5 Steps to Winning the Leasing Battle and Capturing New Revenue with Current Tenants

Written by Sue Creaser on December 05, 2017 under Industry Webinar & Revenue Management

5 Steps to Winning the Leasing Battle and Capturing New Revenue with Current Tenants

Article Contributions by: Paul Darden - Owner/Co-founder at Storage Income Pros

Know what your self-storage customer can afford

Tired of trying to crack the code on leasing rates? Fluctuations in self-storage rates are the norm (just like in the airline and hotels industries) and are based on many factors like competitor rates, market norms for your area, deals and specials and much more. It can be a time-consuming and complicated task for the average, busy self-storage owner to tackle this cryptic formula and roll out just the right rate every single day.

Start the new year by creating a revenue management plan that’s perfect for your operation. In this webinar, Storage Income Pros can show you how to uncover hidden potential revenue and streamline the pricing process. From new or current tenants to walk-ins, phone, and Internet reservations, discover what this information can do for you!

1. Technology is your friend. Know your tenant’s capabilities to pay by using automation services.

2. Do your due diligence. Have clarity on your current discount and concessions plans. Which ones are cost effective? Which ones are best to keep, use, market, tweak, change or phase out completely? Define and distinguish the necessity of a discount and a concession plan among your facility operations.

3. No More Freebies! Prevent revenue loss with options other than a discount or concession to entice the customer. Discover the many cost-effective substitutes that make everyone happy. No more giving money away beforehand on unnecessary concessions or discounts during any tenant lease cycle or regional economic situation, know the tenants paying profile before lease.

4. Get everyone on the same page. Develop and implement consistent practices by all facility managers and employees regarding discounts and concessions. Discuss, communicate and implement.

5. Quit guessing. Know when, how, who and how much to raise lease rates in any economic or leasing period of any facility. Take advantage of automation services to expedite decision-making to increase revenue with a simple click (ex. SiteLink, District Manager, etc.)

When markets get super competitive, by knowing what the customer/tenant can afford, win the battle on maximizing your income instead of the race to the bottom for the lowest rental rate. Even in lease-up periods and flat leasing periods, you can increase rental rates on existing tenants.

Article Contributions by: Paul Darden - Owner/Co-founder at Storage Income Pros

Want To Learn More?

Watch The On-Demand Webinar Now

Watch the on-demand webinar What Can Your Self-Storage Customer Afford? now. What could you do if you knew in advance of quoting a price what the customer/tenant could afford to pay in self-storage rent?

Watch The Webinar Now

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