Recession and how you are coping with it

[DarlaH]

How are you keeping renters moving in and what do you do to get more people renting

[KrisinCali]

I haven't received one call today. We're comparable with other facilities. We have specials-it's just slow right now. Plus people are paying $8 for a carton of eggs, then can't afford self storage.

[lady5563]

We closely watch all storage properties within 5 miles of any of our locations and will adjust our street rates accordingly.

We keep our properties clean, safe and secure.
You have to answer and/or return each and every phone call and turn those leads into rentals.
When a prospective client walks in your office are you standing up to greet them and appear to be happy that they have walked in?
Having knowledge of the sizes and offering up solutions to get them the best rate will usually get them to sign up right away!

Good luck!

[fishhu1968]

I keep in contact with my competitors on their availability. May sound strange but it works in my area. We all stay almost fully occupied so I like knowing what's available and it helps our business when we refer customers to each other. I also agree with Lady5563, call every customer back! Even if they didn't leave a message! I check every missed call. They are either looking for storage or wanting to give you money! LOL

[helenatim]

I keep in contact with my competitors on their availability. May sound strange but it works in my area. We all stay almost fully occupied so I like knowing what's available and it helps our business when we refer customers to each other. I also agree with Lady5563, call every customer back! Even if they didn't leave a message! I check every missed call. They are either looking for storage or wanting to give you money! LOL

Good points. Most of my credible competitors have websites, so it's easy to check prices and availability. And I also answer my phone and call back any missed callers. We have picked up a lot of rentals that way.

[KrisinCali]

Good points. Most of my credible competitors have websites, so it's easy to check prices and availability. And I also answer my phone and call back any missed callers. We have picked up a lot of rentals that way.

I didn't have one call yesterday, but had three today and will have two rentals out of it. So not bad, but very uneven.

[Clarkstoragellc]

DarlaH
Please look up a post I did. Use my username and the following: Self storage- Marketing strategy work 08 2021

[Clarkstoragellc]

DarlaH
If you could do two Google searches. Date: 03/15/2023
A. Sparefoot- Council bluffs, Iowa. Sparefoot does 4 searches, Recommended, Price, Reviews, distance. Look at the top location under all four categories. Look at the names of other locations below. Do the same thing for Omaha, Nebraska.

B. Google- Self Storage Council Bluffs, Iowa. Go to the map section and see the top three recommended on the map section. Look at the others listed, not shown.

It will be helpful if you describe your situation. What is your occupancy, how do your rates compare to other people, are you a new location, are you in the north/south, go through the checklist on the post I noted above, and which ones don't you have covered.

Forget inflation, market economy, etc. It's about your specific location and marketing approaches.

[Hilltop_Bob]

While the country as a whole is not in a "Recession", a local economic downturn coupled with high inflation will definitely effect some markets.
Our jobs, housing and output are still in good shape, however; if we get below 90% and the wait list has been exhausted we'll react accordingly. Most likely with move in and pre-pay specials. Historically our data shows April being a consistent indicator how the next 4-5 month will play out. We are planning our new pricing strategy; making any needed adjustments before we implement it at the beginning of May. Unless things get out of control, adjusting street rates constantly is a no-go for the owners here. My goal is to get everyone I can on auto pay, so our planned rate changes are going to automatically offer substantial discount incentives for auto/ACH customers across the board. Street rates here have fallen over the last few months, but that's typical for winter.