Question #
What role will AI play in the future of self-storage operations?
Answer #
AI is evolving so fast that within the next five years or so, it will be common for owner/operators to use it to design their own websites and operating systems.
It can actually be done now, but soon, everyone, or anyone, will be able to do it.
This is when you will truly be able to outcompete any player in your market, even the big ones who can throw a lot of marketing dollars against you today.
In the future, AI will level that playing field.
It is actually happening now, but nothing like five years from now, in my opinion.
Smart decisions, access to data and the ability to make smarter decisions using it, along with being able to utilize AI either in current operating systems or in your own created systems, will give anyone operational strength in running their facility and/or business.
You can now run your monthly operational reports, P&Ls and balance sheets through AI, and not only can you see what dials and levers you can turn and pull, but you can even get specific suggestions on which vendors to replace and who to replace them with, facility by facility.
This is only going to be more accessible in the future.
We can, today, get suggested promotions of what units to offer specials on, what they should be, and who they should be targeted to.
We can get real-time suggestions on when it is good to refinance to reduce interest rates or mortgage payments and who to approach for the refinance.
Source: The Storage Business I Knew Is Gone–Here’s What’s Coming Next
