The self storage industry is at an asset management crossroads, with many facilities over 20 years old having only undergone minor refurbishments. In today’s rapidly evolving market, it’s crucial for self storage businesses to keep up with market trends to remain competitive in an increasingly crowded industry.
Luckily, with a little work, older businesses can be optimised to compete with newer facilities, retain customers and attract new customers, all the while working with constraints of an older construction design. As seen in the latest edition of The Insider, the experienced team from Janus International Australia shares 5 ways to upgrade your self storage business for an even better return:
- Door replacements
While the industry often emphasises the importance of your doors’ appearance, their operation is equally significant. After all, your doors are often the only item your customers physically interact with each time they visit your facility, making them a potential liability for you as the owner. Replacing your unit doors can increase your property value, potentially enabling you to raise rental rates over time. Additionally, newer and safer doors can unlock insurance discounts and cost savings through reduced maintenance and repairs.
- Roof replacement
If your roof is old or leaking, it will be tough to retain customers and impossible to increase rental rates over time. At the end of the day, a dependable roof is just as important as the foundation of your building. If your roof is leaking, it can result in damaged customer property or even mould growth inside of your building. Luckily, roofing contractors now offer innovative and cost-effective re-roofing solutions, so you don’t have to close the business to re-roof your building.
- Maximising space
Older facilities were designed and built off the demand at that time. Demographics change, which may call for an upgrade to maximise space to stay relevant in the eyes of today’s consumers. Take a look at what units are most successful at your facility and that of your competitors or contact the experts to determine which units would be most profitable for you. Drive-up Storage Units are another great way of maximising space by making the most of unused outlying property and turning this into a lettable area.
- Smart access solutions
Evaluate the process of how your customers enter and exit your site. Is it user-friendly? Things like security gates with mobile app entry and automated rental processes can attract customers while creating a competitive advantage. Industry leading smart entry systems provide customers with a digital key that grants them access to your facility’s gate, entry points, lifts, and their individual unit so they can access their belongings whenever it’s most convenient for them, also providing additional security features.
- Maintenance
Starting with small maintenance jobs may be a quick fix and a sensible short-term solution, depending on your overall business goals. Maintenance work such as fixing doors, replacing locks or partitions, re-painting and smaller repairs to a facility can also make a big difference in appearance. If you are regularly keeping up to date with smaller jobs, this can also help to optimise your facility and ensure its smooth functioning.
In summary, if you’re not maximising the potential of your current site, it might be time for a change. Upgrading could be the solution, especially if you’re consistently selling out of units or have underutilised land. The lack of lockers or drive-up units at your facility is another indicator. If you aim to maximise your per-square-meter rental rates, it may signal a need for some much-needed TLC. Additionally, not offering an automated rental process or smart technology suggests it’s time to modernise your operations.
Advice provided by Janus International Australia
Website: https://janusintl.au/
