Thread: Is Technology a Self-Storage Game Changer?

Interesting interview today on The Street with Extra Space President Spencer Kirk who touts technology as being instrumental in the company's growth. In fact, he calls technology a difference maker in the industry.

From the interview:
"Technology is the enabler that is driving the results of well-performing operators and is the bane of other operators who have yet to harness its benefits. The Internet was often hyped up as 'the great equalizer,' but we've found that it's proven to be 'the great divider.'"

What do you think? Accurate?

What are the three most critical technological implementations self-storage operators must use to effectively compete in today's market?

I guess I could come up with 3, but around here, nothing beats the FREE MOVE IN TRUCK!

Originally Posted by TonyISS

Interesting interview today on The Street with Extra Space President Spencer Kirk who touts technology as being instrumental in the company's growth. In fact, he calls technology a difference maker in the industry.

From the interview:
"Technology is the enabler that is driving the results of well-performing operators and is the bane of other operators who have yet to harness its benefits. The Internet was often hyped up as 'the great equalizer,' but we've found that it's proven to be 'the great divider.'"

What do you think? Accurate?

What are the three most critical technological implementations self-storage operators must use to effectively compete in today's market?

It sounds like the typical CEO propaganda, we are perfect, we don't do anything wrong, we are the best, the rest of you a just lowly rookies.

As for implementations:

1. The internet.

2. Keep the place unbelievably clean.

3. Be so nice to your customers that they will take pride in storing at a facility that does not shove insurance down their throat and several rent increases per year.

I agree with Hurlco 100%!!!!! (Quick someone check to see if hell has frozen over!)......but he is absolutely correct. And as far as item 3 on his list, um...the company whose CEO is quoted in the first post is the industry leader in number of rent increases per year they apply to each tenant.

In Florida, we used to catch their customers going by as they were fleeing their 3rd increase of the year.

Tony:

I am onboard with Hurlco's comments as well. There is no question that the application of a variety of new technologies is having an impact on the self storage industry. Yes, the Internet can help drive traffic to a specificlocation. Yes, call centers can help to convert callers to reservations. And yes, self service Kiosks can convert potential customers to renters in off-hours.

However, there is never going to be a replacement for the men and women behind the counter. They are the ones that create an environment of trust and confidence when folks are, many times, at difficult times in their lives. People still and always will make the biggest difference in our industry and the level of Customer Service provided is ultimately the difference.

I have been involved in our industry for 28 years and have witnessed its evolution. I have watched first-hand how great managers impact a facility's performance. One case in particular comes to mind where a couple was hired and outperformed all the numbers to the point that the owner had to keep building new buildings so they had something to rent.

Technology has a role to play, but when that potential customer walks in the door she or he will be renting from the person behind the desk - who welcomes them and helps them solve their storage problem.

MisterJim444

Still boils down to customer service, cleanliness, price, security, etc.

Oh goodness hurlco, you just hit the trifecta! I completely agree with your three points also. But heaven forbid what you just did hurlco!! You should be horribly ashamed of yourself! Why you ask? Because you just put the secret sauce recipe out there for all the other owners, REITS et all to see. Tsk-tsk. Ha-ha, no worries though, they'll never believe it could be that simple so we're all probably still safe.

Originally Posted by Gina6k

Oh goodness hurlco, you just hit the trifecta! I completely agree with your three points also. But heaven forbid what you just did hurlco!! You should be horribly ashamed of yourself! Why you ask? Because you just put the secret sauce recipe out there for all the other owners, REITS et all to see. Tsk-tsk. Ha-ha, no worries though, they'll never believe it could be that simple so we're all probably still safe.

Thank you for the kind words Gina6k. It is especially nice coming from you, Mr. Jim, LisaT, all fellow managers that I admire, thank you!!!!!!

The internet is great for advertising but I don't think it wins over local customers more than simple word of mouth. The long distance relocating customer is a different matter, that is where the internet shows its value but savvy customers look at the review sites more than company websites.

Originally Posted by ghostymosty

The internet is great for advertising but I don't think it wins over local customers more than simple word of mouth. The long distance relocating customer is a different matter, that is where the internet shows its value but savvy customers look at the review sites more than company websites.

Couldn't agree more .... but I am afraid that is changing . A new study was pointing out that word of mouth is being "replaced" by online reviews . Not sure If I personally believe that but if it turns out to be true we will have to adapt .