May 10, 2023

A Self-Storage Owner's Checklist for Success

As demand increases for secure and affordable storage, more facilities are being purchased and built every day. Whether you’re a seasoned owner or new to the industry, you know that running a successful operation requires careful planning and execution. Below is a checklist of five key factors that can help ensure your facility's success.

Effective Leadership

  1. Impactful leadership is essential for the success of any business, and self-storage facilities are no exception. As an owner, you need to be able to manage your team effectively, set clear goals and expectations, and provide them with the resources they need to succeed. This is especially important if you are running a partially remote facility. The people you entrust to oversee your operation will need to be equally clear on your business vision and goals. Most importantly, being a fantastic leader has a positive impact on company culture. 

Disaster Preparedness

  1. Natural disasters and other unforeseen events can wreak havoc on a self-storage facility. As an owner, it’s important to have a disaster preparedness plan in place to minimize the impact of these events. This includes a reliable tenant protection program that transfers the risk you as an owner have to the program’s insurer. The right tenant protection program provides an added layer of protection for both you and your tenants.

Excellent Customer Service

  1. Providing stellar customer service is an essential part of a successful business. It builds the trust required for your tenants to confidently store their valued items at your facility. Having friendly and knowledgeable staff who can address any questions or concerns that tenants have is a necessity. It’s equally important that additional partners you work with demonstrate the same values and level of customer service to your tenants.

Modern Technology

  1. Technology is rapidly changing within the self-storage industry. Owners who want to stay ahead of the curve need to invest in best-in-class software to help them manage their assets. This includes tools such as smart locks and surveillance cameras, reputable property management software and online payment systems, and tenant protection technology designed specifically for the self-storage industry. Utilizing these technologies helps owners to streamline their operations and improve overall tenant experience.

New Revenue Channels

  1. Finally, offering additional services is a proven way to maximize revenue and differentiate your business from the competition. This may include options like truck rentals, packing and moving supplies, or even mailbox services. Tenant protection and insurance are also services that can highly impact revenue. By providing tenants with a one-stop-shop for all their storage and logistical needs, you can build long-lasting relationships that will keep them renewing back year after year.

Running a successful self-storage facility requires that thought go into every area of your business. By focusing on building leadership, disaster preparedness, great customer service, modern technology, and new revenue channels, you can build a thriving business that provides value to your tenants and your community.