How to Save your Self Storage Center from Financial RuinJack Miller
How to Save your Self Storage Center from Financial Ruin
Owning a self storage center is great business. However, we have realized that the prospect is less than satisfactory for clients who own storage centers that are in danger of becoming distressed properties. Here are some tried and tested solutions that can work for you –
OUT WITH THE OLD, IN WITH THE NEW
A commercial property does not always face financial troubles due to a lack of clients or funds. Maybe your property is in danger of becoming distressed because your manager didn’t do his job properly. In cases such as these you might need to hire new management. It might be time to find a replacement, preferable someone who has the credentials and accounting experience necessary to ensure that your property remains financially stable. Of course, you might have to pay him more but if it saves your property from going belly up, it is well worth the investment. A good manager may improve how your operations are run by decreasing the loss that is incurred due to long vacancies and decreasing income. In addition, an experienced manager will also analyze the proper value of your business before suggesting ways in which you can enhance its value.
MARKET THE FEASIBILITY OF YOUR BUSINESS
Your marketing efforts won’t be as effective if you do not know who to market to. In other words, you need to know who might use your units and optimize your marketing efforts accordingly. For example, if most of your revenue relies on individuals who own RVs or speed boats your best bet would be to market to them. Other potential customers can include military personnel. According to the non-profit organization SSA (Self Storage Association) over 4% of the nation’s storage units are used by members of the military. A fact sheet released by the SSA “in communities adjacent to US military bases, military occupancy can be from 20% to 95% of all rented units.’ That is a considerable amount to say the least. If your community is the same, its best that you take advantage of the fact before your competition beats you to it.
HIRE AN ADVERTISING SERVICE
If you do not want to hire a marketing team on a full time basis, hiring the services of an advertising service is the next best thing. Your hands will already be full with running your property and the last thing you would want to spend time on is designing or printing flyers. A marketing agency also specializes in digital marketing and will send regular emails to your clients to remind them of your services.
Saving a self storage center from becoming distressed isn’t an impossible feat provided that you know what to do. Optimize your marketing efforts, hire a manager or services that you know will be worth it and you will have nothing to worry about.