Thread: ISS Expo Q&A

This thread is for off-site participation in the Self-Storage Q&A, hosted by Jim Chiswell and Mel Holsinger, which is part of the Day One education at the Inside Self-Storage World Expo in Las Vegas. The thread is currently locked but will go live at approximately 7 p.m. EDT (4 p.m. local time) on Wednesday, March 14, about a half hour before the session begins.

When the thread opens, you can start submitting discussion questions for consideration to be read aloud and opened to the floor in Las Vegas. Answers will be typed in as they come in from the crowd.

Questions FROM Las Vegas will also be typed in the forum. Feel free to weigh in with your answers, and answers will be read to the group periodically during the session.

Moderators, please don't post in this thread until it is open. Thanks everyone! We're really looking forward to this interaction.

This thread is officially open for posts. The Q&A kicks off in 20 minutes from Las Vegas. Post your questions about anything industry-related right here.

Discounts? The past few years I have offered discounts. Finally my occupancy has rebounded. I am looking for creative discounts/specials that are not discounting the rent. Many consumers are in the "discount" mindset after the slump in the economy the last few years.

Here's mine:

When updating/remodeling an older facility, what areas should we focus on?

on a small budget?

on a medium sized budget?

Have read about carpeting some units and piped in music. What are your thoughts?

We'll take a question from the forum in a few minutes. Here's one from the event: should new facilities have resident managers or not?

Another question: How do rising gas prices affect the industry as a whole & overall occupancy?

Originally Posted by JulieA

Discounts? The past few years I have offered discounts. Finally my occupancy has rebounded. I am looking for creative discounts/specials that are not discounting the rent. Many consumers are in the "discount" mindset after the slump in the economy the last few years.

Julie, one presenter made a great point about this very issue today. He recommended that instead of discounting you're much better off giving free month(s). Discounting requires a letter of increase at some point, whereas if you contract somebody for the street rate and give them a free month there is no further contact with that tenant, the rent just starts being due.