Ready to crush it in self-storage? Even with a smaller budget? In this episode, Stacy Rossetti dives deep into the secrets of managing your self-storage facilities for maximum profit. Learn how to leverage pricing strategies, promotions, and dynamic pricing to keep your units rented and your cash flowing. Discover the key differences between primary, secondary, and tertiary markets, and how to tailor your approach for each. Plus, get real-world examples and case studies to see these strategies in action. So, whether you’re a seasoned investor or just starting out, this episode will equip you with the tools and knowledge you need to win in the self-storage game!
—
Watch the episode here
Listen to the podcast here
How To Determine Your Pricing For Your Facility Units
I teach you how to get your foot into the storage industry. If you want to learn how to invest in self-storage, I can help you do that. I help newbies get their foot in the door, especially those who can’t afford a lot. Typically, people who follow me are people who may have facilities worth $1 million or less or maybe $2 million or less. If you are that person, you want to figure out that getting into self-storage is what you want to do. If you can’t afford huge, big facilities, you’re in the right place. I teach people how to invest in self-storage.
We’re going to do some management stuff. I had a management meeting. We were discussing a couple of things. I figured that we could talk about that. The way that I do my training is I find them, fund them, and run them. I switch that up every single week. It’s never, ever the same content on the Wednesday training. It’s whatever’s happening in my life or in my students’ life. That’s what I’m talking about. We’re gonna be talking about management, which is the running part.
I do offer a course. It’s called Find Them, Fund Them, Run Them. It’s a three-hour course to get your foot in the door. It’s less than $50. I know a lot of people reading this. I have a bigger course, which is called Super Simple Self Storage, which is more expensive. It’s all-encompassing. It has 100 videos and a whole bunch of stuff. That’s available. That is going to get you started. If you can’t afford it, know that I have another course. It’s called Find Them, Fund Them, Run Them. It’s a three-step process. It’s less than $50. If you’re on my email list, you should be getting emails about that.
I had the doors open to turnkey acquisitions for the month of May 2024. It’s now closed. I will not open the doors to Storage Nerds, which is the coaching program, until September or October 2024. If you are interested in coaching, you could get on the waitlist. Once the doors open, I’ll let you know. I open my doors for turnkey acquisitions twice a year. I open Storage Nerds up twice a year because that’s all I can handle. Whoever comes into the coaching program, I want to help them buy a storage facility. I need to be focusing on that. That’s how it works.
In the meantime, if you want to get started in self-storage investing and you want an all-inclusive, comprehensive, DIY online course, it’s called Super Simple Self Storage. It’s on my website. You can get it, and you can get started. That’s why I put the triad here. I put the course plus the Deal Analyzer. If you’re struggling with how to know if a deal is a good deal, that’s what the Deal Analyzer course is about. It teaches you how to run numbers on commercial deal analysis. Once you put the numbers in, it shows you, yes, this is a good offer. No, this is not a good offer. You’ll make one offer, and you’ll make four offers. What the Deal Analyzer does is show you how to do that.
For the Wednesday training, I’m here unless something comes up like we’re on vacation. I’ll teach, either find them, fund them, or run them something about that topic. A lot of people come to the Wednesday trainings over and over again. I appreciate that. If you’re reading this for the first time, you’re going to get an email that’s like a feedback survey. That survey says, “What did you think about? Is there something you want to learn about that I didn’t cover?”
If you want to fill that out and send it back to me, I read all those because I want to be the best coach I can be. If you guys are struggling with something, let me know what you’re struggling with so I can teach it. What I’m doing is listening to my students and what’s coming up while they’re doing all of the strategies I teach, and I try to teach that on the Wednesday session.
What we’re going to do is we’re going to do some management stuff. This is not finding them and how to find storage facilities. This is not funding. If you want that, you need to come next Wednesday. This is going to be management stuff because that always gets somebody that’s like, “It was great. Stacy taught about managing, but she didn’t say anything about finding the facilities.”
We only have 45 minutes in the session. There’s only so much that I can put into a session. I can’t do all of it at once. You don’t want me to do that because you’d be way overwhelmed. I take one little tiny thing that’s happening that you need to know about owning a storage facility that you never even thought of. I talk about that in this session. That’s the whole point.
Pricing
Something that I think that everybody doesn’t think about is the pricing of your units. This is something that we’ve been going and working through since the beginning of 2024. We own sixteen storage facilities, and I’m also partnering with a whole bunch of storage facilities. I get to talk to all these students and see what they’re doing, and I see all my partners on how they’re running their facilities.
In 2023, when you owned a storage facility, it was a struggle to get leased up. It’s like a weird thing. During COVID, everybody was always booked and pushing rates. It was the best it had ever been. In 2023, occupancy slowed down, and everybody was struggling to get leased up. In January 2024, the market is going back up in the storage world. We’re getting leased up. I can see my students are getting leased up.
I had office hours with one of my students before this. He now owns five storage facilities and is doing well on occupancy. He is making money on all of his facilities. He is excited about that. His occupancy is up. He owned the facilities for several years. The occupancy is up now. When occupancy was down, around the third quarter of 2023, we implemented the promo. Let’s talk about pricing and promos. That’s going to be the topic.
When you go onto your phone, and you type in storage near me, look at what discounts or promotions the facilities are offering. This will help you become aware of what you will need to do when you own a facility. The thing is, if you are not offering a promo, but everybody else around you is, everybody’s going to be going to the places that offer the promo and not coming to your place. This is something that I talked about with the student. He was struggling to get one of his facilities leased up. I said, “Offer a promo for however long it takes for you to get to a certain percentage.”
If you’ve been following me, you know that I teach primary, secondary, and tertiary market. It looks like this is primary, secondary, and tertiary. Tertiary means country, middle of nowhere, small towns. I am not going to get into all that because I teach that a lot. That’s on the finding part. When your facility is going to fit into one of these categories, I’ve also dubbed the term sub. Sub would be like the suburbs of the primary, secondary, or tertiary market.
When you’re in a tertiary market, it’s typically around 25,000 people. There are also suburbs of those tertiary markets that may have 5,000 people or less. Your facility is going to fall into one of these areas. Depending on which area you’re in, it’s what your price is going to be, what a promotion you’re going to be able to offer, and how often you’re going to be changing your pricing. Let’s discuss that a little bit.
Let’s make a chart. Primary, secondary, and tertiary. In this chart, we’re going to talk about what your pricing could be. I’m making this up on the fly. Let’s figure out this chart. It’s also going to talk about your occupancy, promo, and dynamic pricing. It falls under what’s called yield management. This is what you think of when you think of pricing.
The primary market is a big city with over 250,000 in population. It’s the suburbs of the primary market. I’m from Peachtree City, Georgia. It is a suburb of Atlanta. Peachtree City only has 30,000 to 35,000 people living in it. That’s all it can fit. It can’t have any more people. Because that town has 35,000 people doesn’t mean it’s not considered a primary market. When you think of a primary market, you think of what type of facilities there are. Is it like mom and pops, tiny facilities, or bigger facilities? Who’s there? When you have a U-Haul, CubeSmart, or Extra Space Storage in that area, that’s considered a primary market.
The suburbs of a primary market can also be considered a primary market. If you’re thinking, “I live in Nashville, but I live in the suburbs of Nashville, and there are only 25,000 people here,” It would still be considered a primary market. The way that primary market facilities run their numbers is they’re looking to be between 80% to 85% full. If they’re 85% full, they’re happy. They’re like ecstatic.
I got onto a webinar with CubeSmart. It was all of the big wigs of CubeSmart talking. They were so surprised that most of their facilities were 90% to 95% full. This was in the second year of COVID when everything was going crazy. They were like, “It has never happened to us where all of our facilities are pretty much like 90% to 95%.” They typically run their numbers 80% to 85% full.
Another thing about primary markets is their pricing is higher. When your pricing is higher, your turnover is also higher. If your turnover is higher, on average, let’s say 4 to 6 months, people are staying at these facilities, what that means is that you are always going to have to be doing a ridiculous amount of marketing that’s getting people to come in to stay as a tenant. That means that you’re going to have to have promos all the time.
When your pricing is higher, your turnover is also higher. Share on XThis is homework for you guys, so you should become aware of it. Look on Google and see what promos are out. A lot of the time, they’re going to do a dollar move-in. Somebody look up CubeSmart, Extra Space Storage, public storage, or U-Haul in your area, and let me know what promos you’re seeing. That would be great for us to get some ideas. They’re doing maybe 50% off the first one to five months.
I was looking at Memorial Day promos and what the competitors were charging in the areas that we have. They were 50% off for the first six months. It’s ridiculously high promos. I’m like, “How do you make money on that?” They also do stuff like no move-in fee. If you have some time, take a quick look. What are the promos for facilities in your area? What are you seeing now? This is something that I tell my students. You have to be looking at what your competitors are doing on a monthly basis to see what you should be doing.
This is something that’s important. I have a facility in a tertiary town that has 15,000 people. There are only two owners, us and one other owner, who own storage in the area, and there are five different storage facilities. We play off each other. We’re like, “If we’re struggling to get people to move in, we’ll add a promo or decrease our rates.”
I’ll go to that owner’s page and look. He’ll do the same thing that I’m doing. When we increase our prices, I’ll look like a week later, and he’ll have the same prices. We’re always playing off and looking at each other to see where we should be. We’re not talking to each other and being like, “Let’s do pricing.” I’m like, “I need more ten by tens. Let me decrease the price of those. I’m struggling to get people in. Let me add this promo.”
That’s the promos, and we have what’s called dynamic pricing and yield management. If your facility is 75%, 80%, 85%, 90%, and 95% full, it doesn’t have to be these numbers, but this is to give you an idea of what dynamic pricing means. If I’m this, my price is this. You say for the unit if it’s a ten by ten. For my ten by tens, if I’m 75% full, my price for the ten by ten is $85. If I’m 80% full, you can increase this price by whatever percentage you want. I could increase the price by 3% or $5.
You could do a percentage or a number. You can set these up depending on what software you use. You can set this up so that it is completely automated. Our ten-by-tens are 75% and 80% full, and it’s increasing as it goes. By the time you get 95% full for the ten by tens, the price of your ten by tens is $125. It’s high. That last 1 or 2 units should be way higher than any of the other units.
This is how the primary market is looking at prices. They have higher prices, higher turnover, a lot of promos, and dynamic pricing going all the time. They sit and look at what the competitors are doing to make sure they’re the ones that get chosen. In a primary market, there’s so much competition. People are picking by location or price. It’s price over location. If, in a one-mile radius, you’ve got five storage facilities, it’s going to be price.
Primary Market
We have a facility in a primary market. I would consider it a primary market. Our competitor is CubeSmart. That’s only a couple of miles away. It’s in Leesburg, Florida. We got a review from one of our tenants. The tenant wrote this review. He said, “I’m happy that this storage facility is right next to the university that I go to. I can walk over to the university and have the unit where I can put all my stuff. I’m glad that it’s right around the corner for me.”
That person chose us because of our location. It wouldn’t have mattered if we were a little bit more. We have good rates, but if we had more money, he would’ve paid for us. If CubeSmart was going to be half the price that we are, do you think that person would’ve come to us or would’ve gone to CubeSmart for half the price? That’s where you get into strategically thinking about what your prices should be when you own a storage facility, especially in all these different markets here.
As you can see here, we’re looking at the price for a ten by ten. At our Leesburg facility, we have fifteen different unit sizes because the owner previously was like, “We’ve got enough space here to put a five by eight. Let’s go to five by eight here.” He is putting whatever sizes because he built that. It’s a conversion he built himself. He wasn’t looking at what the market wants. He was looking at like, “I have this big huge warehouse. I want to put storage in. I’m going to put a whole bunch of these different sizes to fit everything in that I possibly can.”
We have a lot of different sizes. If you have 10, 15, or 20 different sizes, you have to set this up one by one, unit by unit, to set it up. It has these rate increases depending on how full you are or not. What you could do is you could have across-the-board prices. You could have one price, and you’re like, “No matter what, I’m going to have the price be this. I’m going to have an increase of $5 or $10 every six months on my tenants.” You don’t have to do this dynamic pricing. You could have a flat rate.
A lot of people use this strategy because it’s the easiest strategy to do. You’re like, “All my ten by tens are $80. Every six months, I’m going to increase that rate by $5 and set that up. I have to do it myself. This is what you see for the most part. If you see pricing on a unit that’s like $80, $90, or $100, they’re doing something like this. If you go and see a unit on a website where it’s $85.27, they’re using this percentage. They’re saying, “If I start at $85 and I increase by 6% every six months, and I’m also at 95% full, the price is going to be $125.23 for this unit.” You can sell that.
When you start looking at websites and competitors, you need to become aware of what they’re doing. All it is marketing. I say this over and over again. May the best marketer win. The person who understands and implements this is going to win. The reason is that we make a ridiculous amount of money off of this dynamic pricing right here.
If you run your numbers at $85 for a ten by ten versus all of these numbers right here, you are not getting the money that you would’ve made on all of these increases. For this dynamic pricing, we’re making tens of thousands of dollars across all of our facilities because we’ve implemented this into our system. Otherwise, I would’ve sold that last unit that I had for $85 instead of $85, $90, $95, $100, or $125. I wouldn’t have made that extra $30, $40, to $50 on a unit per month if I had not implemented this in the first place.
This is a big part of primary market facilities. This is how you’re thinking, “How do they even make any money?” They’re having all these promos because they know that they can increase their rents, and how often? The rent increases in 3 to 6 months. You guys all hear the stories about this. Every 3 to 6 months, there’s a rent increase. The question is, who’s going to stay, and who’s not going to stay?
They’re implementing this. That’s how they’re making the bulk of their money. That’s how they can run their numbers at 80% full. If we’re full at 80%, this is how much we’re going to be making based on doing an increase every three months and implementing dynamic pricing into our model. That’s how the primary market is thinking about prices.
Secondary Market
A secondary market facility is a facility that’s in a standalone city and has a population of between 75,000, 200,000, or 150,000. For instance, I live in Tallahassee. Tallahassee is a standalone city that nobody thinks about. It has 250,000 people, but that depends on when the school session is in or not. It’s summer. Everybody is gone. There’s no traffic. It’s quiet. It’s awesome. When everybody comes up, there’s a little bit more traffic, but it’s not that big of a city. Two hundred fifty thousand people in one city is not a big city.
We don’t have a lot of big players in the city. We do have CubeSmart, but CubeSmart tends to lean towards not massive, huge primary markets but smaller primary market things, like smaller populations. We have a lot of bigger players that are smaller secondary-market players. If you live in a secondary market, you guys understand this.
We have King Storage. They own 15 or 20 storage facilities in the Southeast. They’re in Tallahassee, Panama City, Valdosta, and smaller cities. That’s how they play. Our competition is who King Storage is. Secondary markets are fantastic to get into, especially in the storage industry. The only issue with secondary markets is that the bigger players are starting to get into them. All the primary market stuff is saturated. Unless the primary markets are expanding and growing, they’ll be in those areas.
Secondary markets are a fantastic market to get into, especially right now in the storage industry. Share on XThey also look at the secondary markets. They’re like, “Which cities are growing at a 3%, 5%, or 10% rate?” Austin, Texas is growing at a 5% rate. In all the outskirts and outlying areas where Austin’s growing, you can see a lot of the bigger players coming into those markets. That’s what’s happening. The secondary market is good to get in. If you’re okay with spending more money and you have a higher risk level, that’s where the secondary market’s going to be.
We’re in primary, secondary, and tertiary markets. In the secondary market, your prices are important. This is why it’s important in the storage world to look at household income and the demographics of household income in your area. When people make $75,000 or $100,00, which used to be a lot of money, it’s not that much anymore. When you have a combined income of $100,000, people can’t afford to spend $200 or $300 a month on a storage facility. They can’t. That is not going to sustain itself.
The secondary market pricing is on the lower end, but like I’d say on the mid to lower end. For a ten by ten, you’re going to have a unit that is affordable. You are thinking to yourself as an owner of a secondary market facility, “How much money can somebody afford for a ten by ten if I want them to stay for the course of 1, 2, or 3 years?” When the turnover on the primary market is 3 to 6 months, the turnover on the secondary market is a year or more a lot of times. You are asking yourself, “What is the price that somebody can afford for a ten by ten unit if they stay in that unit for 1, 2, or 3 years?” This happens quite often for all these types of facilities.
You can see, because we can see the data in our software, how long people are saying, which is called your customer lifetime value. You want to know what your customer’s lifetime value is. How long will these people stay for you? How long will they stay? In a secondary market where they’re staying, the turnover should be 1 to 2 years.
If you’re having them stay less than 1 to 2 years, what you are doing is you’re not thinking about what they can afford over the course of the next 1 to 2 years to stay. What is that pricing? You’re always looking at the competitors. You’re always looking to see what pricing they’re offering so that you could be around that price. You’re looking at what the promos that the competitors are offering are. You’re also implementing something like that into your business.
You’re looking at the pricing of competitors, the promo of the competitors, and how long typically somebody stays at that property or in that area at a facility. If it’s a secondary market, you’re shooting for 1 to 2 years. How much can they afford for one to two years? If you’re on the higher side with your prices, a lot of people run their numbers on the higher side. I run my numbers on the lesser side.
I had a pricing meeting with my team, and we looked at all the pricing. What happened is that we ran a promo. It was 50% off the first three months. If we have a ten-by-ten unit for $100, for the first three months, they’re getting it for $50. You’re watching to see how long that tenant stays. Are they going to stay past the three months and pay the $100 a month? Can they afford that $100 a month?
That’s a question that we’re looking at. We’ve been doing this promo now since about the third quarter of 2023. We’ve been watching the numbers. We got a lot of people to move in on this promo because we bought a whole bunch of facilities that were severely mismanaged. We had to clean the house and get them leased up.
What can we do to get them leased up? We implemented this promo. For our Cherry Station facility, we’re getting, on average, 20 to 30 people moving in a month. That’s a lot of people moving in. The question is, are they going to stay? Are they going to be moving out? It’s interesting to keep an eye on how many people are moving in based on what they’re paying, how long they are staying for, and how many moves you have on a monthly basis for each one of the facilities. We are not getting a lot of move-ins at all. It’s maybe a couple of move-outs a month. It’s interesting to see when they go past that three months and they’re still willing to pay the cheaper rate.
Why are they paying that full rate? We made sure that the full rate was still going to be a rate that they could afford based on their household income for that area and the typical prices for other storage facilities in the area. We also made sure that the 4, 5, and 6-month rates were the same price, if not a little bit cheaper, than everybody else. That’s how we worked it. We don’t have a lot of move-outs at all, which is good. It’s an interesting concept that you have to do if you are in a secondary market. In terms of household income, people can afford it, which is a big concern for us.
We set up our dynamic pricing. There is an increase in rates every six months at 5%. Any tenant that stays longer than six months gets notified 30 days before that there’s a rent increase of $5 or $8. We’ve done that now for years, and nobody ever moves out for it. We also set up dynamic pricing. We also set it up. Depending on how many units we have available, that’s the price that it’s supposed to be.
As we start growing and leasing up, when we get to 80% or 90%, we’re looking at those prices. We’re making sure that the rate we’re charging is going to be the same rate that the competitors are charging. You have to check this on a monthly basis. You have to be looking at it. We call it the standard versus the managed rate. The standard rate is the promo rate, and the managed rate is your dynamic pricing. This is how our software is set up. We look to see what we could be charging for this. We make sure that once we hit certain milestones, we know that these people who came in on the promo can also afford this price. That’s how it works for us. That’s what we are doing.
We have a couple of facilities in Florida. All of our facilities in Florida do well. We’ve been consistently 90 to 95% full since the beginning of 2024. After the beginning of 2024, we got leased up and were doing well. These are the unit sizes that we have. What happens is they call in. They say, “I need a storage unit to get something at the Live Oak facility.” If one is not full and the other one is full, we send them to the other one. It’s two different facilities on the opposite side of town, but we’re like, “This one is full. Would you be interested in going on that one?
We looked at our prices. I can’t remember what they are. Let’s say it’s $50, $75, $85, and $100. I can’t remember what the prices were. This is what our prices were at our standard rate with our promo. On top of that, we’ve been 90% to 95% full. We’re turning people away. We have a waitlist. People are calling, and we do not have availability. I’m saying, “Let’s increase these rates.”
We’re looking at what the competition is charging. The competition is at $60. This is at $95. Ten by fifteen are $110, and ten by twenty are $130. This is what happens. We sat there and looked at the competition, which did not have any promos at all. They’re at the same spot that we’re at. They’re full, and they don’t need a promo.
The question is, between these two prices, what are we supposed to charge? What price do we charge? Are we going in the middle? Do we want to stay cheaper? Do we want to save the same price? We chose this because we know that we have this waitlist and these people are staying for 1 to 2 years. We could charge what the competition is charging. We decided to match the prices on every single one of them, see how that goes, and take it for the next week or 2 or 3 to see if we can still get move-ins.
What we do is once somebody becomes available, we go to the waitlist, call them, and say, “We’ve got something available. Now is the time to move in. Are you interested? You got to move in now.” That’s how it works. We did increase the rates on all those. That would be how we’re looking at our pricing in the secondary market.
Tertiary Market
We have a tertiary market. The turnover for the tertiary market is that they stay forever, which is weird for people to think about. A lot of people are like, “Why does somebody in the country need doors?” They could park their stuff in their yard. They have all the space. The truth is that people in the tertiary market stay forever as long as they can afford it. You’re not nickling and dimming them all the time.
I love getting reviews. We get a ridiculous amount of reviews on our facilities, which is important in management. I love looking at reviews like, “The customer service was great, and the price is affordable. We appreciate that you guys are charging something that we can afford.” We get that review all the time. That’s something that’s important in a tertiary market. The turnover is going to be longer. They stay longer. The customer lifetime value is going to be a long time, a minimum of six months to a year, but more like a year to two years, and sometimes even 3, 4, or 5 years. As long as you keep it at an affordable price, they’ll stay there.
You still want to make sure that you’re implementing your dynamic pricing. You’re like, “I’ve got two units available. These are the last two units that I have. They’re more expensive than the two units that came in when I was at 75% full.” If you’re trying to get it leased up, like you’re struggling to get move-ins, you want to implement a promo. You have to determine what struggling is. If we’re 80% or less old, we’re not offering a promo. That’s where we’re at. Promo is the big question.
The big thing is what type of promo you want to offer. We see the move-in for a dollar, the 50% off, and no move-in fee. What we’re watching other companies do is they’re doing a flat-rate move-in. For the first month, it’s a flat rate. Each additional month after that is more money. One of our competitors is doing a $35 move-in special. Any unit and size is $35. After that, it goes to X amount of dollars. You could do a flat-rate move-in special.
This is something that’s becoming more popular. This is something that we may explore. A lot of people are like, “I can afford $50 or $100 to move in, depending on the size. After that, I can afford more in the next couple of months.” You want to do a low move-in fee. You can charge them the regular price on the backend. That’s something that we’re seeing a lot of.
Depending on what type of market you have and how you set your pricing up, it is going to be a big factor in how much money you make on your property. A lot of people that I talk to, this is not in their mind when I talk to them about whether or not they want to get into this industry. They are not thinking about how I am going to manage the property so that I’m making a profit on the back end. What they’re thinking about is, “How do I find something, put offers in, and fund it?”
The truth of the matter is this is how you make money in self-storage. If you do not understand these concepts and implement them, you’re not going to be successful. A lot of people that I’ve seen over the last couple of years get into the storage business thinking, “I need to find something, get it under contract, and buy it, and everything will come perfect.” The management part is where they screw themselves over.
A lot of people are struggling, and I know this because my team has called 35,000 storage facilities in 2023. We’ve talked to almost every mom-and-pop owner out there and gotten this. A lot of people have this fear factor of, like, “I was running my numbers at the highest because I bought it during the highest. I ran it at the highest price, but I was running my ten by tens at $135 a month. I’m at $85 to get them to move in.”
During COVID, we did not raise our rates at all. We were not one of those people that raised our rates. We stayed full the entire time. For Covid, it was not an issue. People were paying. We had, out of 2,000 tenants, ten who were like, “I can’t afford my rent.” Other than that, we didn’t have any struggles, and we did not raise the rent at all until 2023. We tried to raise the rents a little bit, but in 2024, we’re focusing on moving the rents up. The rates that we have for our facilities are the same rates that we had pre-COVID, which are the rates that people should have been running their numbers within the first place over the course of the last couple of years.
I see a question from Cindy. Did you say that with 80% or less occupancy in the tertiary market, you don’t do a promo? Eighty percent or more is when you do the promo. You need to take your promo off when you’re 85% to 90%. There’s no reason for you to be having a promo. Promos are when you’re trying to get leased. Promos can also be per unit. In one of our facilities, we are struggling to fill ten by twenties. All of our five-by-tens, ten-by-tens, and ten-by-fifteen are filled. For some reason, that ten by twenty is not filled. We have a good 10 or 15 available.
We’re running a special, which is the ten by twenties are the same price as the ten by fifteen. That’s the only special that we have for that entire facility. We’re doing Google Ads that say, “Get your ten by twenty for the same price as a ten by fifteen.” Whatever price it is, I don’t know. That’s something that you could do.
That’s the unit. You’re thinking about the total facility. I need to get this leased up. I need to get new tenants in. They need to follow all my rules. I’m going to do a promo throughout the entire facility, or I’m only going to do a promo for that one unit size that I cannot figure out how to get leased up. I’m going to figure out how to do an ad on Facebook, Google, or SpareFoot in order to get that in.
This is something that we talk about on a weekly basis because we have many facilities. Even if you have one facility, I would highly recommend that on a monthly basis, you look at your occupancy and pricing and you’re making sure that your dynamic pricing is where it should be and your rate increases are where they should be for each facility that you have.
If you own a storage facility, reading this, you’re like, “This is something that I need to be implementing in my storage facility, and I do not do this at all. I have one price. I cross my fingers and hope that people come in.” It happens quite often. In Storage Nerds, we have the Facility Owner Mastermind. It’s a mastermind for owners. We sit on a monthly basis. This is the stuff that we talk about in the mastermind. All the owners are talking shop.
All my students, once they become owners, get to get into this mastermind, but other owners can also get into the mastermind. If you own a facility, you’re like, “I want to be around other owners. I want to hear how they’re managing their facilities. I want to implement what other owners are doing in managing my facility in the best way I possibly can.” That is what the Facility Owner Mastermind is.
You can reach out to me and say, “I’m interested in that mastermind.” I will send you the information on it. I don’t promote it, honestly, but it is available for any owner who is reading this to come and hang out with us. Over the course of the last couple of weeks, I’ve gotten several owners to join, which is exciting. We can share how we’re working. I want to know what other promo.
I talked to one guy who owns three facilities in North Carolina. He was like, “I want to buy more facilities. I want to get into your program.” We sat there for 30 minutes or so. He showed me all the promos, how he managed his fifth facility, and all his competition. I was like, “This is what the mastermind is.” We can discuss and look at all these things. That is available for any owner who is reading. Please reach out. I appreciate your guys’ time. I’m here to help you get your foot in the door. I will see you guys at the next session. Take care.
Important Link
