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Reserving/Wait listing for new units in development.

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  • Reserving/Wait listing for new units in development.

    Hello All,

    I am sure there is a thread somewhere that has discussed this, but I searched around couldn't find one.

    We have an existing facility (built in the 70s) and are currently expanding it by 21 to 27 units. We have placed deposits on buildings and are getting engineering foundation plans right now.
    My thinking is that the buildings will be completed by mid to late summer, but Murphy's law might say otherwise.

    When do you all start advertising the new units? Before, during, after construction?
    Do you simply compile waitlists or actually take deposits for units?
    I would like to have some leads once the units are ready, but I feel weird taking deposits/reservations/leads on something that is not yet constructed.

    Thank you in advance,

  • #2
    That is a tough one. I would want to get the ads out there about the new units and take the reservation money and make them not refundable but then, sure as you do, the pandemic or contractor will bite you in the arse and then you have mad future tenants that will demand their money back. I use the term "full disclosure" all the time to my tenants and prospective tenants. I would tell the prospective tenants that the deposits are not refundable if you meet the specified timeline. If you don't, they can get a refund or negotiate a special deal for the first month or two of tenancy.
    "Never let the inmates run the asylum!"

    "Honk if you love Jesus, text if you want to meet him"


    • #3
      When were building our facility in Myrtle Beach all we'd done was put 'Outbox Self Storage-Coming Soon' and I was getting calls in Charlotte, NC to be placed on the waitlist. It was ridiculous. People were asking what sizes etc and we hadn't even figured out the unit mix.
      I would just put up a banner -"New units-Coming in August!' and then don't' be surprised if you get calls.
      "Carpe the HECK out of this diem."
      WA state


      • #4
        In the past, I have posted three weeks prior to the estimated opening and stated it is an ESTIMATED opening date and take reservations for the units. I'm assuming that the rest of your facility is full, or you just feel that those that are presently renting with you will want to go to the newer units? I wouldn't take any reservations prior to three weeks of the estimated date - as with most construction I've been involved, it usually runs a month or two later than planned. Good Luck!
        Throw kindness around like Confetti - But don't get glitter in your eyes!


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