Case Study: Successful Transition of a REIT to SAM
This case study examines the transition of a REIT self storage facility to SAM’s management. Through targeted revenue management, innovative marketing strategies, and a cohesive operational plan, the facility saw a significant increase in gross potential revenue within six months post-transition. This success story highlights the effectiveness of comprehensive management solutions tailored to overcome obstacles and enhance customer experience.
Transition Date: January 2022
Results
Gross Potential 6 Months Prior to Transition: $109,020
Gross Potential 6 Months Post Transition: $127,595
Challenges
This property is somewhat hidden behind a fast food restaurant and adjacent to a weekly rate hotel, which attracts less desirable clientele. Additionally, it’s in a high-storage-density area where many competitors offer single, ground-floor units. Compounding these issues is the challenging economic climate.
SAM’s Solutions
Revenue Management
- Offered higher prices for ground floor units which are easy to access
- Offered three months at 50% off, an extra month of discounts to make up for the higher rates
Marketing
- Robust SEO strategy
- Paid media campaigns
- Remarketing campaigns
- Review management
- Local event marketing and referral programs
- Exclusive online discounts
- Emphasized inside access for easy loading and unloading out of the heat and elements and temperature control
Operational Strategy
- Transition team worked with all departments to ensure a smooth transition
- Put a strong experienced manager in place with excellent customer service and sales skills
5 Star Customer Review
“The manager was so friendly and eager to assist me. The facility was clean, well-maintained, and organized, which immediately gave me a sense of security about storing my belongings there. They took the time to understand my storage needs and helped me choose the right unit size for my items. Overall, my experience was hassle-free and I would highly recommend to anyone in need of a reliable storage solution.” – Alejandra R., facility tenant
Are you interested in how our third-party management solutions can enhance your business? Send us an email at info@storageasset.com to connect!