29 Apr 2020
By analyzing your revenue in your specific area, you will discover improvement ideas that wouldn’t have occurred to you by looking at your storage operation; as a whole. These areas are a framework for thinking about how to grow revenue.
Management reports are not only those produced by your property management software. Think through key performance indicators that will best help you execute your revenue enhancing initiatives. If your property management software doesn’t have a report or a method to track a desired performance indicator, track it separately. Here are 10 ideas on how to grow your revenue:
Control Unrentable Units An unrentable unit represents unavailable revenue. Paying attention to unrentable units allows you to get them back into revenue production sooner. Know why unrentable units are not rentable and what it will take to bring them back into production. Task someone on your team to get the unit back online with a budget and timeline.
The goal is approximately 94% occupancy. If you are regularly 100% full on a unit type, then you are pricing your available inventory too low. Below approx. 94% occupancy you are better off filling units even if you lower price or increase concessions.
Decrease Late Fee and Other Revenue Waivers Controlling how fees and other charges are waived can increase the amount that you deposit as revenue.
Decrease Bad Debt and Reduce the Number of Days a Unit is Past Due Before it is Sold (Not Less Than the Minimum Required by Law)
The difference in value is 10%. Every little bit counts! 
