The upcoming Self Storage Association (SSA) Convention and Trade Show, scheduled for September 3-6, 2024, at the MGM in Las Vegas, is a premier event for professionals in the self-storage industry. As one of the largest gatherings of industry leaders, service providers, and operators, the convention offers unparalleled opportunities for networking, education, and exploring the latest innovations in self-storage.
You can find the SBOA and SBOA Tenant Insurance at - Booth 108. Meet with representatives from the Storage Business Owners Alliance and learn how we can support your business through networking, education, and savings. SBOA Tenant Insurance has solutions designed to protect your business and your customers.
Of course, our Enhanced Members who registered for “An Evening in Paris with the SBOA and Friends,” on Tuesday will enjoy a great kickoff to the events of the week. This event sold out quickly, so be sure to become an Enhanced Member now while it’s free to ensure you get your invite early for our events at future national shows!
In addition, SBOA Verified Service Providers will play a significant role in showcasing their products and expertise. These companies, known for their commitment to excellence, will be featured in various capacities, including; booth exhibitions, roundtable discussions, and speaking engagements. Here’s a look at what you can expect from these key players during the event.
Make sure to visit the booths of the following SBOA Verified Service Providers to learn about their latest offerings:
CSSI - Booth 100: Explore cost segregation solutions that can maximize your tax savings and improve your facility's financial performance.
Davinci Lock - Booth 206: Discover innovative locking solutions that enhance security and convenience for your tenants.
Flex Storage Systems - Booth 160: Learn about flexible storage solutions designed to meet the diverse needs of modern self-storage facilities.
Janus International - Booth 301: See the latest in self-storage doors, hallway systems, and smart entry solutions that improve security and operational efficiency.
PTI Security Systems - Booth 441: Check out advanced access control and security solutions that keep your facility secure.
R.W. Rogers Company - Booth 637: R.W. Rogers is a leading manufacturer of material handling equipment. As well as a national distributor of Karcher floor care machines.
Storable - Booth 329: Discover software solutions that streamline operations, enhance customer experience, and drive revenue growth.
StorageDefender - Booth 557: Learn about cutting-edge technology that helps you monitor and secure your facility.
StorageReach – Booth 470: Explore marketing solutions that drive tenant acquisition and retention.
StorTrack – Booth 263: Connect with pricing experts who can help you optimize your rates and maximize revenue.
The BSC Group – Booth 561: Learn about financing solutions tailored to the self-storage industry. The Storage Group – Booth 351: Discover digital marketing and web solutions that increase visibility and drive conversions.
Universal Storage Group - Booth 247: Explore third-party management services that help you operate your facility efficiently.
XPS Solutions - Booth 360: Discover call center services that enhance customer service and increase rental conversions.
Zion Call Management - Booth 156: Connect with experts in call management and customer service solutions.
ROUNDTABLE DISCUSSIONS AND EDUCATIONAL SESSIONS:
The convention will also feature several roundtable discussions and speaking engagements led by representatives from these SBOA-verified providers. These sessions will cover a range of topics, from operational best practices to the latest trends in technology and security. Be sure to attend these sessions to gain valuable insights that can help you stay ahead of the curve in the competitive selfstorage industry.
Wednesday, September 4 – Educational Sessions
8:15 – 9:00am: MAXIMIZE MARKETING SUCCESS IN SELF STORAGE AND BOAT & RV STORAGE: EXPLORE THE OVERLAPS AND KEY DIFFERENCES
Terrace Ballroom 151 | Speaker: Steve Lucas, The Storage Group Marketing strategies for self-storage facilities and boat & RV storage facilities have some similarities but also distinct differences due to the needs and behaviors of their target audiences. Let's explore: Target Audiences • Marketing Channels • Facility Features • Customer Engagement • Seasonal Campaigns
9:15 – 10:00am: DRIVING DEMAND IN SELF STORAGE: INSIGHTS FROM INDUSTRY LEADERS
Panelists: Sarah Little, Storagemart •Norman Shore, Storquest • Beau Agnello, Go Store It •Melissa Stiles, Storage Asset Management
In this session, we’ll discuss: Challenges in Demand Generation: Identify the key challenges in generating demand and how industry leaders are overcoming them. Innovative Marketing Techniques: Explore successful approaches to creating and sustaining demand in self-storage. Maintaining Closing Rates in a Down Market: Gain insights into strategies for sustaining high closing rates even during market downturns. Optimizing Sales Conversions: Discuss methods for effectively converting leads into sales once they have been acquired. Case Studies in Demand Creation: Hear from industry leaders about real-world examples of effective demand generation.
10:15 – 11:30am: SSA FOUNDATION HALL OF FAME INDUCTION
This prestigious honor goes to individuals who have made outstanding contributions not only to SSA, but also to the storage industry as a whole. This year we honor Anne “The Hat Lady” Ballard, Universal Storage Group.
Wednesday, September 4
– Roundtables
#1 UNLOCKING LONG-TERM ROI: CREATIVE USES OF RELOCATABLE STORAGE UNITS
This session delves into innovative strategies for leveraging relocatable storage units to generate sustainable income streams. Discover how these versatile units can provide lasting and creative returns on investment. Join us to explore practical examples and discuss the potential of this growing market. Janus International
#14 WHY AUTOMATION IS NO LONGER AN OPTION
Manned vs. Unmanned. Hybrid vs. Fully Staffed. Modern vs. Traditional. All of these terms are just different ways of saying the same thing. In the end, the real question is: “Do you empower your tenants through automation?” Rentals. Payments. Customer Support. Facility Access. Unit Access. Move Outs. All of these items should be automated and in the hands of your tenants. And the best part is your tenants will be happier! In this roundtable, we will discuss the data around the benefits of automation and practical solutions you can implement today to increase your tenant's satisfaction and increase your bottom line results. DaVinci Lock
#18 MAKE YOUR FACILITY SHINE ONLINE
We will discuss facility photography and key things to consider when taking your own photos or hiring a professional. From angles to features to lighting to simple edits, you'll be equipped to make your facility shine online. Lighthouse Storage Solutions
#30 BEYOND CHAT GPT AND APPLICABLE AI TOOLS FOR SELF STORAGE OPERATIONS
In this session, we'll explore how AI can drive business growth beyond the basics. Integrating AI into self-storage operations revolutionizes your business. AI enhances data measurement optimizes pricing and maximizes revenue with dynamic models. AI-driven marketing creates targeted, automated campaigns, boosting engagement and conversions. Time management improves with AI scheduling and virtual assistants. Personalized customer experiences and improved service with AI insights foster loyalty and satisfaction. Embrace AI to transform efficiency, profitability, and customer focus, giving you a competitive edge in the industry. XPS Solutions
Thursday, September 5 - Educational Sessions
8:00 – 8:45am: BEATING THE MARKET: WHEN TO DEVELOP, EXPAND, BUY, AND SELL
No one can consistently time the market so they are always buying at the bottom and selling at the top... but in this session we will walk through the economic forces at play in the biggest decisions around storage investment. We will discuss when development makes sense relative to cost of replacement and what the market expectations need to be to support development. We will cover when expansion makes sense and when it may not. We will address how the fastest growing groups underwrite acquisitions and why that may not work for the rest of us. And we will look at how to analyze the potential outcomes of a sale given varying basis, tax strategies, and debt considerations.
9:00 – 10:00am: OPENING GENERAL SESSION
Boulevard Ballroom | Anne Ballard, Universal Storage Group
Anne “The Hat Lady” Ballard will reflect on her 30+ year career in self-storage and her experience as an industry pioneer.
3:15 - 4:00pm: SETTING YOURSELF APART: COMPETING IN A HIGHLY SATURATED MARKET
Terrace Ballroom 153 | Speaker: Theresa Gallas, Janus International Inc.
Differentiating your self-storage facility is critical in today’s competitive landscape. Hear strategies on how to set your property apart from your competitors while offering tenants the convenient and innovative experience they will pay a premium for.
Conclusion
The SSA Convention and Trade Show is an event you won’t want to miss. Whether you’re looking to expand your knowledge, network with industry peers, or discover new products and services, the presence of SBOA Verified Service Providers ensures that this event will be both informative and impactful. Mark your calendar and prepare to unlock new opportunities for growth and success in the self-storage industry. You can register and view the entire schedule and list of exhibitors here.
operators can increase their Cap Rate and ensure compliance, all while enhancing the tenant experience.
Choosing the Right Partner
The success of a tenant insurance program hinges on selecting the right provider. An ideal partner should simplify the implementation process, making it easy for operators to integrate the program without disrupting operations. Additionally, the right provider will invest in educating staff and tenants about the importance of tenant insurance. When staff are well-informed, they can better communicate the benefits to tenants, leading to higher adoption rates. For management companies, offering a reliable TI product can significantly enhance their service offerings to property owners, making them a more attractive partner.
Driving Your Cap Rate with Tenant Insurance
Tenant insurance programs are key drivers of increased NOI, generating additional revenue streams that significantly boost a facility’s capitalization rate. By offering this service, operators not only protect tenants' belongings but also legally capture a share of the insurance premiums, turning tenant insurance into a critical component of a profitable operation.
The SBOATI Platinum Program: A Success Story
The SBOA Tenant Insurance Platinum Program is a prime example of a successful TI program. Over a twelve-month period, the Platinum program achieved an impressive adoption rate of over 70% across the SBOATI program portfolio. Part of this success is due to the program’s ability to add coverages that meet tenants’ needs, making it more appealing and comprehensive. This success story highlights the importance of choosing a tenant insurance partner that not only offers a valuable product but also supports implementation, education, and adaptability to tenant demands.
Programs
Ensuring Compliance and Reducing Risk
In today’s regulatory landscape, compliance is more crucial than ever. A reputable TI provider will help operators navigate complex insurance regulations, ensuring that their programs remain fully compliant. This not only mitigates legal risks but also builds tenant trust, as they can be confident in the legitimacy and reliability of their insurance coverage.
Conclusion
A well-managed tenant insurance program is a win-win for self-storage operators. By partnering with a provider that emphasizes ease of implementation, education, compliance, and tenant-focused coverage, operators can significantly enhance Cap Rate while improving tenant satisfaction. As demonstrated by the SBOATI Platinum Program, offering tenant insurance is not just a value-add but a necessity for operators aiming to maximize their facility’s potential.
Author: David Myers CPCU, AIC
AVP of Client Management
Cornerstone Insurance Producers
SBOATI
Enhanced Membership FREE for a Limited Time
The Storage Business Owners Alliance (SBOA) is the premier organization dedicated to supporting the needs of self-storage facility owners and operators. We offer a wide range of resources and services designed to help members enhance their operations, increase profitability, and stay ahead in the competitive self-storage industry. This year, the SBOA has introduced an Enhanced Membership program, providing additional benefits and exclusive opportunities tailored to the evolving demands of the market. And right now, you can get your SBOA Enhanced Membership FREE!
KEY FEATURES OF THE SBOA ENHANCED MEMBERSHIP
1. Exclusive Vendor Discounts & SBOA Product Discounts: Enhanced Members gain access to significant discounts from top industry vendors. These savings can apply to a variety of services and products, including management software, security systems, marketing solutions, and maintenance supplies. In addition, Enhanced Members receive a 10% discount on the SBOA Mystery Shopping and Internal Audit programs. By leveraging these discounts, members can reduce operational costs, improve their bottom line, and increase customer satisfaction.
2. The Latest Information & Education in the Self-Storage Industry: The SBOA understands the importance of continuous learning in maintaining a competitive edge. Enhanced Membership includes easy access to our live Self-Storage Unlocked webinars by skipping registration, plus 50% off the 2024 Storage for Rookies educational series. These educational webinars cover topics such as buying property, self-storage technology, security, revenue management, digital marketing, customer service strategies, legal compliance, and so much more.
3. Networking Opportunities: Building connections within the industry is vital for growth and innovation. Enhanced Members receive invitations to exclusive networking events at the national ISS and SSA Conferences. These gatherings provide a platform to share experiences, collaborate on solutions, and forge valuable business partnerships.
4. SBOA Weekly Newsletter & Quarterly Self-Storage Unlocked Magazine: If you're reading this, chances are you're already an SBOA Member. Enhanced Members not only receive these epublications, but have access to our archive as well.
Exclusive savings from SBOA Verified Service Providers
Half off on SBOA educational seminars, such as Storage for Rookies
10% discount on SBOA Internal Audit and Mystery Shopping programs
Cost Segregation: What is it, and How Can it
In the self-storage industry, both interior and exterior improvements are crucial for attracting customers who seek facilities that are well-maintained and secure for their valuables. While upgrades like new doors enhance aesthetics, they also improve security. Fortunately, cost segregation is a tax strategy that can help make these investments more affordable.
Understanding Cost Segregation
Cost segregation is a tax strategy that accelerates the depreciation of specific components within a building. Instead of depreciating the entire structure over the typical 27.5 or 39 years, cost segregation allows parts of the property to be depreciated over shorter periods of 5, 7, or 15 years. This approach can lead to significant tax savings during renovation projects, such as installing new doors, by reducing taxable income through accelerated depreciation.
By using cost segregation, property owners can potentially save up to $100,000 for every $1 million in building costs within the first five years of ownership. These savings provide more capital to reinvest in business growth and improvements.
Eligibility and Benefits
Cost segregation isn’t limited to high-value properties. Buildings with a cost basis as low as $250,000 or renovations of at least $100,000 may qualify. The strategy also includes Partial Asset Disposition, allowing owners to write off the value of discarded components during renovations, like old doors, minus any depreciation already taken.
This method is safe and widely accepted, with well-established federal tax code guidelines that have benefited hundreds of thousands of property owners over the past two decades.
The Janus R3 Program and Cost Segregation
The Janus R3 Program (Restore, Rebuild, Replace) pairs well with cost segregation. It focuses on upgrading storage unit doors, optimizing unit layouts, and enhancing security, enabling facility owners to charge higher rental rates and maintain a competitive edge.
Investing in upgrades through the R3 Program provides high-quality products and allows owners to leverage cost segregation for tax savings and insurance discounts. Enhancements improve the facility’s security, functionality, and return on investment (ROI).
Save Money on Renovations?
Why Upgrade Doors?
Self-storage doors experience significant wear and tear, making them ideal candidates for replacement Through Partial Asset Disposition, replacing these doors lets you deduct the remaining undepreciated basis, providing financial benefits
New doors also enhance safety, minimizing risks like tenants struggling with old doors or, worse, injuries leading to legal issues. Upgrading doors is wise whether or not you're utilizing cost segregation.
Janus International's NS Series is a top choice for door upgrades. The NS+ Door and NS Retrokit package offer reinforced security with robust lower bars and security clips that prevent unauthorized access. Anchored floor guides add stability, ensuring an additional layer of protection. The NS Series can also be equipped with the Nokē Smart Entry System for heightened access control, giving tenants peace of mind that their belongings are secure
Upgrading self-storage doors offers numerous benefits You enhance security for tenants and take advantage of cost segregation to save money and improve your facility These improvements allow you to charge premium rental rates, benefiting both you and your customers
With fast turnaround times, now is the perfect time to consider renovations. Contact Janus today to learn how cost segregation can enhance your projects and increase your facility’s value. Transform your property today, enjoying improved security and financial savings
Author: Brian Pascual Marketing Director
Janus International
Self-Storage Progressive Web Apps (PWAs)
During the tech boom, the internet became widely adopted and smartphones revolutionized the way we communicate. Along with smartphones came the rise of applications. While most people are familiar with apps, fewer are aware of Progressive Web Apps (PWAs) and their benefits for businesses.
Why Self-Storage Facilities Need PWAs
Progressive web apps (or PWAs) work similarly to traditional apps, with a few key advantages that make them a far superior option for storage facility owners. Designed to be accessed on a web
browser through any device, PWAs can be installed like a native application. Rather than going through the rigamarole of developing a native application for your storage facility, having a PWA instead can propel your business forward.
Improved User Experience
Progressive web apps work on any device and any browser, giving them cross-platform compatibility. Developers can create a single PWA that works across all types of operating systems. This ensures that customers can access the app anytime and anywhere. With reduced wait times and faster loading speeds, PWAs improve customer experience and satisfaction.
Offline Functionality
No internet connection? That is no problem with progressive web apps. PWAs allow users to access your website while offline. Offline functionality means tenants can access important information about their storage units, even if they are not connected to the internet. This consistency in service, especially in areas with poor connectivity, gives PWAs the edge in reliability and convenience.
Push Notifications
You can automate some parts of your business by enabling push notifications through a progressive web app. Send reminders for payment due dates, special offers, or important facility updates directly to users' devices. These notifications allow you to stay connected with your tenant base while keeping them engaged and informed. You will also reduce the likelihood of missed payments or forgotten reservations.
Cost-Effectiveness
PWAs are typically more cost-effective and faster to develop and maintain than native apps, requiring only one codebase for all devices. Maintenance becomes a breeze, as the progressive web app makes it easier to update and deploy changes without requiring users to download new versions from the app store.
Want to get started on developing a progressive web app for your business? The Storage Group® can help take your website to the next level. We are the leading experts in digital marketing and software solutions within the self storage industry. Get in touch with us by calling (407) 982-5456 to start building a PWA for your facility today.
Author: Lincoln Hawks
Senior Digital Content Writer
The Storage Group
Chatbots: Elevate Self-Storage Experience
Chatbots have become a growing solution for enhancing customer interaction and efficiency in the self-storage industry. If you've been considering implementing a chatbot on your self-storage site, this article will provide all the information you need to get started.
How Are Chatbots Used?
In a world driven by technology, chatbots have become a common business tool over the past few decades. While the first chatbot was created in 1966, the chatbots we see today are far more advanced. They are primarily used to provide quick responses to visitors' questions on websites and have increasingly become integral to customer service. Tenants often seek immediate answers, and a chatbot can deliver just that, improving their experience and satisfaction.
Types of Chatbots
Not all chatbots function the same way. Understanding the different types can help you choose the one that best suits your business needs. Here are the most common types of chatbots:
Rule-Based Chatbots: These chatbots follow predefined rules to respond to inquiries. They are ideal for answering frequently asked questions and handling straightforward tasks.
AI-Powered Chatbots: These chatbots utilize artificial intelligence to understand and respond to more complex inquiries, offering a more personalized and intelligent interaction.
Hybrid Chatbots: Combining the best of both worlds, hybrid chatbots handle simple tasks using rules and leverage AI for more complex interactions.
Benefits of Chatbots
You might be wondering whether it's worth the investment to implement a chatbot at your selfstorage facility. Here are some key advantages:
24/7 Availability: Chatbots can be live around the clock, ensuring that customers receive answers at any time without delay.
Instant Responses: Chatbots provide quick, real-time responses, significantly reducing wait times and enhancing customer satisfaction.
Scalability: Chatbots can engage with multiple customers simultaneously, making them highly efficient, especially during peak times.
Consistency: Chatbots deliver consistent and reliable information, minimizing errors and miscommunications.
Data Collection: Chatbots can collect data from interactions, offering valuable insights into common issues and customer behaviors, which can inform future business decisions.
Implementing a Chatbot
To successfully implement a chatbot on your self-storage site, follow these steps: Identify the Purpose: Determine what your chatbot will solve. Are you looking to enhance customer service or assist potential leads with their questions?
1. Choose the Right Platform: Select a chatbot platform that aligns with your needs. Many options are available that require little to no technical background.
2. Design Your Chat Workflow: Plan out the conversation paths your chatbot will follow. This includes scripting responses and considering different scenarios.
3. Test Your Chatbot: Before going live, thoroughly test your chatbot to ensure it functions as expected and provides accurate responses.
4 Launch, Monitor, and Adjust: Once live, continuously monitor the chatbot’s performance and make adjustments as necessary to improve its effectiveness.
5. Incorporating a chatbot into your self-storage business can greatly enhance customer service and efficiency. With proper planning, it becomes an invaluable tool for engaging tenants and potential customers, helping you make informed decisions and succeed in the digital age.
Connect with us at Hello@Zioncallmgmt.com or call us at 435.201.7030.
Author: Katie Johnson Director of Marketing Zion Call Management
Why Operators Cannot Afford to Overlook
Technology has become a vital driver of growth and survival in the rapidly evolving self-storage 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.
Technology Investments
As the self-storage industry grows more competitive, a commitment to forward-thinking 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.
Author: Olivia Leonard Marketing Specialist PTI Security Systems
Mastering Your Google Business Profile (GBP)
Google Business Profile (formally Google My Business or GMB) is a powerful tool that can significantly enhance your storage brand's visibility and attract local customers. By optimizing your GBP listing and integrating it into your marketing strategy, you can maximize your marketing impact. Let's delve into how you can unlock the full potential of GBP and amplify your online presence. Introduction to Google Business Profile
Google Business Profile (often referred to as GBP) is a free tool provided by Google that allows businesses to manage their online presence across Google, including Search and Maps. It serves as a digital storefront, providing essential information such as business hours, contact details, and customer reviews. Setting up and claiming your Google Business Profile is the first step towards leveraging this valuable resource.
Optimizing Your GBP
Optimizing your GBP is crucial for ensuring that your business stands out in local search results. This involves providing accurate and up-to-date information about your business, including your address, phone number, and website URL. Additionally, optimizing your profile with high-quality images, relevant keywords, and a compelling business description can improve your visibility and attract more customers.
Leveraging GBP for Engagement and Growth
Google Business Profile offers various features that allow businesses to engage with their audience and foster growth. Responding to customer reviews, posting updates, and sharing photos are all ways to actively engage with potential customers and build trust. Additionally, features such as Google Posts and Q&A can help you communicate important information and address customer inquiries directly on your GBP listing.
Integrating GBP with Your Marketing Strategy
Integrating GBP into your overall marketing strategy can amplify your storage brand's visibility and drive more traffic to your website or physical location. This can be achieved by encouraging satisfied customers to leave reviews, making improvements based on customer feedback, and actively managing your online reputation.
In conclusion, mastering Google Business Profile is essential for maximizing your marketing impact and attracting local customers. By optimizing your GBP, engaging with your audience, and integrating GBP into your marketing strategy, you can boost your online presence and stand out in a competitive marketplace. Contact StorageReach if you’d like to learn more about mastering your Google Business Profile!
Author: Kyla Kane Director of Marketing StorageReach
Intentional Revenue
We all know the common revenue driver is increasing rates. But what do you do when you're rates are maxed out? Are you just stuck? In a world where many operators are having to discount rates at move-in and be careful with rental increases for current tenants, finding a way to increase revenue requires some thoughtfulness and creativity.
One of the most straightforward ways to boost revenue is through ancillary sales Offering a range of packing supplies, such as boxes, locks, and other moving essentials, not only meets the immediate needs of tenants but also adds a convenient and profitable service to your business Collaborating with local moving companies or truck rental services can be mutually beneficial, offering tenants discounts while earning a commission for your facility. These partnerships can enhance the tenant experience, positioning your facility as a one-stop shop for all moving and storage needs. This requires intentionality. Ancillary products won’t move from the shelves on their own, local business collaborations don’t materialize without relationships and trucks don’t rent themselves.
Tenant insurance programs are another revenue opportunity for self-storage facilities and it is one that is finally gaining traction in the industry with many operators choosing to make insurance a requirement in their leases By partnering with reputable insurance providers, facilities can offer coverage that protects tenants' belongings and, in turn, generate income Education plays a critical role in the success of tenant insurance programs. By clearly communicating the importance of insurance and the potential risks of uninsured storage, operators can encourage tenants to opt into coverage. Education is also needed for the management team. Before a product can be sold effectively, the seller has to understand the value and benefits of the product. Be intentional about educating your team so they can educate your customers.
BUT before you worry about increasing ancillary sales or requiring tenant insurance, make sure your collections are on point Effective collections processes are vital to maintaining a healthy cash flow Implementing efficient systems, such as automated billing and text reminders, can significantly reduce the number of delinquent accounts. Automated systems ensure that tenants receive timely notifications about upcoming payments, reducing the likelihood of late payments.
Encourage autopay for every tenant. Be intentional with in-person rentals. Lead the customer down the path you want them to take Ask the customer which card they would like to use for their monthly billing Don’t ask them if they want to participate in autopay Be intentional with communication about your late fees and collection process Talking about this policy on day one of the rental sets the stage for future collections Your customers' attention to paying on time will mirror the attention you give to collecting
These strategies not only enhance the tenant experience but also contribute to the long-term success of your business. As the self-storage industry continues to evolve, embracing these creative approaches will help ensure that your facility remains competitive and profitable. Be intentional.
