As a self storage business owner, do you know what your main KPIs (Key Performance Indicators) are? https://youtu.be/5d9HcMmKOd0 I wrote about them in the book Creating Wealth Through Self Storage. There are several KPIs we can track, but the most important one, in my...
One of the innovations the self storage industry has come up with recently is “Demand Pricing.” This is unit street pricing that adjusts daily or weekly depending on the availability and occupancy in a submarket. For example, a facility could usually rent a 10 x 10...
I am on a self storage mission this year. My mission is to close the gap between how the larger players in the self storage business and the smaller investors run their businesses. In last week's episode, we discussed the data analytics program available to us today....
I realized we were behind the curve in running our self storage business when we had an Extra Space open up in our submarket. Our facility had been enjoying over 95% occupancy for years. We had regular rate increases. Everything was firing on all cylinders. We would...
https://youtu.be/3rzakflEsg8 I read an article in the Wall Street Journal in January about all the new self storage space coming online. It was the typical, overbuilt sector article we are seeing today. But one thing got me thinking hard. It was the quote from an...
Self storage is the best business there is for the small investor. It has all the benefits of a real estate play and few of the drawbacks associated with traditional investment real estate. It is also an operating business with very predictable cash flow. Because of...
As we explore this new online marketing landscape for self storage, you'll see that it takes a whole new way of looking at how to get customers. https://youtu.be/_Ooly-p0634 The path to connecting with our client base online is not clear. We have to provide the right...
Last week we started creating a Facebook Ad Campaign for your self storage facility. Let’s continue. https://youtu.be/KJggwAkWSig If you remember, we set up the Campaign. We chose the campaign objective. In this scenario, we choose “Conversions.” If you run this...
In this series of Episodes, we are exploring online marketing strategies to fill up, then keep full, our self storage facilities. The days of just showing up and having 90% plus occupancy are gone. If that’s not happening where you are, it’s coming to an end soon....
As the self storage industry changes, grows and evolves, nothing changes faster than how we market for new customers. In the first facility I was involved with, 86% of our customers came from the Yellow Pages. The last time I ran a Yellow Pages ad, I lost around...
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