04 Nov 2024
As someone recently introduced to the self-storage industry, I understand the excitement and challenge of breaking into this field. Self-storage may seem straightforward, but beneath the surface lies a complex world of operational decisions, market analytics, customer needs, and evolving technology trends. After diving into due diligence, here’s my perspective on successfully getting started in self-storage.
The first step in my journey was grasping the industry landscape. Like any real estate sector, self-storage is influenced by supply, demand, location dynamics, and consumer behavior trends. For example, Radius+ offers in-depth data and insights into the self-storage market. Platforms like these are invaluable, especially for newcomers—they reveal essential data on property supply, occupancy rates, and competitor analysis that help you gauge the viability of a potential investment or location. By analyzing these metrics, you can better understand which markets are ripe for growth and which might be oversaturated.
While data provides the "what" and "where," connecting with industry professionals gives insight into the "how" and "why." I quickly realized that the self-storage community is collaborative, with seasoned professionals willing to share their experiences and lessons learned. Attending conferences and joining industry groups offered a wealth of information and an opportunity to discuss operational challenges, financing options, and marketing strategies with experts who’ve been in the trenches.
For example, my experience at the SSA Fall Conference was eye-opening. Through networking, I gained insights into the nuances of facility management and practical tips that no report or analysis could convey. Establishing these relationships has been invaluable and is something every newcomer should prioritize.
Once you understand the market, the next step is identifying the type of facility that aligns with your business goals. There are various models to consider: traditional-facilities, climate-controlled, urban vs. suburban, and even fully automated facilities. Each has its own benefits and challenges.
A key takeaway has been the importance of aligning your facility type with local market needs. An urban, high-density area might demand smaller units and technology-driven access, while suburban areas prioritize larger units with flexible pricing.
As a newcomer, I quickly recognized technology's essential role in modern self-storage operations. From smart locks to automated access systems, technology can enhance both the customer experience and operational efficiency. And it’s not just about customer convenience; data management tools can streamline everything from occupancy tracking to revenue management.
Radius+, for example, provides competitive market data that can inform pricing decisions. Meanwhile, property management systems (PMS) offer tools to track and manage leases, handle payments, and monitor occupancy in real time. The initial investment in these tools is well worth ensuring your operations remain smooth and customer-friendly.
Marketing self-storage is more nuanced than it appears. It’s about understanding and reaching your target audience at the right time. Some facilities might cater to businesses needing extra space, while others focus on seasonal storage for college students or personal storage for nearby residents. Crafting a solid digital presence—through a website, social media, and SEO—has become essential for attracting today’s tech-savvy customers.
A tip I’ve found helpful is to create content that educates potential customers. Many people don’t fully understand their self-storage options or the benefits of certain features, like climate control. You can build trust and attract long-term customers by positioning your facility as a helpful resource.
Embarking on a career in self-storage has shown me the importance of balancing data-driven decisions with practical experience and industry wisdom. While diving into the numbers and understanding the market dynamics is crucial, there’s no replacement for the knowledge gained through real-world experience and relationships. I advise others entering the field to approach self-storage with curiosity and a willingness to learn. Lean into the data, network with seasoned pros, and invest in technology that will simplify operations and elevate customer experience. With some due diligence and an open mind, self-storage can be an advantageous industry.
Here’s to embracing the journey ahead and contributing to the ongoing growth of this dynamic sector!
Ilyssa is an experienced marketing professional with over 12 years of expertise in brand marketing, content marketing, and operations. Passionate about mission-driven retail brands and emerging digital trends, she excels at using storytelling to create compelling brand experiences. Although new to the self-storage industry, Ilyssa brings a fresh perspective and a proven track record of success in driving growth and engagement across various sectors. Stay tuned to keep up to date with all of Ilyssa's Insights!
