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18 July 2024

Enhancing Self Storage Management and Client Satisfaction

Storage Asset Management (SAM), a third-party self storage property management company, started 2024 with two strategic goals – 100% client satisfaction and increasing Net Operating Income (NOI) for our managed properties. These goals reflect our mission to positively impact those we work with and the communities around us while striving for best-in-class performance.

In this first half of 2024, we have several positive indicators towards our client satisfaction goals including increased client engagement through quarterly forums, overwhelmingly positive tenant reviews, steady revenue growth, and a high return on marketing investments. SAM continues to innovate by adding flexible self-storage management solutions and increased commercial property management capacity to our portfolio to help our owners optimize Net Operating Income.

July marks the halfway point of 2024. Here are just a few SAM Mid-Year updates!

SAM’s Commitment to Exceptional Customer Experience in Self Storage Management

SAM continues its focus on providing an excellent customer experience at our managed self storage properties. The marketing team rolled out the addition of site maps on managed store websites. The maps facilitate a customized experience with customers choosing their self storage unit, price point, and location! Marketing has updated websites with a faster move-in process, reducing the steps from 5 to 3.

Another indicator of customer experience is our review process. Customer reviews provide real time insight into their experience and allow us to engage with any unhappy customers. We are proud to share that so far in 2024, SAM-managed properties have received 10,000 reviews with 95% being positive.

SAM’s Self Storage Pricing Strategies Deliver Results

With continued economic instability, 2024 has proven to be a challenging environment for true market rate pricing. At SAM, our mature stores occupied are up 2.3% from last year and 3% over the previous month!

SAM’s revenue management pricing strategies fairly assess market rates for new and existing customers, adjusting for inflation and related property maintenance. We view price increases in the context of current and historical patterns.

Value Pricing Model – Good, Better, Best

This pricing model gives self storage customers the choice to upgrade their storage unit after they have committed to the “good” pricing rate. The benefit of this self storage pricing model is that it produces unrealized, incremental revenue based on customer preferences. The data over the past year shows that 38% of customers choose to upgrade through this process. This has resulted in 1 million dollars of incremental for our managed self storage properties.

SAM-Managed Stores Capturing More Self Storage Market Share & ROI

One measure we track constantly is self-storage demand, utilizing Google search as a measurement tool. Overall, the demand is lower than pre-pandemic levels, yet our Google ads click-through rate of 8% is more than double all industry average of 3.17%. We attribute that success to good ad copy which means utilizing keywords, competitive specials, and serving ads to a relevant target audience. Additionally, SAM-managed stores have an average marketing ROI of $23 for every $1 spent.

Professional Third-Party Commercial Property Management

In 2021, SAM formally launched its Commercial Property Management department to serve our client’s non-storage unit needs including office spaces, warehouses, flex spaces, billboards, cell towers, and apartments across multiple states.

Due to client demand, we recently increased our commercial property management capacity. Join our growing list of satisfied clients and let us help you. If you are interested in learning more about how SAM can optimize the value and performance of your commercial assets, please contact Jesse Livingston at jlivingston@storageasset.com.

Virtual Operations Model in Self Storage

SAM continues to focus on client satisfaction by offering flexible storage management solutions. Earlier this year, SAM launched its virtual operational model. In this model, we utilize technology and virtual management/customer service for property management. Tasks that can be performed remotely include lien processes, marketing, and tenant communications – all without managers being stationed at the facility – offering cost savings without compromising SAM’s standards of excellence.

What is next in 2024?

In the upcoming months, SAM will continue to leverage our data to be more predictive for reporting and forecasting. We are also leveraging economies of scale with vendor consolidation. Stay tuned!