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2021 Goals & To Do's

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  • 2021 Goals & To Do's

    Hello Everyone, I am starting to put together our 2021 Goals and to-do's for our sites to present to the big boss for final approval. What is everyone looking at for 2021...with everything going on with this year, we still want to present a "normal" outlook and not "everything's on fire!" plan. What are you looking at for:
    • Revenue % over 2020
    • What % of customers / move in's should be enrolled in auto pay, or require auto pay across the board for new move in's
    • $ total for retail sold per self storage unit move in
    • Past due totals
    • Insurance / Protection Plan penetration site wide / total per rentals
    • Discounts offered
    • Anything else?
    • What should managed rates look like for next year...we charge 10% over Standard when unit occupancy hits 90%
    • What are your rate increases looking like? We do 10% every 9 months and their first can be on their 4th month is given any discount at move in
    • What type of discounts are you looking at offering

    For 2020 we have been completing our competition surveys every month and adjusting our standard rates then, does anyone suggest a good service for this, that's isn't too expensive? We have 4 stores all in different markets.
    Thanks!

  • #2
    Are you sure one size fits all for all the facilities and neighborhoods they are in? We do rate increases as needed and not on a schedule of 9 months. I have had 6 years in a row of increases over the year before and will do it again this year for a total of 7. We stress the security of the facility and run absolutely no specials. I give multi month rent payment discounts, senior citizen and military and first responder discounts, that is all. We have been doing "must do" auto pay for all new tenants for about 3-4 years now. I highly recommend this to all facilities. Except for last month I have had zero receivables at the end of the first 9 months of 2020 and feel the auto pay plays a big part in this.
    "Never let the inmates run the asylum!"

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    • #3
      Originally posted by pacnwstorage View Post
      Are you sure one size fits all for all the facilities and neighborhoods they are in? We do rate increases as needed and not on a schedule of 9 months. I have had 6 years in a row of increases over the year before and will do it again this year for a total of 7. We stress the security of the facility and run absolutely no specials. I give multi month rent payment discounts, senior citizen and military and first responder discounts, that is all. We have been doing "must do" auto pay for all new tenants for about 3-4 years now. I highly recommend this to all facilities. Except for last month I have had zero receivables at the end of the first 9 months of 2020 and feel the auto pay plays a big part in this.
      For our rate increases, we have taken a REIT approach, rates goes up on a schedule, but can easily be adjusted at a site level based on demand, customer issues, occupancies, etc.

      Our discounts have been very limited already due to almost all unit groups being over 90%, if a discount is applied, auto pay is required, no questions. The only other discount is 6 month or 12 month pre-pay and maybe 5 customers across all the sites take advantage because we don't offer a whole lot.
      Thanks!

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      • #4
        The multi month rent pay for discounts is usually the commercial accounts but I do have some long time tenants that do it as well. Right now I average 55-60 total tenants a year that take advantage of the multi month discount. I emailed and sent out snail mail reminders to 12 tenants for the month of December.

        The one thing I hear most about the REIT's is that they raise rents on a schedule that seems to be every 9 months and I for one would not like it at all. It is only IMO.
        "Never let the inmates run the asylum!"

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