Case Study: Successful Transition of a Self-Storage Property in Wylie, TX to a Virtual Operations Management Model
In February 2024, a self-storage facility in Wylie, Texas, transitioned to SAM’s Virtual Operations (VO) Management Model, marking a significant shift in its operational strategy. Facing challenges such as high competition and difficulties in customer accessibility, the facility required a more efficient, cost-effective approach. By leveraging a structured VO management model, the transition streamlined operations and led to remarkable financial improvements, including a 9% increase in revenue and a 206% surge in net operating income. This case study explores the key strategies and tangible benefits achieved through this innovative management approach.
Transition Date: February 2024
Location: Wylie, TX
Results
- 9% increase in Revenue
- 206% increase in Net Operating Income
*The facility transitioned to the VO Model in February 2024. These results compare March 2024-December 2024 to March 2023-December 2023.
VO Model Advantages
- Specialization of tasks allowing the Virtual Store Manager (VSM) to focus on sales and the Field Service Representative (FSR) to focus on property upkeep and maintenance
- Lower operational expenses
- Optimized customer experience
- Enhanced operational efficiency
Initial Challenges
Before transitioning to the VO Model, significant resources were dedicated to overseeing the property, ensuring effective operations with off-site staff based at a nearby hub location. The facility is located in a highly competitive area and was difficult to find.
SAM’s Solutions
- A structured management approach with a top-performing sales professional assigned as a VSM, a Customer Care Center with experienced sales experts to handle inquiries when VSMs are unavailable, and a FSR to serve as the boots on the ground for maintenance, unit checks, overlocks, and property upkeep.
- Advanced security with SpotAI, an AI-driven camera system that provides remote monitoring across all locations via a unified dashboard.
- Provided customers access to interactive Engrain maps to easily find their storage units.
- Implemented DaVinci Locks for fully automated move-ins, increased visibility and control, and customer convenience.
- Held bi-weekly meetings with our revenue management and marketing teams to continuously adjust our strategies in a competitive market.
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