The self storage industry has found itself at a major crossroads, where some facilities are over 20 years old but only limited maintenance has been done to keep them relevant in this rapidly evolving industry. Today, prospective tenants have high expectations and might drive past outdated facilities to find more modern properties that have better offerings, such as smart entry units. Luckily, with a little work, older facilities can be optimised to compete with newer facilities. While you’ll have the constraints of the old construction design, there are several things you can do. Here are 5 methods to help optimise your self storage facility.
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- Door Replacements
While the industry often talks about how important it is for your doors to look their best, their operation is just as significant. After all, your doors are the only item your customers will physically touch each time they visit your facility and they can be a liability for you as the owner. It’s absolutely necessary that your doors are easy to operate and function in an optimal condition at all times.
Replacing your unit doors could increase your property value, which might give you the ability to increase rental rates over time. Not to mention, newer and safer doors can potentially unlock insurance discounts and cost savings through reduced maintenance and repairs. The increase in revenue combined with your cost savings could increase your return.
- Roof Replacement
If your roof is old or leaking, it will be tough to retain customers and impossible to increase rental rates over time. At the end of the day, a dependable roof is just as important as the foundation of your building. If your roof is leaking, it can result in damaged tenant property or even mould growth inside of your building. Luckily, with innovative and cost-effective re-roofing solutions, you don’t have to close the business to re-roof your building.
- Maximising Space
When you have an older facility, your facility was designed and built off the demand at that time. Demographics change, which may call for an upgrade to maximise space at your self storage facility to stay relevant in the eyes of today’s consumers. Take a look at what units are most successful at your facility and the facilities around you, or contact the experts for a to determine which units would be most profitable at your facility.
Signs it could be time for a change:
– Not getting the most out of your current site.
– Sold out of units or have underutilised land.
– Not offering wine or external units.
– Wanting to maximise your per sq. ft. rental rates.
- Smart Access Solutions
Evaluate the process of how your customers enter and exit your site. Is it user-friendly? Things like security gates with mobile app entry and automated rental processes can attract customers while creating a competitive advantage.
Industry leading smart entry systems provide tenants with a digital key that grants them access to your facility’s gate, entry points, lifts, and their individual unit so they can access their belongings whenever it’s most convenient for them and also provides additional security features.
Starting with small maintenance jobs may be a quick fix and a sensible short term solution, depending on your overall business goals. Maintenance work such as fixing doors, replacing locks or partitions, re-painting and smaller repairs to a facility can also make a big difference in appearance. If you are regularly keeping up to date with smaller jobs, this can also help to optimise your facility.
Talk to the experts to learn how you can increase your property value and drive more revenue through facility renovations and upgrades!
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