face. This is where self-storage commercial insurance steps in.

Property Protection: Self-storage commercial insurance covers the physical structure of the facility, including the storage units, office buildings, and other structures on the premises. This protection is vital, as it ensures that your investment remains safeguarded against unforeseen events.

Liability Coverage: Beyond property protection, commercial insurance can also provide liability coverage. In the event that a tenant or visitor sustains an injury on the facility premises, you may be held responsible. Commercial insurance can help cover legal fees, medical expenses, and potential settlements.

Business Interruption: Disasters like fires or floods can force a self-storage facility to cease operations temporarily. During this downtime, you may experience a significant loss of income. Commercial insurance can mitigate this risk by providing coverage for lost income and extra expenses incurred during the period of interruption.

Protection Against Theft and Vandalism: Self-storage facilities are attractive targets for theft and vandalism due to the valuable items often stored within.

Commercial insurance can provide coverage for losses resulting from theft or vandalism, helping you recover some or all of the financial losses.

Choosing the Right Coverage When it comes to self-storage commercial insurance, there is no one-size-fits-all solution. Facility owners must carefully assess their specific needs and select coverage that aligns with their risk profile. Here are some key considerations: Property Valuation: Accurate valuation of your facility is crucial. This determines the coverage limit and premium you'll pay. Work with an appraiser or insurance professional to determine the replacement cost of your property.

Liability Limits: Evaluate the potential liability risks associated with your facility.

Depending on factors such as location, foot traffic, and security measures, you may need higher liability limits.

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Self-Storage Commercial Insurance Coverage Add-Ons: Some insurers offer additional coverages that may be relevant to your business, such as coverage for outdoor signs, equipment breakdown, or cyber liability. Assess these options to ensure comprehensive protection.

Deductibles: Consider your financial capabilities when selecting deductibles.

Higher deductibles typically result in lower premiums but require you to cover a larger portion of the costs in the event of a claim.

Review and Update: Regularly review and update your insurance coverage to reflect changes in your business. As your facility grows or you make improvements, adjust your coverage accordingly.

Conclusion In the ever-evolving world of commerce, self-storage facilities play a vital role in helping businesses manage their space and inventory needs efficiently. However, without adequate self-storage commercial insurance, facility owners expose themselves to significant financial risks that could jeopardize their investments.

Protecting your self-storage facility with the right insurance coverage is not just a prudent business decision; it's a responsible one. It ensures the continuity of your operations and safeguards your investment against the unexpected. To make informed decisions about commercial insurance, consult with insurance professionals who can tailor coverage to your specific needs and provide peace of mind in an uncertain world.

For more information about commercial insurance, contact Bryan Mosser CRIS, CISR, CPIA (904) 917-3676 bryan.mosser@cornerpros.com

Remote Management vs. Traditional On-Site It seems as though the battle lines have been drawn! You are either for remote management, or you are against it. At least, that's what some would have you think.

Rather than jump onto one side or the other with a passion that could move mountains, it is critical to understand the pros and cons of either choice and to have a deep understanding of where you are with your operations and client experience, as well as where you want to go in the next 12, 24, 36 months. This article is a brief look at some of, certainly not all, of the pros and cons of considering whether remote management, traditional on-site management or hybrid model is right for your facility.

What is Remote Management?

Remote management in the context of self-storage refers to facilities operated without any physical presence of on-site management staff. All tasks, such as renting units, collecting payments, and managing security are done remotely through technology.

Customers can access their storage unit through a keypad or mobile app, and any issues are handled through a customer service support phone number.

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Management in Self Storage: A Comparison Pros of Remote Management Cost-Effective: One of the main advantages of remote management is cost savings. Facilities can save on salaries, benefits, insurance, recruiting, and human resources costs without on-site staff. This gives operators a strong NOI (net operating income) while offering more competitive prices to customers, making self-storage more accessible and affordable.

Greater Flexibility: Remote management also allows for greater flexibility in operations. Operators can manage multiple facilities from a central location, saving time and resources on travel. Additionally, with technology, tasks such as unit rentals and payments can be done 24/7, allowing customers to access their storage units conveniently.

Data Analytics & Reporting: With a remote management model, you will need to lean on technology more than ever. With that comes greater tracking and visibility of each interaction, call, and person at your facility. You can monitor every call a third party or remote manager takes, watch tenants on the property with cameras to learn patterns or on-site pain points, and much more. Leveraging technology can provide enhanced operations, customer experience, and revenue.

Cons of Remote Management Lack of Personal Touch: One of the main drawbacks of remote management is the lack of personal touch. With no on-site staff available to assist customers, some may feel uncomfortable or unsure about using the facility. This can lead to a decrease in customer satisfaction and retention. Typically, facility size and volume play a significant factor in this. If you have an extensive facility, 400+ units, the greater the increased demand for customer experience.

Limited Availability: Remote management facilities may not have staff available at all times, which could be an issue for customers who require immediate assistance or have questions about their unit. In such cases, they must leave a message, call you, or reach another after hours contact.

Security Risks: While advanced security technology is used in remote management facilities, hacking or system failure is always risky. This could compromise the facility's security and customers' belongings.

What is Traditional On-Site Management?

On the other hand, traditional on-site management involves having staff present at the facility to handle all tasks and assist customers. This model has been in place since the inception of self-storage and is still widely used today.

Pros of Traditional On-Site Management Personalized Customer Service: With on-site management, customers can access staff who can assist them with questions or concerns. This provides a personal touch and can lead to higher customer satisfaction and retention.

Continued on next page

Remote Management vs. On-Site Continued from previous page

Pros of Traditional On-Site Management continued Immediate Assistance: Having staff present at the facility allows immediate assistance in case of emergencies or unit issues. Customers can walk into the office and have their problems resolved.

Reliability: With traditional on-site management, there is less reliance on technology, reducing the risk of technical issues disrupting operations. This provides a more reliable and consistent experience for customers.

Cons of Traditional On-Site Management Turnover/Staffing: Historically speaking, people don’t stay put for long and your risk of turnover is always in your mind. What happens if they decide not to come in tomorrow? How fast can you find a replacement and how much will it cost? This adds up when it happens once or twice a year. Additionally it can be frustrating for tenants with new people on a regular basis.

Higher Cost: Having staff present at the facility means higher expenses for operators, which are often passed on to customers through higher prices. This can make traditional on-site managed facilities less affordable for some customers.

Limited Flexibility: On-site management requires staff to be physically present at the facility, limiting their ability to manage multiple locations efficiently. This can lead to increased travel time and expenses for operators.

Conclusion In conclusion, remote and traditional on-site management have pros and cons in the context of self-storage. Remote management offers cost savings, flexibility, improved security, and a contactless experience for customers. However, it lacks the personal touch and may be dependent on technology. On the other hand, traditional on-site management offers personalized customer service, immediate assistance, and reliability. Still, it comes with higher costs and limited flexibility. Ultimately, the decision between remote and traditional on-site management comes down to a self-storage operator's specific needs and priorities. Regardless of the chosen model, the goal remains to provide customers with a safe, secure, and convenient storage experience.

With advancements in technology, it will be interesting to see how the self-storage industry evolves in management in the future.

About XPS Solutions XPS Solutions is the original centralized sales and support center focused on providing solutions for remote management practices for self-storage properties. We began our journey in the industry in 2000, pioneering the first call center solely for self storage operators. We catch your calls, create SEO solutions, provide comprehensive tenant support, and deliver a best-in-class mobile application for exceptional tenant experiences. Our innovative tools and strategies impact your occupancy and your average stay.

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#1 Rated Self-Storage Software by ISS Maximize Profit: Boost revenue by 9.5% when you switch to storEDGE Simplify Daily Operations: Save 53 hours per month by automating routine workflows Optimize Tenant Experience: Save 28 hours per month by automating communication

2024 Q1 SCHEDULE JAN 25

LESSONS LEARNED FROM EARLY ACQUISITIONS WITH SPECIAL GUEST MODERATOR, IAN BURNSTEIN We will dive into the acquisition process including financing, deal structure, due diligence and more. Next, we will touch on early days of operation and how to stay competitive once the wheel is already in motion. Finally, we will ask panelists to summarize a few critical take aways, or best pro-active items to keep front of mind when going through the motions of acquiring self-storage facilities.

FEB 15

OPTIMIZING YOUR RATES: A DATA-DRIVEN APPROACH FOR OPERATIONS OF ALL SIZES In this engaging panel discussion, our self-storage experts will share practical insights, proven techniques, and real-world examples to guide you through the complexities of rate optimization. Discover how leveraging data can give owners and operators like you a competitive edge, whether you're a small operator aiming for growth or a large-scale facility navigating market fluctuations.

FEB 29

MEASURING THE TENANT EXPERIENCE AT REMOTE LOCATIONS With the rising popularity of the remote managed model, this session will educate owners and managers on valuable insights into how to measure the tenant experience at remote locations, allowing them to make informed decisions for improving overall customer satisfaction and operational efficiency, Learn how to not ever lose a tenant to a poor user or customer service experience ever again!

MAR 7

FROM TREES TO KEYS: EVERYTHING YOU NEED TO KNOW ABOUT FACILITY DEVELOPMENT This webinar will discuss the stages of facility development, from site selection, feasibility studies, facility design, brand development, and more!

MAR 21

JUST ANSWER THE PHONE! YOUR REMOTE, OMNICHANNEL SOLUTION MUST INCLUDE PHONE SOLUTIONS - THEY STILL CALL. With 310 million smartphones across the U.S., your investment into solutions to provide speed, ease and convenience for tenants and prospects must address accepting and handling live calls and payments.

CLICK HERE TO REGISTER ON EVENTBRITE - $4.99 for each webinar

OR GET AN SBOA ENHANCED MEMBERSHIP & WATCH THEM ALL FOR FREE! 16

SBOA Self-Storage Unlocked LIVE Webinars

ALL NEW IN 2024!

Self-Storage Unlocked Webinars are now FREE with an SBOA Enhanced Membership!

Non-members and free members pay just $4.99 per episode.

CLICK HERE TO FOLLOW US ON EVENTBRITE

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Sign up before January 31 for just $4.99/month!

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The Power of Reviews: Driving Success in Your Reviews have become an indispensable asset for businesses, especially in the selfstorage industry, where trust and reliability are paramount. Here's a deeper look at why reviews are so crucial:

1. Building Trust and Credibility First Impressions: For many potential customers, online reviews are the first point of contact with a storage facility. Positive reviews can immediately instill a sense of trust and reliability.

Social Proof: Reviews act as a form of social proof. When prospective customers see that others have had positive experiences, it significantly increases their confidence in the facility.

2. Influencing Consumer Decisions Key Decision Factor: Reviews often play a decisive role in a customer's choice of a storage facility. A facility with a higher number of positive reviews is more likely to attract new customers.

Comparative Analysis: Customers frequently compare reviews of different facilities. A strong review profile can give a storage business a competitive edge.

3. Enhancing Online Visibility Search Engine Optimization (SEO): Search engines like Google often rank businesses with more and better reviews higher in search results. This increased visibility can directly lead to more customer inquiries and conversions.

Local Searches: For local searches, which are crucial in the storage industry, reviews are a key factor. They can significantly impact a facility's visibility in local search results and maps.

4. Providing Valuable Feedback Operational Insights: Reviews offer honest feedback about what a storage facility is doing right and where it can improve. This feedback is invaluable for continual improvement.

Customer Engagement: Responding to reviews, both positive and negative, shows that a facility values its customers and their opinions, fostering a stronger customer relationship.

5. Creating a Competitive Advantage Differentiation: In a crowded market, reviews can be a differentiator. They can highlight unique features of a facility, such as exceptional customer service or state-of-the-art security features.

Brand Image: Consistently positive reviews help in building a strong, positive brand image, which can be a decisive factor for customers when choosing a storage facility.

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Storage Facility 6. Boosting Revenue Conversion Rates: Facilities with better reviews tend to have higher conversion rates. The likelihood of a customer renting a storage unit increases with the quality and quantity of positive reviews.

Price Premium: Facilities with stellar reviews can often command a price premium over competitors with lower-rated or fewer reviews.

In the context of StorageReach, the platform significantly enhances the ability of storage facilities to leverage customer reviews for business growth: Automated Review Solicitation: StorageReach sends automated requests for reviews at key moments like post move-in or move-out, increasing the likelihood of receiving timely and relevant feedback.

Efficient Review Management: The platform provides a centralized dashboard for managing reviews, simplifying the process of monitoring and responding to customer feedback.

Insightful Analytics: It offers analytics on reviews, providing valuable insights into customer preferences and enabling facilities to track the effectiveness of their review management strategies.

Reputation Enhancement: The tool aids in cultivating a positive online image and offers strategies for constructively handling negative feedback, essential for maintaining a good reputation.

In summary, StorageReach streamlines the process of generating, managing, and leveraging online reviews, aiding storage facilities in building trust, improving service, and enhancing their online presence. All without breaking the bank.

10 Reasons Why Your Self-Storage Business Needs a Mystery Shopping Service in 2024 In the competitive landscape of the self-storage industry, staying ahead of the curve is crucial for success. One effective strategy gaining popularity is the implementation of mystery shopping services. These undercover evaluations provide invaluable insights into the customer experience, helping businesses refine their operations and improve customer satisfaction. Here are 10 reasons why your self-storage business should consider incorporating a mystery shopping service in 2024.

1. Enhanced Customer Experience: Mystery shopping enables the assessment of every customer touchpoint, identifying areas for improvement and enhancing the overall customer experience, leading to increased satisfaction and loyalty.

6. Reputation Management: Mystery shopping helps identify potential issues before they escalate, facilitating proactive reputation management and damage control for self-storage businesses facing negative customer experiences.

2. Employee Training and Development: Through mystery shopping, the evaluation of staff's handling of customer interactions allows for targeted training programs, ensuring the team is well-equipped to meet customer needs.

7. Operational Efficiency: By evaluating operational processes, mystery shopping can pinpoint areas where streamlining is necessary, leading to increased productivity and cost-effectiveness.

8. Adaptation to Changing Trends: Mystery shopping provides real-time feedback on how well a self-storage business is adapting to changing consumer preferences and industry trends, allowing it to stay relevant and competitive.

3. Competitive Edge: Distinguishing your selfstorage business in a crowded market is facilitated by understanding how services compare to competitors through mystery shopping; identifying and capitalizing on unique selling points.

9. Data-Driven Decision Making: Generating valuable data, mystery shopping facilitates data-driven decision-making across various aspects of the business, ensuring alignment with customer expectations.

4. Facility Maintenance: From cleanliness to security measures, uncovering maintenance issues through a mystery shopping service enhances customer safety and satisfaction by addressing concerns promptly.

10. Return on Investment (ROI): While incurring a cost, implementing a mystery shopping service often results in a substantial ROI for self-storage businesses, as the insights gained lead to improvements in customer retention, acquisition, and overall profitability.

5. Consistency Across Locations: Maintaining consistency in service standards across multiple locations is challenging, but mystery shopping provides a standardized evaluation method to uphold the same level of service excellence.

In conclusion, a mystery shopping service is a powerful tool for self-storage businesses aiming to thrive in 2024. By prioritizing customer experience, employee training, and operational efficiency, businesses can gain a competitive edge and foster long-term success in this dynamic industry.

Learn more from the experts! Watch this episode of Self-Storage Unlocked: Enhancing Operations with Mystery Shopping and Internal Audits 20

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Why Operators Cannot Afford to Overlook Technology Investments Technology has become a vital driver of growth and survival in the rapidly evolving selfstorage industry. With growing consumer expectations and heightened competition, self-storage operators must decide whether to embrace technology or risk falling behind.

The digital age necessitates seamless customer experiences, and technology enables self-storage operators to meet this demand through online reservations, automated payments, and digital communication. A recent study revealed that 78% of renters desire "anytime access," emphasizing the growing importance of technological solutions, enhancing customer satisfaction, and potentially boosting retention.

Technology also improves day-to-day operations' efficiency with intelligent management systems, automated inventory tracking, and digital security solutions.

This efficiency translates to cost savings, allowing operators to focus on strategic aspects of their business.

Manufacturers like PTI Security Systems have embraced this industry shift toward convenience and anytime access and have already introduced it. The first of three Bluetooth-enabled devices by PTI was introduced last year to accommodate greater access control for tenants and operators. The PTI smart padlock, Helox, is the industry's most advanced Bluetooth padlock and will be supported by two additional Bluetooth offerings when PTI releases the ProEdge latch and AP1 keypad, which is expected in late March 2024. These three products will provide operators and tenants with a complete Bluetooth experience.

Data, a valuable asset in the industry, is leveraged through technology for informed decision-making. From optimizing pricing strategies to predicting maintenance needs, data-driven decisions ensure competitiveness and responsiveness to market changes.

Operators continue to rely on the data collected for their facilities to make staffing decisions and drive down operating costs. Newer smart devices, such as PTI's Bluetooth latches and locks, connect to PTI's cloud-based access control solution (StorLogix Cloud) and continue providing operators with these critical data points.

As the self-storage industry grows more competitive, a commitment to forwardthinking technology that aligns with the more sophisticated tenant becomes crucial.

Technology is not a luxury but necessary for the self-storage industry's survival and growth. Embracing technology strategically enhances customer experiences, optimizes operations, leverages data, prioritizes security, and establishes a strong online presence, positioning self-storage operators as leaders in a dynamic market.

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2023 Storage Business Owners Alliance

We would like to thank the following companies for sponsoring this issue of Self-Storage Unlocked Magazine