BREAKING IT DOWN
The start of a new year signifies a time of reflection and an opportunity to plan for the future.
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It is an ideal time to assess what went well and determine how to achieve business goals in the new year.
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BREAKING IT DOWN
Occupancy is defined as the number of units that are occupied over a period of time. This number is then converted to a percentage. To understand occupancy, we need to define vacancy and explore both physical and economic.
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Where we once saw markets pushing rents to unprecedented heights, we’re now seeing rates soften and stabilize. There are several factors contributing to this trend including inflation, increased competition, and the outflow of population from metropolitan areas.
BREAKING IT DOWN
Summer is quickly approaching, so it’s once again time to ask yourself whether your self-storage facility is prepared for an influx of unit rentals.
Most self-storage facilities experience an uptick in rentals during the second and third quarters of each calendar year.
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BREAKING IT DOWN
Start preparing by reviewing their budgets and paying close attention to the expenses that could be reduced or removed.
Operators should look at their monthly recurring charges to assess which elements cost the most, where they can reduce costs, and which charges are necessary to run their business.
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Unflattering news reports have surfaced regarding "exorbitant" rent-rate management practices.
The common themes: large operators not being transparent about rental rates and failure to acknowledge and escalate customer concerns to upper management.
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Hiring a third-party management company to oversee your self-storage facility can bring a wealth of benefits, but it’s a critical partnership. Learn about the advantages as well as services to expect and associated costs. You’ll also get insight into choosing a firm that’ll strengthen your business.
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Achieving Total Property Performance follows the basic principles of any successful business:
Find ways to boost revenue and limit costs. But while these tactics may seem obvious, the situations that can inhibit sales and drain profits are much less so.
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PUBLISHED ARTICLES:
Publication: SSA Magazine
Published Date: June 2023
Author: Mark Wright
Publication: Self-Storage NOW!
Published Date: First Quarter 2023
Author: Erica Shatzer, SSN
Publication: Inside Self Storage Magazine
Published Date: December 2022
Author: Christina Rita, Chief Operating Officer, StoragePRO Management, Inc.
Publication: Mini Storage Messenger
Published Date: 11/30/22
Author: Erica Shatzer, MSM
Publication: Inside Self Storage Magazine
Published Date: October 2022
Author: Christina Rita, Chief Operating Officer, StoragePRO Management, Inc.
Publication: SpareFoot Storage Beat
Published Date: July 13, 2022
Author: Alexander Harris, SpareFoot Storage Beat
Publication: SSA Magazine
Published Date: June 2022
Featuring: Christina Rita, Chief Operating Officer, StoragePRO Management, Inc.
PODCASTS
Featuring: Steve Mirabito, Founder and President, StoragePRO Management, Inc.
Available on: Apple Podcasts