05 Sep 2019
We are all aware of the industry buzz about REITs, they’re doing great. However, are they equipped to handle the overflow of business demands? When is too good, not good enough? And when too good goes bad, who wins? When did small facility owners overtake the industry? Has it been this way all along? Let’s find out.
In case you missed it, 73% of the self storage industry are small facility owners. Only 8% of the industry is comprised of REITs (Real Estate Investment Trusts) provide examples so they understand who those are. Self Storage has been highly regarded as a reliable investment since the late ’90s.
What if selling your facility meant giving up that dream? As previously stated small facility owners still own a large percentage of the self storage market.
If you don’t sell, there’s a chance your facility could go under, sure. But there’s a reason self storage is growing - it’s a stable industry that nearly 1 in every 10 American families use. Most facilities, even mom-and-pops, are succeeding, and with great financial benefits. According to BizFluent, Profit margins are around 11 percent!
You remember business back before the REITs took over and before everyone rented from the corporate big-box names.
With the Internet, claiming and managing a Google My Business page is one of the most useful digital marketing strategies you use to help your facility create visibility online.
Beyond Google My Business, there’s social media, Search Engine Optimization, and redesigning your website to incorporate an online rental tool.
Concerned about the amount of time running a facility is taking up? Owning any business requires a lot of work, but with modern technology, you can combine a property management software, an online rental tool, and other automated processes to create a facility that requires minimal hands-on work.
The most effective action you can take to improve your competitive edge is to make your facility’s online presence as strong as possible.
Adopting SEO services, an online rental tool, and pay-per-click advertising campaigns can all increase overall occupancy. With high occupancy also comes the opportunity to take one step closer to achieving the American dream of small business success.
