5 Ways To Handle A Full Storage Unit As A Business Owner
If your self-storage unit has had no vacancies for months, that means that you are bringing in the cash. However, having no vacancies is not the best thing ever as it means that you are probably turning around potential customers on a regular basis. If your self-storage unit has been full for a while, there are some things that you can do to help your business.
#1 Raise Prices
First, it may be time to raise your rent prices. If you don't have any vacancies, and no one in the area does either, it may be worth it to raise prices. You don't want to gouge your customers, but a small and reasonable increase for clients whose promotional terms have expired or who are at a point in their contract where their rents could be raised could help you increase your overall revenue.
#2 Build Onto Your Facility
If you see that there is a high demand for storage facilities in your area, and you have space to expand at your current location, you may want to look at building onto your location.
Just make sure that it is easy for current tenants to access their units while the building is going on. Building allows you to take direct advantage of the need for more storage space at the location where you are already located. Market and advertise when your new units will be available and consider charging a little more for the new units.
#3 Expand Your Operations
If you can't build onto your current site, it may be time to expand your operations. Do your homework though, and make sure that you will be able to get customers to come to your new location. You don't want to expand so far away from your market area that you will not be able to generate a decent revenue from your business.
#4 Reduce the Promotions
Promotions are made to draw in business. If you are constantly operating at full capacity, you probably don't need all of the promotions. You may want to scale back or stop your promotions altogether. If you have customers calling looking to rent storage, and you are having to turn them away, you may not really need all of those promotions.
#5 Sell Your Business
Finally, if you are looking to get out of the storage business, being at full capacity is a great time to sell. You'll have an easier time finding a buyer for the business when you can show that the business is successful and thriving.