The ever-growing supply of self-storage space in the U.S. reached nearly 60 million square feet in 2020. Owners of a 24-hour self-storage facility tend to underestimate the steep competition. They pay the price of becoming just another search result for ‘self-storage near me.’
In this article, we discuss how to make money on your self-storage investment. Continue reading to maximize your revenue while creating a first-choice brand.
Do More Than Raise Self-Storage Rent
When it comes to self-storage investing, many 24-hour self-storage facility owners think raising rent is the best way to increase their revenue. However, without a substantial increase, you may not see the gains you want. The key is to get creative.
This makes it important to look for means to collect passive income. If you have room for a billboard on your property, consider selling advertisement space. You can also upgrade some of your units and charge a premium for them.
Invest in Building Your Brand
Instead of relying on the web search ‘self-storage near me,’ to lead customers your way, building your brand is one of the most important self-storage investments you can make. Decide what you want customers to see and build it.
Developing a brand that resonates with potential customers can help solidify your business in the marketplace. It can help you become a first-choice 24-hour self-storage facility instead of just another option.
Update Your Marketing Strategy
Whether you’re just getting started with a new self-storage facility or you’ve been involved in the self-storage investing game for years, your marketing strategy is one of your most powerful tools.
If you’re not getting the results you want, it’s time to update your strategy. Do your research to find examples with proven results. Then, focus on building a strategy that fits with the size of your business and can scale with it as it grows.
Website Quality Matters
As your new marketing strategy picks up speed, you’ll need a place to give your new customers the information they need. Your website can also be used to further build your brand and show customers why you’re the best choice for their self-storage investment.
However, your website should be more than just providing information, and quality is essential. Don’t skimp on quality as a cheap-looking website can come across negatively to viewers.
Utilize Social Media
A strong web presence is a powerful tool for small business marketing. Social media has become a must-have in terms of connecting with your clientele.
While you can utilize social media in numerous ways, finding a balance between fun content and marketing-focused content can be beneficial. Too much of one or the other won’t help you accomplish your goals.
Make the Most Of Your 24-Hour Self-Storage Facility
The key to the success of your 24-hour self-storage facility is to invest in your brand and to get creative. Taking the time to do your research and find proven marketing strategies can make your self-storage investment less of a risk.
Want more help with self-storage investing? Schedule an investor discovery call with us today.