27 min
237. How to Improve Operations - This is how we compete w/ storage REITs! Self Storage Income
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- Investing
Big REITs can raise and lower prices whenever it suits them - but is this actually the best way to treat your customers? We don't think so.
Instead, we focus on operations - how can we improve, so the customer gets a better product??
Our operations team has been visiting our facilities to look at what we can do to improve the value we provide to customers. Are we missing a piece of equipment that would make cleaning easier? Are we making sure we respond to customers' concerns in a timely manner? Then, how do we pass this feedback along from customers to employees to managers?
These are all critical areas of day-to-day business that hugely impact our customers' experience. This is how we compete with the big REITs. They have the means to slash prices that many operators cannot afford. But what you CAN do is to IMPROVE the value you provide for the money.
If $90 can get you a bigger unit for the same cost as a smaller one, making this known to your customers when they're looking to purchase can be a huge win and help you stand out from the REITs that move you in at $50 then jack up the prices in a few months. As a customer, which company would you think more positively about?
We talked about the Pros & Cons of buying out of state in a recent YouTube video, but in this episode, we dive deeper into the ins and outs - the caveats, the behind-the-scenes - of how we manage our facilities despite them being hundreds of miles away.
Enjoy this podcast? Leave us a great review wherever you listen!
Ready to buy storage? Have your deals personally evaluated by AJ and our team!
https://www.selfstorageincome.com/feasibility
Take advantage of today’s market conditions and invest with us:
https://cedar.cc/invest
Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/
Big REITs can raise and lower prices whenever it suits them - but is this actually the best way to treat your customers? We don't think so.
Instead, we focus on operations - how can we improve, so the customer gets a better product??
Our operations team has been visiting our facilities to look at what we can do to improve the value we provide to customers. Are we missing a piece of equipment that would make cleaning easier? Are we making sure we respond to customers' concerns in a timely manner? Then, how do we pass this feedback along from customers to employees to managers?
These are all critical areas of day-to-day business that hugely impact our customers' experience. This is how we compete with the big REITs. They have the means to slash prices that many operators cannot afford. But what you CAN do is to IMPROVE the value you provide for the money.
If $90 can get you a bigger unit for the same cost as a smaller one, making this known to your customers when they're looking to purchase can be a huge win and help you stand out from the REITs that move you in at $50 then jack up the prices in a few months. As a customer, which company would you think more positively about?
We talked about the Pros & Cons of buying out of state in a recent YouTube video, but in this episode, we dive deeper into the ins and outs - the caveats, the behind-the-scenes - of how we manage our facilities despite them being hundreds of miles away.
Enjoy this podcast? Leave us a great review wherever you listen!
Ready to buy storage? Have your deals personally evaluated by AJ and our team!
https://www.selfstorageincome.com/feasibility
Take advantage of today’s market conditions and invest with us:
https://cedar.cc/invest
Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/
27 min