As the self-storage industry continues to evolve, investors pay attention to several factors, such as revenue. A true net operating income (NOI) combines your actual income, market expenses, location and local market. With the following tips, you can learn how to cut self-storage costs for increased revenue. You’ll benefit from a higher income and potentially boost your property value if you’re looking to sell in the future.
1. Switch to Energy-Efficient Lighting
You can cut storage costs by installing LED lights on the exterior of your facilities and energy-efficient lights in the interior. Only use lighting when necessary by selecting sensory motion systems. Automatically turning lights on with detection and turning them off with inactivity uses minimal electricity, saving you money on your electric bill.
2. Offer Self-Serve Payments
Less administrative reliance allows you to save money on paid labor. Many customers prefer self-serve checkout for its convenience. Consider transitioning to website payment systems and on-site kiosks so you require fewer employees and reduce your self-storage expenses.
3. Upgrade Your Office Equipment
Today, many companies use voice-over phone technology to reduce paid labor. Customers get the answers they need and access automated information 24 hours a day rather than from someone only during operating hours. Other upgrades, such as using laser printers instead of inkjet models, allow you to save money on office supplies like ink.
4. Optimize Your Digital Marketing
Skip paying for physical advertising like yellow pages and optimize your self-storage presence online. Showing up in Google search pages drives more traffic to your website and increases revenue. Hiring someone to build a fully functional and user-friendly website can generate success with cost-per-click (CPC) advertising to boost your number of customers.
5. Re-Evaluate Your Insurance
You might be overpaying for your self-storage insurance. Review and evaluate how your workers’ compensation and property policies compare to other insurance companies. Revisit this step annually to cut self-storage costs if you find better insurance options.
6. Regulate Climate-Controlled Units
Many self-storage units contain humidity or climate control. Temperatures can range from 55 to 85 degrees, and this variation causes a difference in your bills. Regulating the temperature consistently reduces costs and can prevent damage from gathered moisture.
Get Self-Storage Help From the Experts at Investment Real Estate, LLC
Learn more tips about how to save money on self-storage facilities from professionals. Investment Real Estate, LLC guides all aspects of the self-storage business, including construction, development and property management. Transform your profits with help from our brokerage team, who handles a range of single properties and multimillion-dollar portfolios.
To start saving, reach out to us today.