Are you a self-storage owner looking to fill those units and maximize your profits? Whether you’re a seasoned operator or just starting out, one thing remains constant: maintaining high occupancy rates is key to success in this industry. By incorporating the right tactics and strategies, storage owners can attract new customers and keep existing customers, leading to increased revenue. Since this time last year, storage occupancy rates are down 13.8%. This blog post will explore practical strategies to help boost occupancy in the self-storage industry.
Enhance Online Presence
An online presence is vital in drawing customers to your facility. Even if your facility is not yet open, it is crucial to have your website up and running before opening. This will allow potential customers to familiarize themselves with your facility, enabling you to build a customer base before even opening.
Invest in a user-friendly website and software that will allow your facility’s amenities and features to stand out. A user-friendly website should be very easy to navigate, regardless of age. If your goal is to attract renters, make it very accessible for them to sign up for a unit and pay online. Additionally consider adding features like blog posts, customer case studies, and relevant information for self-storage operators. Not only does this enhance user experience, but it also increases your website's visibility and ranking on search engines like Google.
Advertisement
Nowadays, it’s not enough to just have a great facility, you need to let people know about it. Consider running targeted campaigns like Google Ads or Facebook Ads. A proven method is investing in pay-per-click (PPC) advertising to target potential customers in your surrounding areas. Both platforms effectively increase your facility’s visibility quickly and efficiently. Google Ads will actively target people looking for a facility, so your ad will reach the right audience. Remember to focus on quality over quantity in your ad campaigns to attract the right audience rather than just accumulating clicks.
Offer Promotions and Incentives
Who doesn’t love a good deal? Get creative with promotions and incentives you offer at your facility. A simple $20 off your first month’s rent could do the trick. Taking it a step further, explore discounted long-term rentals, referral discounts for existing customers, or freebies such as moving supplies. Limited-time offers can create a sense of urgency and encourage customers to take action.
An effective referral program can also help yield results, attracting new customers and retaining current ones. By incentivizing existing and potential customers to refer others, you can increase your facility's visibility and attract a steady stream of new tenants. Keep in mind that your referral program should be set up so that new customers have to rent for a certain period of time to make it worthwhile.
Leverage Online Reviews
In today’s age, online reviews can make or break your business. Encourage satisfied customers to leave online reviews on platforms such as Yelp or Google. Demonstrate your commitment to your customers by promptly responding to all reviews (yes, even the negative ones). Timing is crucial when asking tenants to leave reviews, as customers are more likely to leave positive feedback when their experience is fresh in their minds. And remember, authenticity is critical because people can smell a fake review from a mile away.
Research indicates that 93% of tenants say online reviews impact the company they choose to rent from.
By implementing these strategies, self-storage owners and operators can position themselves for success amidst challenging market conditions. From enhancing online presence to offering promotions, there are many tactics to look at implementing to help your business thrive during low occupancy.
