Here’s Your Guide To Increase Your Storage Rental Value
Storage spaces have been more in demand than ever. They might be one of the most important commercial real-estate types on the market. However, we all know, since there is a high demand for storage space, there is a high supply as well. It doesn’t matter are you looking to join the storage business, or you are already a part of it. The goal is the same. Everybody is looking to increase storage rental value. There are many ways to do it. Since we want to help you out, here are some tips
Nobody wants a dirty property
Self Storage owners, keep your rental spaces clean. We understand that you are not looking for people who will rent living spaces, but spaces to throw their stuff in. Still, renters want a clean and dry space to leave their things in. Especially if they are leaving some type of valuables. We always say you should definitely hire professionals when moving . Well, the same goes for cleaning.
Target the Right Kind of Customers
So, who do you want to attract? What type of renters do you want to have? Do you want renters that are looking for small spaces? Are you targeting renters with artifacts or antiques? This is something that you need to seriously think about. Otherwise, you might venture in the wrong direction. For this reason, you must figure out who will be your clientele and what type of objects can be stored in your space. This is key if you want to increase your storage value. If you focus on this type of detail, very soon you might be the new competition in town
Climate Controlled Units Help Prevent Mold
There are many frequent questions that are asked during storage rental hunting. One of the questions is: “Can the air and temperature be regulated in the storage unit?” You might be wondering why is this important. It is not like a person will be staying in that space. However, this is a very important detail. The reason being, certain types of air conditions and temperature can damage the stored items. For example, if the room is too moist, mold can start to form. Nobody wants to deal with mold in their storage space. Also, if the storage unit is too hot for a long time, furniture might crack. So, think about this. Adding this feature to your storage unit is a great way to increase storage rental value.
Your Rental Value Increases With Climate Control
In order to make this easier on yourself from the very beginning, pay special attention to the facilities that offer climate-controlled units when looking for safe warehouse facilities. This will help prevent mold in your storage facility much easier. In addition to this, some storage units will allow space for making some additional improvements. There is a variety of things you can do, like installing a vent or even air conditioning.
Various Unit Sizes Attract Tenants With Different Needs
It is quite simple really. The bigger the storage the bigger the rental price. However, if you have multiple units, it is good to have a combination of small and large units. This way you can attract renters with both needs. This will give you a chance to come up with great pricing. The bigger the variety of what you have to offer, the bigger the pool of potential renters.
Location, location, location!
Maybe we aren’t talking about residential real estate nor about office space. Nevertheless, the same rule applies. A great location will most certainly increase your storage value. Nobody wants to drive far away to be able to enter their storage space. So, you have the advantage if your self storage space has a great location. This gives you the opportunity for a hefty rent.
Your Rental Value Increases Twofold With Security
You would like to get new renters as fast as possible, but you don’t have any security. Well, do yourself a favor and hold your breath. Stored items may vary in their value, but to their owners they are important. Therefore, it is not a surprise that their owner wants them safe and sound. If it was on the contrary, why would they store them in the first place? There are many different ways to amp up your storage space security.
Types of storage security
When contemplating these options you will of course factor in this as an additional expense to your self storage space maintenance. At the same time, do not forget that many potential renters would pay more if they have security as an option. Increase storage rental value by using some of these security options:
- Special fencing (electrical might the best deterrent)
- Limited access – no trespassing
- Individual security locks for every unit
- Video cameras and other video surveillance equipment
- Security guard
Insurance – The Second Factor To Increase Rental Value
Many potential renters have their own insurance package. However, this might not be enough. The key is knowing those packages cover items stored in the storage unit. In case this detail is missing from renter’s policy, you can offer it to them. This is truly a great way to get some advantage over your competition.
Attract Renters With Promotions And Trial Periods
Nothing attracts people like a free sign. Whenever you advertise providing something for free, you will generate a lot of buzz. You might be thinking that this is contradictory. The goal is to up your storage renting value. Well, that is what we are doing. For example, you can offer potential renters a 30-day free trial. By doing this you will expose them to all the great things your units have to offer. If they have a pleasant experience, it is likely they will keep using your facilities.
How To Retain Your Valuable Tenants
Make sure you do not only focus on potential renters. They are very important, but you must not forget those that you are already in business with. Make sure they feel they are valuable to you. Beside great units with supreme features, you can do some gestures to keep your renters in business with you. For example, you can provide a discount for your self storage if a renter has been a long time client. If you want to do something smaller, you can send them birthday or Christmas cards. The point is that your renters should feel appreciated. Their business with you does matter. That is what you should emphasize.
In the end, all property owners want to get big bucks for their property rentals. In this case, we covered some useful tips that can help you increase storage rental value. Nevertheless, do not forget one important detail. You are working with people and you want to appeal to them. So, think about their needs and which type of renter you want to draw in. If you do this, your success is just around the corner