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  1. #1
    BKILLA1983 is offline Junior Member
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    Talking How to increase occupancy without giving away the farm?

    Hello everyone I am still kinda new to self storage and was wanting to know if any of you had any suggestions or tips on how to raise income and occupency without giving away to much of the income?

  2. #2
    Gina6k's Avatar
    Gina6k is offline Moderator
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    THAT is THE $64,000.00 question!

    Look through the threads, especially marketing and see if anything helps you there. If only we all had the answer.
    Gina 6k
    CochraneStorage dot com
    Morgan Hill, California
    twitter.com/CochraneStorage

    You only live once, but if you do it right, once is enough!
    I am not an attorney, just an experienced manager who is willing to share what I have learned. Your thoughts, practices or opinions may vary and neither of us may be right.

  3. #3
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    Well, we've tried everything that corporate will allow. Basically what they want us to do is take 300-500 flyers daily and market to apartments, businesses, etc. We've done that and more. Sometimes as much as 700 flyers in a day, all colorful with our current special on it. We smile a lot, give them the whole spiel and let them have a fat stack of flyers. Going on a month or more and really no one is biting. It's the economy. It's slow. Something we can't really help and hopefully corporate will get it through their thick heads that their expectations are just a bit too high this time of year with the reality of things as they are.

  4. #4
    BKILLA1983 is offline Junior Member
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    It seems like alot of our large business's have over the last 6 to 8 months have been moving out. I asked a couple of the business owners why the move out and they blame it on the economy and that they need to cut down costs any way possible. Then at the same time we have had a flux of move outs from tenants who say they have found houses. One tenant even said that he was approved for a house with a credit score of 580. I know we can't really do anything about move outs but then we get reemed by the heads because we need to increase occupancy and income. But also we have 6 competitors one of which basically dropped his prices by $20 bucks and filled up full. One who runs a $1 move in special with a free truck, and one with a first month free. But like i said when we try to run some sort of special to bring in tenants we are told its to much?!?!? Thanks for the suggestions

  5. #5
    Gina6k's Avatar
    Gina6k is offline Moderator
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    I think it is Autodoc who has been guaranteeing current rates for 12 months, with no increases.

    This might be a good thing to try since your owners don't like the specials to draw people in. PLUS you can tell people who call or visit that you will guarantee their rate, and then as them but will the other guys guarantee one year at a fixed rate with their $1 move in. It's worth a shot if ownership will agree to it. At least it gives you a leg up to counteract the $1 move in.
    Gina 6k
    CochraneStorage dot com
    Morgan Hill, California
    twitter.com/CochraneStorage

    You only live once, but if you do it right, once is enough!
    I am not an attorney, just an experienced manager who is willing to share what I have learned. Your thoughts, practices or opinions may vary and neither of us may be right.

  6. #6
    MisterJim444 is offline Senior Member
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    BKILLA1983

    One thing that I would urge you to do is look at your existing customers from two perspectives. The first is what percentage of your clients are on autopay with credit or debit cards. Second factor, what size unit do these folks use? If you track both of these factors simultaneously versus your other customers paying by cash or check, you should find your autopay folks are staying longer. So one of the biggest things you can do is push the use of autopay to new move-ins. If you have an admin fee consider waiving it for the tenant that goes on autopay or some other incentive to get them to sign up. I have seen first hand facilities where the autopay customers are staying 40% longer, but you will never know unless you track the data and use it to your advantage.

    Another thing that I find most managers and owners are not taking advantage of in making their sales pitch is the issue of Security Deposits. Do you charge a Security Deposit? If you are like the vast majority of the industry - the answer is No. However, I am willing to bet that you don’t even mention this to a new customer. By simply stating to the prospect, “I also want you to know that we will not be charging you a security deposit with this rental.” You are telling the truth, but at the same time providing the impression that they are saving the security deposit money by renting with you that they might have to come up with somewhere else.

    MisterJim444
    Learning Never Ends, But Will Time?

  7. #7
    Join Date
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    Quote Originally Posted by BKILLA1983 View Post
    It seems like alot of our large business's have over the last 6 to 8 months have been moving out. I asked a couple of the business owners why the move out and they blame it on the economy and that they need to cut down costs any way possible. Then at the same time we have had a flux of move outs from tenants who say they have found houses. One tenant even said that he was approved for a house with a credit score of 580. I know we can't really do anything about move outs but then we get reemed by the heads because we need to increase occupancy and income. But also we have 6 competitors one of which basically dropped his prices by $20 bucks and filled up full. One who runs a $1 move in special with a free truck, and one with a first month free. But like i said when we try to run some sort of special to bring in tenants we are told its to much?!?!? Thanks for the suggestions
    This is exactly what we're dealing with where we're at now. A lose lose situation, if you ask me.

  8. #8
    dennybeall is offline Senior Member
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    Nature Coast of Florida
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    We find that we can have no effect on the total number of storage clients in our area. It's not like retail - you can't talk them in to a new TV.
    So, we make our facility be the cleanest, most insect and rodent free facility with the nicest, most competant employees.
    We are the most expensive facility in our area but have one of the highest occupancy rates.

 

 
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