Increase Your Self-Storage Revenue Stream
Knowing how much and when to increase rent can be a delicate problem. Ideally, a self-storage facility will apply small, incremental increases that seem tolerable and reasonable to existing tenant's rates. If demand is high enough, they may filter out old tenants in favor of acquiring new customers who will pay higher rent each month. This requires guesswork, is time consuming, and may not result in the highest possible revenue.
Computing these formulas can be done easily with SiteLink Price Optimizer that offers customization based upon your criteria. Managers can set rate increase adjustments for different occupancy levels, number of days in the unit, number of days since the last rent change, and even tenant type. By entering the facility's specifications into SiteLink Price Optimizer system, operators can automate their rent increases and ensure they are optimizing rates.
Peter Spickenagel, Vice President of Operations for Storage Pros Management states: "More than fifty of our locations use SiteLink and the revenue management functionality, which enabled one of our properties that lost 3% area occupancy to increase NOI by 21.2% YOY."
Revenue Adjustment Criteria
SiteLink Price Optimizer is simple to adjust for single or multiple sites. All tools can be found on one menu where owners alter the criteria for different stores, make changes to rates, and send out rate increase letters with the click of a button. Also, when SiteLink is connected to a store's website, the revenue management feature will automatically update rates online. It's simple, accurate, and profitable.
This article was published in The BSC Group June 2014 Monthly Newsletter.
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