Case Study: Successful Lease-Up of a Self Storage Property Under SAM’s Management
This case study examines the lease-up of a self storage property under SAM’s management in Parma, OH. Through focused revenue management, forward-thinking marketing strategies, and a unified operations strategy, the facility reached 50% occupancy in 14 months and 42k square feet rented in just 12 months. This success story highlights the effectiveness of comprehensive management solutions tailored to drive occupancy during lease-ups and maximize revenue.
Opening Date: January 2023
Location: Parma, OH
Results
Square Feet Occupied (orange): 50% occupancy in 14 months
Revenue per Square Foot (blue): 42k square feet rented in 12 months
Owner Testimonial
“I work with several other national management companies on other projects, and want to say that the all-hands-on-deck call we had is something we don’t get anywhere else. Thanks for your attention, focus, willingness to make changes, and dedication.”
SAM’s Solutions
Revenue Management
- Maintaining steady rates during lease-up
- Pushing rates when lease-up finishes to increase revenue
- Adjusting prices to find an optimal price point
- Split promotions to maintain premium pricing for 1st floor units
- Monitoring and tracking move-in activity to gauge customer response to pricing and promotions
Marketing
- Robust SEO strategy
- Paid media campaigns targeting local demographics
- Remarketing campaigns to re-engage previous visitors
- Review management and educating the store team on review best practices
- Local event marketing and referral programs
- Marketing postcard mailers to nearby zip codes
- Exclusive online discounts
Operational Strategy
- Weekly visits by the district manager encouraging and training the on-site team on sales best practices
- Replaying customer calls with the store manager to identify strengths and areas for improvement
- Hands-on support from the district manager and regional director
5 Star Customer Review
“Fantastic experience. Friendly staff member greeted us, gave us a great tour, answered all of our leasing questions, and provided the best rate available for our storage needs. This made me feel extremely comfortable renting a unit for the first time.” – Steve M., 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!