Q: How does SAM ensure consistency in operations while accommodating the unique needs of different properties?
A: We have established clear policies and procedures, communicate clearly with our owners and internally, and ensure training is consistent with every new hire. We offer a professional management solution for owners and investors who also want the flexibility of working with a management company that listens to our client’s questions and concerns and then addresses those items promptly.
Q: What is an example of an initiative or innovation that SAM implemented to enhance operational efficiency and customer satisfaction?
A: Implementing Veritec Solutions and adding dedicated revenue managers is something that we have implemented in our stores to become better at revenue management and allow our district managers the ability to take the guesswork out of setting rates. Veritec is a dynamic pricing solution that scrubs rates in a market daily and gives us a suggested rate for each unit size and type based on preset parameters within the platform.
Q: What key factors contribute to maintaining high customer satisfaction and retention levels in self storage?
A: Providing outstanding customer service, ensuring safety and security, and maintaining a pristine property are the three paramount factors we believe customers seek when considering self storage options and deciding whether to continue storage services. We assert that customers are inclined to accept modest rate increases more willingly when these three elements are prioritized and effectively implemented.
Q: Can you share cost-effective operational strategies that have been particularly successful for SAM-managed facilities?
A: We analyze unit counts, hourly activity reports, occupancy levels, and proximity to other SAM-managed facilities and successfully implement measures such as adjusting operational hours during the week or centralizing management from a nearby SAM-managed facility. Furthermore, we have pinpointed certain properties that can be managed virtually. This allows us to achieve cost savings and ensures that our properties continue to operate at an elevated standard.
Q: What trends or developments do you anticipate in the self storage industry, and how does SAM plan to adapt and capitalize on them?
A: SAM has strategically allocated funds to establish a Virtual Operations department dedicated to virtual management. By channeling resources into a specialized team exclusively focused on virtual property management and applying the same principles that have proven successful in traditional management, we can distinguish ourselves in the market and deliver a superior product to our competitors.
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