Improving Self Storage Margins – Part Three

Increase Efficiency

Have a careful look at the processes and procedures of your self service storage . Find all bottlenecks and the areas of wastage. Draw an entire cycle a customer goes through when he or she hires the store unit, from calling the customer service to vacating the unit. Also, collect all data pertaining to customer queries, leasing of units, payments, renewal of leases, defaults, and so on. This will help in determining how much time it takes for a customer to lease a unit, what is the average length of time for which the customers hire the store units, what is the percentage of defaults in rents, what kind of people use your facility, what is the conversion rate, i.e., how many customer queries are converted into sales, and so on. Proper analysis of these statistics would help to chart out an appropriate action plan for improving efficiencies of the systems. For example, if you find that your customers are too busy to pay rents on time, then introducing an online payment system would lead to fewer defaults. Automating the office systems will help you in reducing the costs, and therefore, in increasing margins. It will not only save the time of the employees, but also reduce errors and hasten the process of decision-making. Moreover, the customers will benefit from better services.

Go Green

The main overheads in self service storage are electricity and maintenance costs. You can reduce the electricity bills drastically by opting for green measures like using energy efficient appliances, LED or CFL lights, and solar-operated appliances. This will reduce your overheads, and thereby, increase profits.

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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