05 Jan 2025
James McLean from Radius+ speaks with Steve Reeder from PTI to discuss how value-add acquisitions in the self-storage industry are benefiting from smart technology. As more operators look to streamline operations and remote manage their facilities, Steve shares how PTI’s innovative systems, are making it easier to upgrade facilities without the need to evict tenants. Learn how smart technology is transforming the self-storage experience and helping operators increase rates while providing better service to customers. Don't miss these insights!
James: Hey everyone, this is James with Radius+. I'm joined today by Steve from PTI. So Steve, something we see all the time on Radius is people getting into value-add acquisitions. So that's smaller facilities, sometimes in more rural markets. And a part of that is they need to implement systems and bells and whistles to make it a remote-managed facility to justify a way to increase rates on their existing customers and get closer to market value. What have you seen in that front, Steve, and what are some ways that PTI has been implemented to streamline operations?
Steve: At PTI, it's all about the experience and trying to create that streamlined experience from gate all the way to the door. And that, coupled with increased competition, is forcing operators to kind of rethink how they've done things in the past. In the past, it was all padlocks and latches and things like that. That doesn't work today. And we're seeing more and more operators embrace the notion of smart technology. Again, basically the technology that they're using in their homes, they're now bringing it to a self-storage facility. Of course, when you do that, that commands a little bit higher price point, generally speaking, and operators are usually using that as an opportunity to justify increased prices.
James: Perfect. So, Steve, what is the turnaround on implementing the PTI systems? A big concern operators have is, well, I have to evict my existing tenants to get these renovations done to allow it to be more accessible. What does that process look like when you onboard a new facility?
Steve: So, what we use, the lock that we try to use is ProEdge. That's our smart latch. To put a smart latch on a door, an existing door, I've done it in a minute and a half. It's a four-bolt system, unbolt. Of course, you need access to the door, so that's the other challenge. But it's easier with new construction. It just is. But it is going to take you a couple minutes per door.
James: Great. Well, I'm glad you have a system that works and has been able to be used by operators to remote manage and streamline the renting process, creating a better experience for the customer as well as the operator.
Steve: Yep, yep.
James: Well, thank you so much, Steve.
Steve: Fantastic. Thank you.
