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High Vacancies

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  • High Vacancies

    I manage 2 locations. One is doing pretty good it's about 85% occupied, the other is about 70%. The lower one has 4 times the competition and they are offering the 1.00 move ins or 50% off first 2 months. I've been running the first 2 months at 50% off and some of my other units at 25% off at first 3 months. My defaults on these units is bad. I'm not only competing with almost brand new facilities, we are a much older facility but also with these $1.00 move ins which I don't want to do. Any advice ? TIA

  • #2
    Much older as in run down? If so you need to get it spruced up. If not, it's clean and neat and in good condition put a sign with funny saying out front or flutter flags to garner attestation and spruce up the website with all of the positives. Maybe instead of the standard sale (ugh, 1.00 move ins attract the worst tenants) try something else. Pay two months, get the 3rd free. Free lock! Or add a package of boxes as an incentive. Pay one month, get second free and a package of 5 small boxes, 2 med and 2 large on move in. Something in that direction.
    I want buns of steel.
    I also want buns of cinnamon.

    Newcastle, WA

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    • #3
      Originally posted by KrisinNC View Post
      Much older as in run down? If so you need to get it spruced up. If not, it's clean and neat and in good condition put a sign with funny saying out front or flutter flags to garner attestation and spruce up the website with all of the positives. Maybe instead of the standard sale (ugh, 1.00 move ins attract the worst tenants) try something else. Pay two months, get the 3rd free. Free lock! Or add a package of boxes as an incentive. Pay one month, get second free and a package of 5 small boxes, 2 med and 2 large on move in. Something in that direction.
      It's clean and in good condition, just old. I have two huge banners across the front. It's in a business area and kind of isolated. I've tried running google ads, etc but it's just not getting us results. Our google reviews are at a 5 so it's not that. Thanks for the tips.

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      • #4
        You'll definitely need to be at your best and look for ways to outwork your competition. Sometimes this means affiliating with other business, being part of local big charity initatives or finding business through your strong community presence and reputation. Also, do you have advantages such as row style drive up units, whereas your competitor may be multi storey and have less drive up units ... etc ...

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        • #5
          Originally posted by Madman View Post
          You'll definitely need to be at your best and look for ways to outwork your competition. Sometimes this means affiliating with other business, being part of local big charity initatives or finding business through your strong community presence and reputation. Also, do you have advantages such as row style drive up units, whereas your competitor may be multi storey and have less drive up units ... etc ...
          Yes our units are all drive up. We are going to be contributing units to our local womens shelter and possibly be a drop off for Food bank.

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          • #6
            Your concern needs to be on making money, not %ages. The other facilities area in a race to the bottom, dont join them.

            Look at it this way. If you drop your prices to $1/unit you will be 100% full but going broke. If you charge $300/unit you will get more people to rent, you will not be close to full but you will be making money. You need to know YOUR numbers and go from there. Feel free to PM if you want more details

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            • #7
              Originally posted by storage-gal View Post

              Yes our units are all drive up. We are going to be contributing units to our local womens shelter and possibly be a drop off for Food bank.
              You might try other services too if your not already, we do faxes, copying, we have mailboxes, shipping, keys, etc. Our area is pretty rural, so we have a lot we can offer our town so people don't have to drive a million miles to get something done, but something like that might work for you too to draw more people into your office.
              "I don't understand your specific kind of crazy but I do admire your total commitment to it!"

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              • #8
                Sometimes those "Move in for $1.00 specials" are not as great as they seem. They may pile on additional admin fees etc., Find out what the real scoop is on those "deals" and you may be able to sell your facility on that info.

                We are a small family owned facility and we pride ourselves on that and like Madman suggested, we have really immersed ourselves into the local community. We have someone who goes to Chamber of Commerce meetings etc.
                A lot of folks are looking to investing into their local communities these days. We also have an advertising company that has created a booklet advertising local business and we have invested in ads with them. If you are local, really play up the LOCAL business thing. People are willing to pay an extra $10.00 per month if they know it is benefiting the local community.

                Also, people really look at ratings. If you have a satisfied tenant, no harm in asking them if they could rate you on Yelp of Google reviews.
                Best of Luck!

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