Case Study: Successful Lease-Up of a Nokē Smart Keyless Entry Self-Storage Property
During the lease-up of a Nokē Smart Keyless Entry self-storage property in Wausau, WI, the facility faced challenges with visibility and effective sales execution. By leveraging strategic pricing, targeted digital marketing, and operational improvements, SAM successfully increased rental rates and enhanced customer retention. This case study highlights the power of strategic management in optimizing facility performance.
Transition Date: December 2021
Location: Wausau, WI
Results
Average rent per square foot:
- Climate control with keyless entry: $1.28
- Standard climate control: $1.13
- Climate control on ground level: $1.05
Length of stay:
- Climate control with keyless entry units had a length of stay that was 4.26 days longer than standard climate control units
Challenges
The property’s location at the end of a quiet strip mall, combined with its subdued color and limited visibility, presented challenges in attracting drive-by traffic. Another significant challenge was finding a sales-driven manager who could explain and upsell the Nokē technology.
SAM’s Solutions
Revenue Management
- Strategically pricing units at or near the top of the market while leveraging the facility’s unique features to justify higher rates
- Incrementally increasing rates as occupancy grew until the pace of new rentals began to slow
Marketing
- Robust SEO strategy
- Dedicated webpage and social media posts emphasizing the benefits of keyless entry
- Paid media campaigns targeting local demographics
- Remarketing campaigns to re-engage previous visitors
- Review management
- Local event marketing and referral programs
- Exclusive online discounts
Operational Strategy
- Prominent placement of Penske trucks
- Above average wages offered to attract a strong sales team
- Customer education and upselling units based on unique features
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