Short answer: Mark believes smaller operators who learn the game can go head-to-head with REITs for the same customers, because self-storage is a hyper-local business. He focuses on three things: fair, transparent pricing that customers know about; real partnerships with local businesses; and measuring community involvement alongside the standard KPIs.
Why a smaller operator can compete #
Mark admits he once worried about competing against REITs, which have far more money to spend on marketing. His view changed over years of competing with them and with larger regional operators. The advantage he sees is that storage is decided trade area by trade area, and a local owner can be part of that community in a way a large operator usually isn’t.
This assumes the basics are in place: the facility shows up online and in AI search answers, with a relevant website and some combination of SEO and paid ads.
Mark’s three ways #
- Fair, transparent pricing. No low introductory rate followed by endless increases. Rate increases still happen, but they are fair, and customers don’t pay above street rate just because moving out is hard. Mark says to explain this on every inquiry call, in every ad and on the website.
- Local business partnerships. At Mark’s facilities, managers belong to local business organizations, take booths at business fairs, refer business to other members and host events at the facility.
- Measuring community, not just occupancy. Alongside occupancy and delinquency, track measures such as referrals from local businesses, event attendance and repeat business. Mark’s free Community Scorecard is a one-page worksheet for this.
In Mark’s words, the aim is to “embrace hyper-localism” and become known as a valued member of the community, facility by facility.
Related answers #
- Why do fair, transparent rate increases matter in self-storage?
- Do REITs outperform smaller self-storage owners?
- What should a self-storage manager measure besides standard KPIs?
Source: Mark’s post Three Ways a Smaller Operator Can Win the Customer Game Against REITs
